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POSTAL ACCOUNTS VOLUME - 2

POSTAL ACCOUNTS VOLUME - 2

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Published by: K V Sridharan General Secretary P3 NFPE on Jan 14, 2010
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02/01/2013

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POSTAL
ACCOUNTS
MANUAL

VOLUME II

deals with the accounting procedures to be followed by the Postal Accounts organisation of the Postal Department, in regard to agency and other functions like Savings Bank, Government Securities, P.O. Certificates, Money Orders, Indian Postal Orders, British Postal Orders, Customs Duty etc.

PREFACE

Since departmentalisation of Postal Accounts with effect from1- 4 - 7 6, the need for bringing out a comprehensive manual to serve as a guide for ensuring proper accounting of the agency functions undertaken by the P&T Department, in the circle Postal Accounts Offices /Posta1 Accounts Wing of the P&T Directorate has been keenly felt.

This in the first edition of the Postal Accounts Manual Vol. II which deals with the accounting procedures to be followed by the Postal Accounts organisation of the P&T Department, in regard to agency and other functions like Savings Bank, Government Securities, P.O. Certificates, Money Orders, Indian Postal Orders, British Postal Orders, Customs Duty etc. arranged in separate chapters.

The detailed accounting procedures laid down in this Manual provide the guidelines to the circle Postal Accounts Offices. They replace the relevant procedures embodied in the Postal Accounts Manual Vol. II (Provisional Issue) and the Technical Audit Manual published by the erstwhile A.G., P&T and followed in the combined Audit and Accounts set up. Changes which have occurred in the various procedures consequent on the departmentalisation of accounts have .also been incorporated in\u00b7 the manual.

Errors and omissions, if any, may be brought to the noticeof the Director General, Posts and Telegraphs (CMR CELL.). Any suggestion for amendment of rules/procedures may be addressed to the CMR CELL with a copy to the Postal Accounts Wing of this Directorate.

Dated, 21St October, '83
S. K. GHOSE,
NEW DELHI
Secretary,
Ministry of Communications,
D.G.P&T &
Chairman, P&T Board.
i
Chapter 1
GOVERNMENT SECURITIES
1
CHAPTER I
GOVERNMENT SECURITIES
Introductory
1.1 To facilitate the investment of Savings Bank deposits in

Government Securities, the Indian Post Office, acting as Agent to the Government of India, used to (undertake) prior to 1-3-65 the purchase, sale and custody of Government Securities on behalf of Savings Bank depositors. The facility of fresh purchase of Government securities through P.O. Savings Bank accounts has, however, been withdrawn w.e.f. 1-3-65. The facility of sale custody and credit of interest on securities already purchased through Savings Bank Accounts before 1-3-65 continues. Such transactions are regulated in accordance with the Indian Securities Act (X of 1920) and subsidiary rules made there under by the President of India both of which will be found in the Government Securities Manual. Rules regarding such transactions, for the guidance of investors are published in the Sub Section "Investments" in Section VI of the Indian Posts and Telegraphs Guide. Detailed rules of procedure to be followed in Indian Post Offices will be found in Chapter 8 of the Posts and Telegraphs Manual, Vol. VI (Post Office).

NOTE-- The Indian Securities Act( X of1 9 2 0 ) does not recognise any

Trusteeship in Government Promissory Notes. These Notes are regarded as the property of the person in whose name they stand issued or endorsed and these endorsements are considered valid so long as the Notes have been dealt with under the provisions of the Law and rules framed there under. As Government securities, held in the custody of the Director General, Postal Services, stand in his own name, he may use his own discretion on the merits of each case, apart from the provisions of the Indian Securities Act or the rules issued there under in making endorsements in favour of claimants.

1.2 The rules, governing the submission of accounts to the Postal
Accounts Offices in respect of transactions in respect of Government

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