MANAPPURAM FINANCE LIMITED (MAFIL)

CIRCULAR NO-9411

07-November-2023

Gold Auction Surplus Master Circular.

The management has decided to amended the auction surplus payments and process. The following changes have been implemented for the field-
level functionaries for the claim of gold auction surplus amounts to our customers.

Requested Approved
Sl No. Category Required Document Notes
By By
With Pawn
Jr.Asst /
1 Ticket ( No Pawn Ticket with mobile OTP BH If the absence of BH, AH/RM/FZM Can Approve.
ABH
Limit)
1.Scanned Copy of original KYC document
2.One Witness and the witnesses shall submit his KYC
Without document self-attested
Pawn Ticket 3.Annexure duly singed by customer and one witness (Form Jr.Asst /
2 BH If the absence of BH, AH/RM/FZM Can Approve.
& Bank Proof Attached) ABH
( No Limit)
4.Cash receipt affixed with Revenue Stamp (Form Attached)
5.Customer live photo captured properly

If the absence of AH, RM/FZM Can Approve. ( The same

NEFT
shall be verified by AH/RM on the same day otherwise high
3 Verification( Bank Account Details BH/ABH AH
priority work alert will be assign to AH / RM on the same
No Limit)
day itself.)

UPI( No Jr.Asst /
4 Matched UPI ID BH If the absence of BH, AH/RM/FZM Can Approve.
Limit) ABH
Up to 10000

1.Death Certificate of pawner duly attested by Ward Member

/ Panchayath president / Municipal councillor/ corporation
councillor / Corporation Mayer
2.Legal Heirship Certificate / Family Membership Certificate
from Ward Member / Panchayath president / Municipal
councillor/ corporation councillor / Corporation Mayer in a
letter head or white paper with signature and seal.
3.Authorization letter from legal heirs authorizing a person
as a nominee for collecting auction surplus (Signatures shall
be duly attested by Ward Member / Panchayath president /
Municipal councillor/ corporation councillor / Corporation
Mayer
4.Request letter of nominee
4.ID proof (with photo) of a nominee and Bank account
details to release the payment by manual NEFT
Approval shall be taken from AH/RM before releasing the
Death Above 10000
5 ABH/BH AH/RM payment related to deceased customers
Customer
1.Death Certificate of pawner duly attested by Ward Member
/ Panchayath president / Municipal councillor/ corporation
councillor / Corporation Mayer
2.Notarized indemnity bond on stamp paper of Rs.100/- (all
pages to be signed by legal heirs).
3.legal heirship certificate from a first class judicial magistrate
or family membership certificate from village office or
notarized affidavit proving the relationship with the deceased
person.
4.No Objection Affidavit from other family member on Rs. 20/-
stamp Paper.
5.Duly attested ID Proof of all family members.
6.if legal heir is a minor, the natural guardian shall sign on
behalf of the minor.
7.if the pawn ticket is missing: - the following sentence is to be
include in the indemnity bond: - "Pawn ticket is missing and
the same will be produced to the branch, if found out
subsequently"
Third party should be a blood relation / close relative to the
surplus unpaid customer.
Auction Authorization letter properly filled and duly signed by surplus
surplus unpaid customer. Jr.Asst /
6 payment to BH If the absence of BH, AH/RM/FZM Can Approve.
Collect authorized person’s valid KYC (With Photo) and Bank ABH
3rd Party (
proof.
No Limit)
If pawn ticket is not available, payment done through
Annexure

 Within 15 days of payment AH should verify the Documents & RM should verify the documents within 30 days of the payment.
 The Internal Branch Auditors and Vigilance shall conduct verification of the auction surplus payments. If any deviations are observed, it shall
be reported for taking disciplinary action against the concerned employees.

It will be effective from 1st Nov 2023 onwards.

ISSAC E A

Vice President (Compliance)