Post Office Frauds: Several Post Office Savings Bank (POSB) related fraud cases have been noticed recently. This is as per a recent Department of Posts note in which it has directed all post offices to take steps for smooth functioning of POSB operations and prevention of frauds in post offices.
The linking of mobile number of account holder is already mandatory since October 2017 for opening of any new account. Thereafter, steps were taken for linking of mobile number and PAN in all existing account as well.
Also, as per Rule 6(b) of Government Savings Promotion General Rules 2018, “If an individual does not submit the Permanent Account Number at the time of opening an account, he shall submit the same to the Accounts Office within a period of six months from the date of the opening of the account and if a depositor who has already opened an account prior to the date of this notification and has not already submitted his Permanent Account Number to the Accounts Office, he shall do so within a period of six months and in the event of the failure of the depositor to submit the Permanent Account Number within the specified period of six months, his account shall cease to be operational till the time he submits the Permanent Account Number to the Accounts Office”.
In order to reduce chances of any misappropriation of funds and prevention of money laundering activities and as a preventive measure to curb fraud, the following guidelines have been issued:
- Linking of mobile number/PAN for financial transaction carried out in all post offices.
- For any transaction of Rs. 20,000 and above, mobile number must be checked and if necessary, updated before initiating the transaction.
- For any transaction of Rs. 50,000 and above, PAN must be checked and if necessary, updated before initiating the transaction.
- If the account is not KYC compliant, the KYC document shall also be obtained from the account holder/guardian as prescribed in the rules.
- If account holder does not have PAN number, Form 60/61 prescribed under Income Tax Act may be obtained.
- In case, mobile number of a depositor is required to be changed, a separate written application may be obtained from such depositor.
- Non-CBS post offices shall also obtain mobile number for transaction above Rs. 20,000 and PAN number for transaction above Rs. 50,000 and the same shall also be written on voucher by the account holder.
- Collection of passbooks at the time of closure/premature closure of any RD/TD/MIS/SCSS/KVP & NSC accounts.