Note: The verification memo should be returned to the HO/SO within 10 days in case where the place of residence of the depositor lies in the jurisdictions of PRI and within 30 days in all other cases.
As per POSB (CBS) Manual Revised upto 31.12.2021, AO shall prepare a half margin memo for any cash withdrawal of Rs.10000/- and above in the Savings Account Standing at Branch Post Office.
64. Verification of withdrawals of Rs. 10,000/- and above in savings accounts at branch offices
(1). As and when any cash withdrawal of Rs.10,000/- and above in savings account standing at Branch Post Office happens, Account Office shall prepare a half margin verification memo by referring to report available in Finacle MIS server and enter in a register to be maintained by the concerned SPM/APM. Each memo will be assigned a serial number starting from 1 on the 1st April of each year. The register should be maintained in manuscript in the form given below. The number of the half margin memo will be taken from this register.
Register of Verification Memos for Withdrawal of Rs. 10,000/- and above at Branch Post Offices
(2). The verification memo should be dispatched on the same day to the concerned Sub Divisional Inspector of Post Offices/ASP or Public Relations Inspector who will verify the withdrawal by contacting the depositor as quickly as possible and send reply to the SPM/APM concerned after filling up and signing the reply half of the verification memorandum. The verification memos should be returned to SO/Head Office within 10 days in case where the place of residence of the depositor lies in the jurisdiction of a Public Relations Inspector and within 30 days in all other cases. The services of Mail Overseers may also be utilized by Sub Divisional Inspectors/ASPs for the purpose.
(3). On receipt back of the verification memo with the reply, the SPM/APM will make necessary entries in the columns 8 and 9 of the register maintained at the Head Office/Sub Office and initials in column 10. The verification memos as well as the reply shall be kept in the Head Post Office/sub office in a separate guard file in serial order for each year. The guard file will be preserved for Two year from the date of completion of verification.
(4). The Postmaster will scrutinize the register on the 16th and the last day of the month and issue reminders in respect of cases for which reply is not received within 15 days from Public Relations Inspector and 35 days from the Sub Divisional Inspector from the date of issue of the verification memo. The particulars of issue of reminders will be noted by the Postmaster in the prescribed column of the register. If no reply is received from the Sub Divisional Inspector of Post Offices/Public Relations Inspector within 15 days from the date of issue of the reminder, the Postmaster will report the case to the Superintendent of Post Offices for necessary action.
(5). If the result of verification is unsatisfactory, the SPM/APM will report the case to the Divisional Superintendent for further action.
(6). A report will be furnished by the all Postmasters and Sub Postmasters to the Divisional Superintendent by the 5th of the month following every quarter in January, April, July and October to the effect that action for verification of withdrawals of Rs.10,000 and above in savings accounts at Branch Offices through verification memos has been duly completed in time. The Divisional Superintendent will in turn furnish a quarterly report to the Circle Office by the 10th of the month following the quarter.
Note: It will be the special responsibility of the Heads of Circle to see that all the preventive measures / checks are exercised meticulously and every effort made to nip frauds in the bud. The Heads of Circles are also free to devise any further special checks they want to carry out in the light of local circumstances. However, the overall endeavor should be to minimize the incidence of SB frauds and tone up the Divisional Administrations.
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