No commission will be
payable to agents:-
(i) On sale of certificates presenting investment of Provident, Superannuation, Gratuity and
Endowment Fund money, funds of Co-operative societies including co-operative banks,
compensation money paid to displaced persons in the form of Savings Certificates,
Court funds in the control of Government Officers or local or statutory authorities or
conversion to certificates of cash securities already pledged to Government Officers by
contractors, etc. or investments required to be made in Small Savings Securities under
any statute or by an express order of the Government or investments made by
Institutions. Trusts, Companies, Associations etc. or such other investments as may be
notified by the Government in this behalf from time to time. On holding invested in
excess of the prescribed limit. If any commission is found paid to the authorized agent
on the excess holdings, it should be recovered.
(ii) Where a redeposit of a matured Time Deposit is made in a new account under sub rule
(3) of rule 6 of P.O. Time Deposit Rules, 1981 retrospectively from the date of maturity.
The commission will, however, be payable in case of redeposit made under rule 6 (1) of
the P.O. Time Deposit Rules, 1981.
