CAG FLAYS DOP FOR FRAUDULENT ENCASHMENT OF POSTAL SAVINGS CERTIFICATES

7:29 PM

A fraudulent encashment of Kisan Vikas Patra/National Savings Certificates worth Rs 9.01 crore between 1996 and 2004 could have been prevented if the Head Post Office in Varanasi had sent the statement of unsold cash certificates to Director of Accounts (Postal), CAG said today.

”...statement of unsold cash certificates was not being sent by HPO (Head Post of office) Varanasi Cantt to Director of Accounts (Postal), Lucknow. If the prescribed procedure ...had been scrupulously followed that would have prevented the fraudulent encashment of KVPs/NSCs worth Rs 9.01 crore,” a CAG report tabled in Parliament said.
In another incident, the auditor has found irregularity in payment of interest amounting to Rs 2.26 crore to subscribers of Public Provident Fund Scheme as provisions relating to the scheme were not scrupulously followed.
The report said Post offices in Delhi have also not been able realise revenue to the extent of Rs 98.36 lakh due to failure of Chief Post Master General in Delhi to deduct commission in advance on purchase of revenue stamps from the state government.
The CAG Report for the year ended March, 2011 noted an infructuous expenditure worth Rs 64.62 lakh due to failure of Department of Post (DoP) to construct a postal complex on a plot acquired in 1990. 

Source : The Hindu Business Line

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