Law:

Section:

(a) Five Years Foreign Currency Bearer Certificates Rules, 1992-- ----8. 11---Public Debt Act (XVIII of 1944), Ss. 11 (1-A) & 2(2)(a)(iii)--- "Bond and "Certificate" is one and the same thing and Five Years Foreign Currency Bearer Bonds are covered by S.2(2)(a)(iii) of the Public Debt Act, 1944--Rule 11, Five Years Foreign Currency Bearer Certificates Rules, 1992 having not provided procedure for issuance of duplicate certificates, in case the original is defaced or mutilated, was ultra vires of S.11(1-A) of the Public Debt Act, 1944---Word "mutilated "---Meaning. Black's Law Dictionary ref. (b) Words and phrases-- ---- Word "mutilated" ---Meaning. Black's Law Dictionary ref. ORDER Respondent No. l purchased 10 Foreign Currency Bearer Certificates of value Pounds 10,000 each. Photostat copies of the same are available on record of writ petition. These Certificates were purchased for a period of five years and profit of _ 1 % per annum was payable on the same, twice a year. Respondent No. l received profit in the sum of Pounds 5500 on 16-7-1995 and 16-1-1996. The grievance voiced in the Constitutional petition was that the respondent wrapped the Certificates in 'Khaki' envelope and placed it in his bedroom wardrobe (wooden almirah) on the right hand side under a piece of red carpet and covered it with unwashed off-season clothes for the purpose of security. As the instalment of profit was due on 16-7-1996 and for claiming the same, production of certificate was necessary. Only at that time it was revealed that Certificates were eaten up by termite, which was spreading all over. Respondent No.1 lodged F.I.R. on 2-7-1996 and thereafter, submitted an application alongwith copy of F.I.R. to the appellant for issue of Duplicate Certificate and also for payment of profit, which was due on 22-8-1996. The appellant declined the claim on the ground "the certificates in question are bearer in character and that the Rules governing the scheme of Foreign Currency Bearer Certificates do not permit entertainment of claim of any nature in case any Certificate is lost, destroyed, mutilated or burnt". The letter was challenged in the Writ Petition No. 16208 of 1996 with a…

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