AIR 1971 SUPREME COURT 432 ::41 Com Cas 136 ::1972 Mah LJ 446 ::1972 MPLJ 532 ::1971 2 SCR 706 ::1974 Bom LR 158 ::1971 SCD 34

Supreme Court Of India

(From Bombay : ILR (1966) Bom. 745)

Hon'ble Judge(s): J. C. Shah, K. S. Hegde, A. N. Grover , JJJ

(A) Post Office Act (6 of 1898) , S.6, S.33, S.74— Post Office Rules (1933) , R.81, R.83— Post parcel containing gold coin, or bullion or currency notes - Market value - Declaration of-Innocent or insignificant misstatement by insured - He does not become disentitled to receive compensation. The provisions of the Act and Rules made thereunder ensure that the insured should not make a declaration in excess of the market value so as to avoid fraudulent dealings. Nor can the insured get more compensation than the market value; But this does not and cannot mean that any innocent and insignificant misstatement by the insured of the actual value which has to be the market value on a particular date and at the place of posting can lead to the startling result that he becomes wholly disentitled to receive any compensation It is well known that the market in articles like gold and bullion exists only in large towns and the value fluctuates from day to day and from hour to hour. It may be sometimes impossible for any person sending gold or bullion by post after getting it insured to ascertain the exact value on a particular date. He cannot in the very nature of things be absolutely precise and accurate about the market value prevailing at the material time. This does not, however, mean that he is completely absolved from the responsibility of ascertaining it but if he....