CHANGE IN PROCEDURE OF ISSUE OF NSC/KVP FROM 01.07.2016

SB ORDER NO 6/2016

Subject: Change in procedure of issue of NSC and KVP from 01.07.2016

Important points:

1.      Same common Account Opening Form will be used for purchase of NSC/KVP.

2.      There will be no denomination of NSC or KVP. NSC VIII Issue can be issued for minimum of Rs 100/- and multiple of Rs 100/- only. For example,

NSC for Rs 5450/- cannot be issued. Similarly, KVPs can be issued for minimum of Rs 1000/- and in multiple of Rs 1000/- only.

3.      User has to open one NSC or KVP account in CBS or Sanchaya Post system against one Purchase Application. In case of CBS, user has to open account in menu CMISAOP & same has to verified in CMISAOPM by selecting scheme code as NSC16 or KVP16. For opening of account in Sanchaya Post that block has to be entered by supervisor in initialization (patch will be deployed before 1.7.2016). Sanchaya Post will pick account number from new block. Old registration number should be stopped from 1.7.2016.

4.      After opening of account, Passbook has to be issued. If Passbook printer is working, Passbook will be printed from the printer. Otherwise, manual entries should be made in Passbook. Entries to be made on first page on the passbook are attached.

5.      No pre-printed NSC or KVP is to be issued from 1.7.2016 even where cheque is submitted before 30.6.2016 are clearance is received on 1.7.2016. In such cases also, only one account for the whole amount is to be opened and single Passbook is to be issued.

6.      Procedure for issue of duplicate certificate will remain the same except that no pre-printed duplicate certificate is to be issued. Detailed procedure for issue of duplicate passbook in place of duplicate certificates will be issued shortly.

7.      Generation/ preparation of certificate issue Journal shall be stopped from 1.7.2016. CBS offices and Sanchaya Post Post Offices shall generate LOT for NSC and KVP from 1.7.2016. Manual offices if any shall prepare LOT manually.

8.      For the NSC/KVP issued from 1.7.2016, NSC/KVP issue return sent to DAP (PAO) stands abolished. However, designated PA who was comparing NSC/KVP issue journals received from SOs and prepared by HO with SO Summary and HO Summary shall continue to compare the amount of issue mentioned in NSC/KVP LOT and consolidation of each SO and HO with SO summary and HO summary.

9.      For discharge of already issued c/f’s there will be no change in procedure. For closure of new NSC and KVPs issued from 1.7.2016, detailed procedure will be circulated separately.