30th June retirees case - Supreme Court passed comments- noncompliance costs as well as interest may be imposed.

 GURU’S DAILY INSIGHT
Whether the SAS agent earns commission for reinvestment ??

The investors can reinvest matured accounts/certificates through the agents. The agents will be entitled to the commission for such investments. The amount of re investment shall not exceed the maturity value of the matured account/certificate. The date of reinvestment and the date of maturity should be same.
 
} Re-investment of maturity value through withdrawal form (SB-7) or POSB Cheque is allowed. However, new investment is allowed only through Cash (up to Rs.20,000/-) or by cheque
 
} Where account holder desires to re-invest his/her maturity value through SAS agent in any of (TD/MIS/KVP/NSC) schemes, the account holder shall handover the following documents to SAS agent after obtaining one copy of Authorized Agent Receipt :-
a) Passbook/Certificate (KVP/NSC) matured.
b) Account Closure Form (SB-7A)
c) Account Opening Form (AOF) of new scheme with pay-in-slip
d) Withdrawal Form (SB-7) along with passbook or POSB Cheque of PO Savings Account.
 
}  In acquittance portion of account closure form (SB-7A) or backside of pre-printed
KVP/NSC, account holder shall write ‘Credit maturity value into my Post Office Savings Account No. ………………” and sign.
 
}  In acquittance portion of withdrawal form (SB-7) of Post Office Savings Account or
on the backside of POSB cheque, account holder shall write ‘For Re-investment in ________scheme in lieu of closed A/c No. ………….. for Rs. ………………through the agent……………………………………..(name of agent and C.A. number) and sign.