S.B. Order 26/2020- Discontinuation of ACG-17 taking from SAS/MPKBY agents for commission payment
S.B. Order 26/2020
Government of India
Ministry of Communication
Department of Posts
Dak Bhawan, New Delhi-110001
Dated :- 21/07/2020
All Head of Circles/Regions,
Subject:- Regarding discontinuation of ACG-17 taking from SAS/MPKBY agents for commission payment at the time of acceptance of business in CBS Post Offices.
The DEA/MOF has accepted the proposal to discontinue ACG-17 taking from SAS/MPKBY agents for commission payment at the time of acceptance of business vide O.M. No. 14/8/2019-NS (Part I) dated 17.07.2020.
Accordingly POSB CBS Manual rule 138 to 140 should be replaced with below text:-
138. GENERAL:– From the day, any post office migrated to Core Banking Solution (CBS) software, the payment of commission to agents will be made by automatic credit into savings account of the agent linked with his/her agent ID in CBS software at the time of opening of account or deposit in RD accounts opened through agent.
139 (1) An agent who canvasses for a TD/MIS/NSC/KVP account will grant a receipt from AAR Book to the depositor for the money collected. He will get his name and authority number noted by the depositor under the relevant field in the Account Opening Form (AOF).
The agent shall note his authority number and number of his copy of the receipt of AAR Book at the top of the pay-in-slip. The application form duly signed by the depositor, pay-in-slip, agent’s receipt book containing duplicate copy or counter foil of the receipt and money will be presented by the agent at the post office for opening an account in the name of the depositor.
(2) The deposit tendered by the agent beyond the prescribed period (viz 10 days) will not be accepted by the post office. If the amount of investment is presented at the post office on a date later than the date borne on the application for opening the account, the agent should make the following endorsement. “Presented at the post office on …………..” under his dated signature on the application for opening the account.
(3) The Counter PA of Head/Sub Post Offices will ensure that while opening the account submitted by agent, shall select Agent ID from the drop down list of agents whose name and agency number is written in the Account Opening form. The Supervisor will verify the entry in Finacle CBS application while verifying the account opening. Commission at the rate prescribed from time to time shall be credited into linked savings account of the agent.
(4) The MPKBY agents should submit the pass books, the amount of deposit (both cash, DoP Cheque, Bank cheque) and a single pay-in-slip (agency no and agent name to be mentioned on pay in slip) along with the Agent schedule (LOT) generated from Agent Portal. Two copies of Agent LOT are to be taken from the agent along with pay-in-slip. One copy of Agent LOT will be returned to Agent duly acknowledged receipt and second copy of Agent schedule (LOT) should be attached with pay-in-slip and placed at the end of RD vouched bundle and send to SBCO of the concerned HO. The agents will submit the schedule (LOT) of deposits separately for deposits in cash, DoP Cheque, Bank cheque duly Signature.
(5) At the close of the day, SO or HO shall generate a report on commission paid to agents agency wise from the Finacle CBS Application using HFINRPT menu SOs will send this report to HO along with SB return and HO will send the same to Account Branch.
Note 1: -The commission on subsequent deposits in RD will be paid to those agents through whom the accounts were opened. The other agents cannot make subsequent deposits in these accounts which were not opened through them.
Note 2:-The SAS agents will produce the receipt book containing the agent’s copy of the counterfoil at the post office at the time of depositing money for investment under any scheme for further action by the post office as at present. There is no change in this procedure. The Counter Assistant will check the continuity of the receipts issued in the receipt book to ensure that there is no break in the receipts issued.
Note 3:-The particulars of post offices with which the agents are authorized to transact business are recorded in the Certificate of Authority of the agent. The agent can deposit money at these post offices only. For the purpose of drawl of receipt books, the agent will be attached to only one particular post office as at present. There is no change in this procedure.
Note 4:-Consequent to introduction of new procedure for payment of commission to agents at sources, there is no change in the existing procedure regarding supply of Receipt Books to these agents. The counterfoil of the receipt duly singed by the depositor in lieu of having received the pass book or certificate will be retained by the agent with his own copy in the receipt book. The liability of delivering pass books or certificates to the depositors is of the agent. If any complaint from the depositor about non-receipt of the pass book or certificate is received, this should be brought to the notice of the concerned Regional Director, National Savings for taking appropriate action against the authorized agent.
Note 5:-No commission is payable to agents if a Time Deposit account is extended under provisions of Sub Rule (2) Rule 6 of NSTD Rules 2019.
Note 6:-No commission will be payable to agent if the investment in any scheme is not permissible under the relevant rules. If paid, it will be recovered from the agent.
Note 7:- No commission will be paid on the investments received through agents where Agent Receipt Book number issued to the customer is not noted on the Pay-in-Slip copy of the Agent Receipt Book is not presented along with investment for signature and date stamping by the Counter PA. All such investments will be treated as direct investments.
Note 8 :- TDS shall be deducted on commission paid by the System as per rates prescribed by Income Tax Department.
140. Procedure to be followed by the Account Branch at HO
(1) The Account Branch will receive daily from the SB Branch the schedules of commission paid to the agents separately for each scheme. The Account Branch will carry out the following checks:-
(i) The official of the Account Branch will compare the amount of commission paid as shown in the schedule with amount shown in relevant GL code in CSI .
(ii) The official concerned will put his dated signature at the bottom of the schedule in token of having carried out the above check.
(2) After necessary checks the schedules of commission paid along will be sent to the Postal Accounts Office on monthly basis after the close of the month in the first week of each following month.
3. It is requested to circulate these amendments to all concerned for information and guidance and necessary action.
4. Non-CBS Post Office post offices will continue to follow existing procedure as prescribed in POSB Manual Volume I Chapter 8.
5. This issues with the approval of Competent Authority.
Assistant Director (SB)