Banking: Bank of India To Pay Rs82,000 for Clearing Forged Cheque

The Maharashtra State Consumer Disputes Redressal Commission (MSCDRC) ordered Bank of India to pay its customer Rs82,000 for having cleared a cheque that was admittedly forged. This forged cheque, cleared by the Bank in 1993, was for an amount of Rs25,000.

 

There had been suspicious withdrawals from the customer’s account. The Bank was notified and the signature was found to be forged. The customer filed a police case and also approached the Central Mumbai District Consumer Disputes Redressal Forum. The District Forum agreed with the Bank’s contention that it had matched the forged signature with the signature on record and it could not be made to pay for the fraud.

 

The petitioner appealed against the judgement to MSCDRC which has accepted the customer’s application and ordered the Bank to pay the customer Rs82,000.

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Fixed Income: Kisan Vikas Patra re-launched

Kisan Vikas Patra (KVP), discontinued in 2011, has been re-launched on 18th November to boost small savings. KVP does not offer any tax advantage, just like bank fixed deposits.

 

It is also not part of 80C deduction. The reason for its popularity earlier was investment in cash, ease of transfer and liquidity. The government has now introduced know-your-customer (KYC) for small savings schemes but for KVP there is no need to submit PAN for investment of less than Rs50,000.

 

The minimum denomination is Rs1,000 and there is no ceiling on investment. KVP will mature in eight years and four months (100 months) which was the period to double your money without tax consideration. The rate of return will be 8.67% without considering tax. It will allow premature withdrawal (with conditions) after two and half years or in case of accountholder’s death. KVP will be available with post-offices and designated branches of nationalised banks. It can be an option for those with zero tax liability or those who having limited access to banks.

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Wills: Unregistered Gift Deeds Not Valid, Rules Bombay HC

Gift deeds will be valid only if they have been registered, the stamp duty paid, and all other formalities completed, the Bombay High Court recently said in a ruling. The ruling came on a battle between two sisters over their mother’s bungalow at a prime location in Chembur.

 

Leena D’Souza, who had claimed her family had been gifted the bungalow by her mother, was stopped from selling or creating any third party rights over the property. The reason: the gift deed, reportedly made in 1985 was registered only in 2009, 10 years after the mother’s death in 1999.

 

Justice Roshan Dalvi rejected Leena’s plea to vacate its interim orders, on a petition filed by the other sister, that the bungalow must come to all heirs, according to the mother’s will. The judge noted that all gift deeds have to be compulsorily registered and it becomes valid only after stamp duty and other formalities are completed.

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