SB ORDER NO. 13/2008

SB ORDER NO. 13/2008

No.113-3/08-SB

Government of India

Ministry of Communications & IT

Department of Posts

Dak Bhawan, Sansad Marg,

New Delhi-110001.

Date: 19.6.2008

To

All Heads of Circles/Regions

Addl. Director General, APS, New Delhi.

Subject:- Investment by NRIs and opening of account by Power of Attorney in Small Savings Schemes- a clarification regarding.

Sir / Madam,

The undersigned is directed to say that some circles have asked for clarifications on the above-subjected issues on the ground that there is no specific provision in the rules of some schemes for investment by NRIs and opening of accounts by Power of Attorney.

2. The matter was referred to Min. of Finance which has now informed that where there is no specific provision for any matter in the rules, it need not to be applied. Hence it is now clarified that NRIs cannot invest in any of the Small Savings Schemes and Power of Attorney cannot open any account in any of the Small Savings Schemes.

3. It is therefore requested that this may be brought to the notice of all post offices and all such matters referred to this office may be disposed off accordingly and in future no such matter needs to be referred to this office.

4. This issues with the approval of DDG (FS).

Yours faithfully,

(Raj Kumar)

ADG(Banking Services)