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Supreme Court Of India

(From : Karnataka)*

Hon'ble Judge(s): Arijit Pasayat, R. V. Raveendran , JJ

Government Savings Certificates Act (46 of 1959) , S.12— Indira Vikas Patra Rules (1986) , R.7(2)— Indira Vikas Patra (IVP) - Lost or stolen - Cannot be replaced - IVP is akin to ordinary currency note. C. R. P. No. 2192 of 1996, D/- 12-8-1998 (Kant), Reversed. Indira Vikas Patra (IVP) is akin to an ordinary currency note. It bears no name of the holder. Just as a lost currency note cannot be replaced, similarly the question of replacing a lost IVP does not arise. R. 7(2) makes the position clear that a certificate lost, stolen, mutilated, defaced or destroyed beyond recognition will not be replaced by any post office. Similar is the position as regards the certificate which is either lost or stolen.(Para 11) In the absence of a challenge to the legality of the R. 7 (2) direction to make payment to purchaser of IVP which he has lost, could not be made.