Register of Verification Memos for Withdrawal of Rs. 10,000/- and above at BO : Article from Shri. G.Gurusivam

GURU'S DAILY INSIGHTS 

Register of Verification Memos for Withdrawal of Rs. 10,000/- and above at

Branch Post Offices:

Rule 64 of POSB (CBS) Manual (corrected up to 31.12.2021)

·        As and when any cash withdrawal of Rs.10,000/- and above in savings account standing at Branch Post Office happens, Account Office shall prepare a half margin verification memo

·        Each memo will be assigned a serial number starting from 1 on the 1st April of each year.

        The verification memo should be dispatched on the same day to the concerned Sub Divisional Inspector of Post Offices/ASP or Public Relations Inspector who will verify the withdrawal by contacting the depositor as quickly as possible and send reply to the SPM/APM concerned after filling up and signing the reply half of the verification

memorandum.

·        The verification memos should be returned to SO/Head Office within 10 days in case where the place of residence of the depositor lies in the jurisdiction of a Public Relations Inspector and within 30 days in all other cases

·        The Postmaster will scrutinize the register on the 16th and the last day of the month

and issue reminders in respect of cases for which reply is not received within 15 days

from Public Relations Inspector and 35 days from the Sub Divisional Inspector from the date of issue of the verification memo. The particulars of issue of reminders will be noted by the Postmaster in the prescribed column of the register. If no reply is received from the Sub Divisional Inspector of Post Offices/Public Relations Inspector within 15 days from the date of issue of the reminder, the Postmaster will report the case to the Superintendent of Post Offices for necessary action.

·        If the result of verification is unsatisfactory, the SPM/APM will report the case to the

Divisional Superintendent for further action