Most of us have joint FDRs with “either or survivor” operational instruction. We feel that by having joint operational instruction, we will never face any operational difficulty in case of any contingency. Our general presumption is that the other surviving joint holder of FD will have the same operational powers as we enjoy when both of us are alive.
But this assumption of ours is far away from the reality. In absence of correct knowledge of exact RBI guidelines, we simply believe that in case of death of any one of the joint FD holders, the surviving one can get it even pre- matured as per his/ her own convenience. Till yesterday morning, I was also under the same impression.
Yesterday, by chance family members of one of our society flat met me at Union bank and shared their problem of not getting the FDRs of their parents pre- matured. I decided to help them in sorting out the matter and met the Bank manager along with them to peruse him to allow the pre- maturity of FDS. But when the manager disclosed me the RBI provisions regarding the pre- maturity of FDRs, I was bit surprised and even quite shocked also.
As per RBI guidelines, in case of death of any one of the joint holder of FDR (even having valid nomination also), the surviving joint holder do not have free assess to the funds so as to get it pre- matured as per his/ her own will or choice. He/ she can get the final amount only at the time of final maturity of the FDR without any ones interference. Before maturity time, for getting it pre- matured, consent of all the legal heirs of deceased FDR holder is must. Means the joint holder do not enjoy the free authority to get the FDRs pre- matured. The surviving FD holder is entitled only at the time of regular maturity of the FDR and not before that.
So, if we have long duration joint FDR, then in case of demise of one of the joint holder, the surviving one can not get the FDRs pre-matured without the consent of all the legal heirs of deceased one. This provision restrict the final authority of any surviving joint holder to use the funds freely in case of need. If any legal heir has any objection or not instantly available, *the surviving FD holder will bound to wait till final maturity date or availability of all the legal heirs at a given time.*
*Further never leave your joint holding FDR without nomination as he will be the one to claim the FDR proceeds in case of any contingency with both the FD joint holders, otherwise all the legal heirs will be required to claim the amount*.
*One thing is very clear that here nominee is only the custodian of the Proceeds – not the owner of the amount so handed over to him/ her. If we wish to make the nominee as the sole claimant of FDR proceeds after our death, we should clearly mention this fact in our will also to avoid any future dispute.*
Hope knowledge of this important provision of RBI will help us in planning the management of our own funds for timely availability thereof at the time of real need.
Note:- This opinion of mine is based on real experience and documentary evidence available in this regard.
Thanks to my Senior banker friend for sharing this useful alert !!
Srinagar, September 19
Security forces sieved through the dense forests of Gadole in Kashmir Valley’s Anantnag district for the seventh day on Tuesday, one of Jammu and Kashmir’s longest anti-militancy operations that has claimed the lives of three officers and a soldier.
Two bodies were found from the forest area on Monday. One was identified as Pradeep, the soldier killed by terrorists last week Wednesday. The identity of the other is yet to be ascertained, officials said.
Police officials have maintained silence on the operation for the last four days. They believe two to three terrorists are trapped in the forest area.
The operation started on Wednesday when Colonel Manpreet Singh, commanding officer, 19 Rashtriya Rifles, Major Ashish Dhonchak and Deputy Superintendent of Jammu and Kashmir Police Humayun Bhat, were killed by terrorists. Pradeep went missing on the first day of the encounter and was believed to have been killed.
Officials had said earlier that drone footage showed a charred body near one of the terrorist hideouts destroyed during the operation. Security forces are using drones and helicopters to survey the dense forest area with several cave-like hideouts where terrorists are believed to have been holed up since Wednesday.
On Sunday, the security cordon was extended to the neighbouring Posh Kreeri area as a precautionary measure to ensure the terrorists don’t slip into civilian areas.
Addressing a function here late on Sunday evening, Lt Governor Manoj Sinha said every drop of blood of the slain security personnel will be avenged and the terrorist handlers will have to pay a heavy price. “We have complete faith in our soldiers…. The entire nation stands in solidarity with the jawans,” Sinha said.
Top officials of the security grid in Kashmir, including the director general of police (DGP) and general officer commanding (GOC) of the Army’s 15 Corps, have been monitoring the operation.
Samaan Lateef
Srinagar, September 19
J&K Police on Tuesday claimed that two militants including local LeT recruit Uzair Khan have been killed in Kokernag encounter in south Kashmir.
Additional Director General of Police, Kashmir, Vijay Kumar said that two militants including Khan has been killed in Gadole Kokernag encounter in South Kashmir’s Anantnag district.
“Khan’s body has been retrieved while as the body of second terrorist is lying close to encounter site,” Kumar said.
The searches will continue to locate if there is any more terrorist in the area, he said.
Earlier, Kumar along with Army’s GoC 15 Corps Commander Rajiv Ghai visited Gudool area of Kokernag in south Kashmir’s Anantnag to take stock of the ongoing anti-militancy operation that entered 7th day on Tuesday.
On late Tuesday evening, the ill-fated operation was initiated based on intelligence inputs indicating the presence of militants in a concealed forest hideout.
However, the militants swiftly detected the presence of the joint team comprising Army and J&K Police personnel on Wednesday morning.
It led to a barrage of gunfire from the militants’ assault rifles, causing chaos and hindering evacuation efforts. The officers found themselves stranded in the line of fire.
During the initial exchange of fire, Colonel Manpreet Singh lost his life, while Major Ashish Dhonak and DSP Himayun Muzammil Bhat sustained injuries but later succumbed to their wounds. The Army has said that two soldiers were also injured during the encounter.
On Monday, body of an Army soldier Pardeep Singh was also recovered from the encounter site, taking the death toll of security forces to four.
Jammu, September 19Kokernag, Anantnag viruses got eliminated by our brave soldiers…ammunition recovered from the slained rats
Security forces are conducting search operations in some areas along the Line of Control in Rajouri and Poonch districts, officials said on Tuesday. The operations were launched on Monday evening following information on the movement of suspected persons.
Congress seeks more check posts
The officials said the operations were being conducted in Nowshera, Gagrote and Kangota of Rajouri district and Gulpore, Ajote and Deriyan of Poonch district. Security personnel are also checking vehicles coming from the border areas, the officials added.
At the same time, the J&K unit of the Congress has expressed concern over the “rising” militancy in Rajouri and Poonch, demanding setting up of security check posts and strengthening of the Village Defence Guards (VDGs) in the twin border districts.
At least 26 terrorists and 11 security personnel have been killed this year in a series of encounters in the two districts where seven civilians were also killed in targeted attacks by terrorists. “The administration should step up vigil, deploy security forces and strengthen the village defence mechanisms in all remote and vulnerable areas,” Congress working president Raman Bhalla said.
Bhalla told reporters here that residents of Narla and Sajali area of Kalakote in Rajouri were frightened after the recent encounter. Two terrorists and a soldier were killed and four security personnel injured in a gunbattle in Narla village on September 12. The encounter also claimed the life of Kent, a six-year-old Army dog. “Timely information by a local resident, Prem Lal, about the presence of two terrorists averted a Dhangri-style attack in Narla,” he said, referring to the killing of seven civilians by terrorists in Rajouri village on January 1.
New Delhi, September 19
Trade talks between India and Canada have taken a hit as tension rises after Prime Minister Justin Trudeau said authorities were investigating “credible allegations” linking New Delhi’s agents to the murder of a Sikh separatist leader.
Related News
On Tuesday, New Delhi dismissed the allegations as “absurd”, and asked Canada to crack down on anti-India elements operating on its territory.
Here is what is at stake for both countries:
How are trade talks affected?
Canada said this month it had paused talks on the proposed treaty with India, just three months after both said they aimed to seal an initial pact this year.
Industry estimates show the Comprehensive Economic Partnership Agreement (CEPA) between Canada and India could boost two-way trade by as much as $6.5 billion, yielding a GDP gain of $3.8 billion to $5.9 billion for Canada by 2035.
What are the key items of trade
Steady growth has seen goods trade rise to $8 billion in 2022, with Indian exports to Canada touching $4 billion and imports from Canada also worth $4 billion.
India’s growing demand for imported lentils has benefited Canadian farmers, while Indian pharmaceutical and software companies have expanded their presence in the Canadian market.
Major imports from Canada include energy products such as coal, coke and briquettes, besides fertilisers, while India exports consumer goods, garments, engineering products such as auto parts, aircraft equipment and electronic items.
What is the investment position
Canada is India’s 17th largest foreign investor, pouring in more than $3.6 billion since 2000, while Canadian portfolio investors have invested billions of dollars in Indian stock and debt markets.
The Canadian pension fund, CPP, has increased its investment in Indian markets to about $15 billion, in areas such as real estate, renewables, and the financial sector by the end of last fiscal year in March 2023.
How have corporates benefited
More than 600 Canadian companies, including Bombardier and SNC Lavalin, have a strong presence in India, while more than 30 Indian companies, such as infotech majors TCS, Infosys, Wipro have invested billion of dollars in Canada, creating thousands of jobs.
What is the role of Indian students in Canada
Since 2018, India has been the largest source country for international students in Canada.
In 2022, their number rose 47% to nearly 320,000, accounting for about 40% of total overseas students, the Canadian Bureau of International Education says, which also helps universities and colleges provide a subsidised education to domestic students.
What are the implications for Sikhs
Many analysts say the worsening ties could affect the economic interests of thousands of Sikh families in India’s Sikh-majority state of Punjab in the north, since they have relatives in Canada, who remit millions of dollars back home.
The share of Canada’s Sikh population has more than doubled in 20 years, to 2.1%, according to the country’s 2021 census, as large number of Sikhs have migrated from India in search of higher education and jobs.
New Delhi, September 19
Indian Army Chief Gen Manoj Pande on Tuesday said a study was underway to examine which all streams of the Army could be opened up for more women. General Pande was speaking at the inaugural General SF Rodrigues Memorial Lecture here. Lt Gen Raj Shukla (retd) delivered the keynote address on “Ukraine: Changing character of war and firepower”.
The Army Chief recollected that the recruitment of women was started by General Rodrigues when he was the Army Chief. “Today, there are over 1,700 women officers and 114 of them are in command positions,” he said.
General Pande recollected the role of General Rodrigues in equipping the Regiment of Artillery and its future.
The Army Chief said Surveillance and Target Acquisition (SATA) units were being reorganised for efficient surveillance, data management, coordination and targeting. “The Regiment of Artillery is planning on the induction of these niche technologies,” he said.
Speaking on the Russia-Ukraine war, he said the conflict had shown the relevance of firepower. Lt Gen Shukla (retd) said the Ukraine conflict offered valuable lessons for the international system, statecraft and war-fighting.
LT COL NOEL ELLIS
14/IX/2023
Sons of India got martyred yesterday and many are battling for their lives in various hospitals. A tragic day for 19 RR, their parent units, J&K Police, and our country.
My heartfelt condolences to the bereaved families of the brave hearts. May their souls rest in peace.
‘Lashkar’ is the group involved, they say. Where does this group have its origins? And we are playing cricket with those Bs. Telecasting rights earn revenue. My foot! Life of a soldier doesn’t come cheap. Another soldier will replace him, but cricket cannot wait. What nonsense!
To take on terrorists in such mountainous and forested terrain is not a joke. Hats off to the CO who led from the front. Both he and his Company Commander were already decorated with gallantry awards. Another decoration will find no chest to proudly wear them. Widows and orphans will keep feeling the pain, every time they see those medals, with no one to wipe their tears.
While taking an oath to uphold the Indian constitution we pledged our lives to the nation. By land, sea, or air, we shall go where ever ordered, even at the peril of our lives. We who have passed out of the portals of various Military Academies keep our promise to the nation in letter and spirit. It is nation first always and every time.
News channels kindly don’t seko your TRP on this tragic news. A common citizen has so much to bother about, which you fail to cover. Media makes it disgusting by shoving mikes into the mouths of family members of the deceased. Keep away. Don’t make it a tamasha. Let ‘us’ mourn our fallen in the dignity they deserve.
Media guys, you have politics and politicians to thrive on. Let us see you taking their pants down for this. Veterans, please stay away from National Television. Media knows how to manipulate you. Tomorrow, they will pitch you against political party spokespersons, who will blame the loss on you.
I heard some veterans say, the informer double crossed the unit. If we did not know it and expect it then we had become complacent. Loss is not acceptable whatsoever. I hope that informer and his accomplices have been taken to task. Having functioned with them, these guys can lead you to death.
Their bravery, tactical acumen, and knowledge of operational hazards, in an area which was lying dominant for quite some years is outstanding. Militants find such places lucrative to hurt us.
In such operations risks had to be taken and the price has been paid. Now is the time to escalate costs for all those who train, abet, support, provide safe havens and give terrorists information about us.
A lull doesn’t mean all is well. A lull is the time to consolidate. These vermin have to be pulled out of every hideout and hole. Don’t capture them alive. Make it easy for them to get their promised 72. Law is too complicated and so are the human rights sissy’s. They will never open their gobs for the human rights of the KIA soldiers. Let the courts understand or let judges be part of such operations.
Winning hearts and minds of a ‘brainwashed population’ is difficult. Aim is to give the people confidence in what India believes in. It is their betterment and progress. Their livelihoods and prosperity. The false narratives of Pakistan need to be exposed.
I was speaking to a honeymoon couple recently who ‘’dared to go to the valley. They were scared when they left. On their return it was not a surprise what they revealed. From hotels, to taxi drivers, to pony drivers, all are double crossers and double-faced people.
‘They’ spoke of India as a ‘dushman’ and terrorised this young couple, so that they discourage others from coming to Kashmir. These guys are in touch with militant groups & their handlers. Every businessman and shopkeeper pays a ransom or faces a death penalty. Lt Governor Saab are you listening. Grass roots need to be re-indoctrinated and the time is ripe.
If Pakistan says it will raise costs for Afghanistan and Taliban for their own security. Then we too need to now announce a jihad against this rogue state, otherwise they shall continue supporting terrorism unabated. Enough is enough.
I am sure 19 RR and other units will avenge each death in an appropriate manner. Let us all join our hands in prayers for the departed souls and their families. A minute’s silence would do.
My heart is heavy as I key these words. My conscience churns and my blood boils deep inside as I feel helpless.
HM Saab, are such losses acceptable to you? I wonder!!!!!!!
JAI HIND
