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M. NAGAPRASANNA
K. Shankarlal, S/O Late Sri K. Amarnath – Appellant
Versus
Postmaster HSG I India Post – Respondent
ORDER :
The petitioner is before this Court calling in question direction issued by the 1st respondent dated 23-09-2021 holding that the petitioner would not be entitled to any interest on the deposit made by him in the Public Provident Fund Scheme.
2. Heard Sri Chandrashekar Patil, learned counsel appearing for the petitioner and Sri H.Shanthi Bhushan, learned Deputy Solicitor General of India appearing for the respondents.
3. Facts adumbrated are as follows:-
Notification changes to the Public Provident Fund scheme do not retroactively affect accounts opened prior, especially when respondents failed to inform account holders of the amendments.
Belated refusal of irregular PPF deposits after years of acceptance entitles payment of due interest.
(1) Statutory duty upon the Petitioner Bank to return the deposited money in the PF Account of HUF on maturity.(2) Bank acted in gross violation by not complying with statutory duty as per rules/laws....
The main legal point established in the judgment is that no interest shall be payable on the EPF amount after a period of 36 months from the date it becomes payable as per the provisions of paragraph....
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