Acceptance of business from SAS Agents regarding - Addendum

SB order 06 /2013 dated 27.03.2014 Acceptance of business from SAS Agents regarding - Addendum wherein the commission amount will be paid to the SAS Agent based on the verification ACG-17. If the instructions not followed on preparation of ACG-17, the investment treated as Direct Investment and no commission to be paid to the Agent

Change in Procedure of payment of commission to SAS/MPKBY agents & PRSG Leaders in the Post Offices to be migrated to Finacle CBS Application

The undersigned is directed to say that Finacle CBS application is being implemented in POSB in place of Sanchay Post. The first office is likely to be migrated on 30 Nov and will be live on 2 nd December 2013. Finacle CBS application docs not support at source payment of commission to agents. Therefore, the matter was taken up with Min. of Finance for allowing credit of commission to the savings accounts of the agents. Now, the Min. of Finance vide memo F.No.2/7/2012-NS-11 dated 23-10-2013 has allowed the payment of Commission to SAS/MPKBY/PRSG Agents through their Savings Accounts in Post Offices migrated to CBS platform.

Hence, it is requested to start a drive for opening of Savings Account by all the Active agents/PRSG Leaders. While opening Savings Accounts, agency number of the agent and his PAN number should be entered so that at the time of migration of data, the same can be automatically linked to the concerned agent. PRSG Group leaders can open savings account in their name.

While opening account for them, their personal PAN number and Authority Letter No. issue by their employer or any registration number assigned by post office should also be entered. If any agent is already having savings account in the post office where his agency is entered, that account can also be identified for credit of commission and agency number as well as PAN number of the agent can,be entered against the existing account number also. T.N Circle should take immediate action in this regard as Pilot is going to be started from that circle

This issues with the approval of the Member (tech.) 

Problem faced by Small Savings Agents

Acceptance of business from SAS Agents

SB Order No. 06/2013  :Acceptance of business from SAS Agents

The undersigned is directed to say that Ministry of Finance (DEA) has directed this department to ensure scrupulous supply of Agent Receipt Books to post offices and commission to the agents should only be released when it is properly verified that the serial number of the Agent Receipt issued to the customer is properly reflected in the ACG- 17.

2. In view of the above directions, it is requested to issue notice to all SAS Agents through an office order to be pasted on the Notice Board of all Post Offices that no commission will be paid on the investments received through agents where number of Agent Receipt issued to the customer is not noted on ACG-17 and agent’s copy of the counterfoil is not presented alongwith investment for verification by the Counter PA- If these instructions are not followed in case of any investment, such investment will be treated as direct investments.

3. It is requested to circulate these instructions to all post offices and ensure that sufficient stock of AAR Books should be available in post offices where SAS agents are attached and indent for supply of AAR Books is sent by HOs to PSD and PSD to NSI Nagpur without any delay.

4. This issues with the approval of DDG(FS).