DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, KOZHIKODE
PRESENT: Sri. P.C. PAULACHEN, M.Com, LLB : PRESIDENT
Smt. PRIYA.S, BAL, LLB, MBA (HRM) : MEMBER
Wednesday, the 31st day of July 2024
CC. 341/2024
Complainant
Umar Farooq. P.P,
Farooq Bhavan,
Raj Bhavan Complex,
Calicut – 673 003.
Opposite Party
Manager,
Indian Bank, LIC Building,
Calicut – 673 001.
ORDER
By Sri. P.C. PAULACHEN – PRESIDENT.
This is a complaint filed under Section 35 of the Consumer Protection Act, 2019.
- The case of the complainant, in brief, is as follows:
On 15/11/2013 the complainant placed on fixed deposit an amount of Rs. 1,00,000/- in the opposite party bank for a period of 10 years with interest at the rate of 10.5% per annum. The maturity value was Rs. 2,81,921/-. But on maturity, the bank paid only Rs. 2,49,475/- to the complainant. There is a short payment of Rs.32,446/-. Though he approached the opposite party several times, no positive steps were taken to redress his grievance. Hence the complaint to direct the opposite party to pay Rs. 32,446/- with interest along with compensation of Rs. 1,00,000/-.
- The notice issued from this Commission on 26/06/2024 was duly served on the opposite party on 02/07/2024. But the opposite party did not care to respond to the notice and hence set ex-parte.
- The points that arise for determination in this complaint are;
1. Whether there was any unfair trade practice or deficiency of service on the part of the opposite party, as alleged?
2. Reliefs and costs.
- PW1 was examined and Exts A1 to Ext A14 were marked.
- Heard.
- Point No 1: The complainant has approached this Commission with a grievance that the maturity value of the fixed deposit made by him was not paid by the opposite party bank to him and thereby the opposite party indulged in unfair trade practice and also there was deficiency of service on their part.
- PW1, who is none other than the complainant, has filed proof affidavit in terms of the averments in the complaint and in support of the claim. Ext A1 is the copy of the deposit receipt, Ext A2 is the copy of the bank statement, Ext A3 is the letter dated 01/08/2019 of the Reserve Bank of India, Ext A4 is the copy of the letter dated 29/12/2018, Ext A5 is the copy of the letter dated 17/08/1983, Ext A6 is the copy of the letter dated 06/09/1983, Ext A7 is the copy of the e-mail dated 06/03/2009, Ext A8 is the copy of the letter dated 17/07/2024, Exts A9, A10 and A11 are the copies of the statement of account, Ext A12 to Ext A14 are the copies of the statement showing interest paid and tax deducted.
- Ext A1 shows that the fixed deposit would mature on 15/11/2023 and the maturity value was Rs. 2,81,921/-. Ext A2 reveals that only an amount of Rs. 2,49,475/- was paid to the complainant on maturity and there is shortage of Rs. 32,446/-. The evidence of PW1 stands unchallenged. The opposite party has not turned up to file version and contest the case. The opposite party has not produced any evidence to disprove the averments in the complaint or to rebut the veracity of the documents produced and marked on the side of the complainant. There is no contra evidence to disprove the claim. The act of the opposite party in not paying the maturity value of the fixed deposit and their further neglect to address the concerns of the complainant over the matter amounts to unfair trade practice and deficiency of service.
- It is admitted by PW1 in his proof affidavit that after the institution of the complaint, on 17/07/2024 a cheque for Rs. 25,072/- was handed over to him by the bank manager. Ext A8 letter shows that after TDS and interest accrued on TDS from the amount of Rs. 32,446/-, a demand draft for Rs. 25,072 was handed over to the complainant and he is entitled to encash that same. At the time of hearing, the complainant submitted that the tax deducted was not proper. It cannot be said that the TDS on interest received is illegal. If the complainant is aggrieved by the TDS, he may approached the income tax authorities, if so advised. Thus after TDS from the balance of Rs. 32,446/-, a sum of Rs. 25,072/- was paid to the complainant by the opposite party during the pendency of the complaint. Thus there is no room for any further complaint regarding non-payment of the entire maturity value of the deposit.
- But at the same time, it may be noted that no reason or explanation is offered by the opposite party for not paying the maturity value to the complainant on 15/11/2023. The payment was delayed by 8 months. No interest was paid for the delayed payment. Undoubtedly, the complainant, who is a senior citizen, was put to mental agony and inconvenience due to the negligence and latches on the part of the opposite party. The complainant is entitled to be compensated adequately. Considering the entire facts and circumstances, we are of the view that a sum of Rs. 20,000/- will be reasonable compensation in this case.
- Point No. 2:- In the light of the finding on the above point, the complaint is disposed of as follows;
a) CC.341/2024 is allowed in part.
b) The opposite party is hereby directed to pay an amount of Rs. 20,000/- (Rupees twenty thousand only) as compensation to the complainant.
c) The payment shall be made within 30 days of the receipt of copy of this order, failing which, the amount of Rs. 20,000/- shall carry an interest of 9% per annum from the date of this order till actual payment.
d) No order as to costs.
Pronounced in open Commission on this, the 31th day of July, 2024.
Date of Filing: 13/06/2024
Sd/- Sd/-
PRESIDENT MEMBER
APPENDIX
Exhibits for the Complainant :
Ext A1 - Copy of the deposit receipt.
Ext A2 - Copy of the bank statement,
Ext A3 - Letter dated 01/08/2019 of the Reserve Bank of India,
Ext A4 - Copy of the letter dated 29/12/2018,
Ext A5 - Copy of the letter dated 17/08/1983,
Ext A6 - Copy of the letter dated 06/09/1983,
Ext A7 - Copy of the e-mail dated 06/03/2009,
Ext A8 - Copy of the letter dated 17/07/2024,
Ext A9 - Copy of the statement of account.
Ext A10 - Copy of the statement of account.
Ext A11 - Copy of the statement of account.
Ext A12 - Copy of the statement showing interest paid and tax deducted.
Ext A13 - Copy of the statement showing interest paid and tax deducted.
Ext A14 - Copy of the statement showing interest paid and tax deducted.
Exhibits for the Opposite Party
NIL
Witnesses for the Complainant
PW1 - Umar Farooq. P.P (Complainant)
Witnesses for the opposite party
NIL
Sd/- Sd/-
PRESIDENT MEMBER
True Copy,
Sd/-
Assistant Registrar.
