IMPORTANT POINT
Interest on maturity amount of fixed deposit for the period of delay in presenting the same for encashment had not payable.

ORDER

This revision petition has been filed by Union of India challenging the order dated 07.03.2019 passed in appeal No. 1122 of 2014 by the Gujarat State Consumer Disputes Redressal Commission Ahmedabad (in short “the State Commission”).

2. Brief facts of the case are that the respondent complainant purchased Indira Vikas Patra for Rs.9000/- from the post office Rajkot City on 18.01.1996 and they were to mature after 5 years and 6 months. The respondent approached the post office for encashment of these Indira Vikas Patras on 22.10.2013. The post office paid the maturity amount to the complainant on 02.01.2014. The complainant gave a legal notice on 07.01.2014 demanding interest on the maturity amount of Rs.18,000/- from 18.07.2001 to 02.01.2014. The post office did not pay the interest as the same was not payable according to rules. The complainant then filed a consumer complaint on 23.01.2014 before the District Forum Rajkot claiming the interest on the maturity amount. The complaint was resisted by the opposite party by filing the written statement. It was stated that the interest was not payable as per the Indira Vikas Patra rules. The District Forum, however, allowed the complaint and ordered payment of 10% interest per annum vide order dated 17.06.2014. The Union of India then preferred an appeal before the State Commission being FA No. 1122 of 2014. The State Commission vide its order dated 07.03.2019 allowed the appeal in part by reducing the rate of interest from 10% per annum to 6% per annum.

3. Hence, the present revision petition.

4. Heard the learned counsel for the petitioner at the admission stage. The learned counsel has stated that there is no provision of interest in the Indira Vikas Patra scheme and rules thereunder. Indira Vikas Patras are just like cash as no name is recorded on them. The Indira Vikas Patras were presented for encashment after 13 years of their maturity and the complainant was himself responsible for this delay. The complainant has not given any reason for presenting the Indira Vikas Patra’s so late for encashment. There is no allegation that the late presentation was due to any deficiency on the part of the concerned post office. In these circumstances, there is no justification for allowing interest on the maturity amount for the period of delay in presenting the same.

5. The learned counsel further states that there is a delay of 453 days in filing the present revision petition and the delay has occurred due to time taken in obtaining higher orders and legal advice in the matter. The delay is not deliberate and may be condoned as the petitioner has a strong case on merits.

6. We have carefully considered the arguments advanced by the learned counsel for the petitioner and examined the record. It is first seen that the present revision petition has been filed with a delay of 453 days. The application for condonation of delay mentions as under:-

“2. On 16.05.2019 the petitioner received the certified copy of the judgment passed by the State Commission through R O Rajkot vide letter no. SB/30-VI/1/ 2014 dated 15.05.2019 and after that the legal opinion sought from the Government counsel;

3. On 27.05.2019 after receiving the legal opinion the file sent to Branch Secretariat Mumbai along with the legal opinion of the Government counsel vide this office letter no. F@/CDRF-1/59-2014/KDR/2019 and thereafter on 21.06.2019 letter addressed to R O Rajkot for further orders vide no. F2/CDRF-1/59-2014/KDR/2019 and the case was taken up by the Regional Office Rajkot for the approval to file revision petition with higher authority for the approval and file the revision petition before the National Consumer Disputes Redressal Commission (NCDRC);

4. On 23.03.2020, the approval to file the revision petition before the NCDRC received from through R P Rajkot vide memo no. SB/30 –VI/1/2014 dated 19/20.03.2020 and thereafter the matter the case papers submitted to the litigation section, New Delhi Regi