Sunday, August 12, 2018

PACL - FAQs for Refund


1.What is the principal amount? For e.g. if investor has invested a monthly amount of Rs. 2,500 for 1 year then what would be the principal amount,Rs. 2,500 or 30, 000 (12*2,500) ?
A: The principal amount includes all the payments made to PACL during the course of the Scheme either by way of installments or in lump sum. Therefore, in this case the principal would be Rs. 30,000. However, as per the Press Release dated 02.01.2018, claim has been invited from investors whose total outstanding (principal) is Rs.2,500 or less.

2.Have invested Rs .330 per month for 12 months, am I eligible for refund?
A: In the present process of refund of up to Rs. 2500 (principal), Rs. 2500 includes all the payments made to PACL during the course of the Scheme either in lump sum or in installments. Since, only those investors whose total outstanding liability is Rs. 2,500 or less are eligible to apply, you will not be eligible as your total outstanding is Rs. 3,960, which is more than Rs.2,500.

3.If I have a PACL Certificate for a total consideration amount of Rs.10,000 but I have paid only two installments of Rs.1,000, whether I will be eligible to apply for refund?
A: As already stated, in the present process of refund of up to Rs. 2500 (principal), Rs. 2500 includes all the payments made to PACL during the course of the Scheme either in lump sum or in installments. So, if you have paid only two installments of Rs.1,000, then your total outstanding claim with PACL is Rs. 2,000. Hence, you are eligible to apply for refund.

4.What are the interest rates for refund?
A: From the amount so far collected, no interest is envisaged in the present refund process at this stage.

5.My name on the PACL Certificate and on the Aadhaar and PAN Cards are different?
A: You are to provide the name as is on the PACL Certificate along with the necessary supporting documents i.e., PAN/Aadhaar Card, Bank Statement and PACL Certificate/Receipts.

6.After the submission of documents, when will I receive the refund?
A:The decision to refund shall be taken after verifying the claims of the applicant investor and the amount of funds available with the Committee.

7.Have investment in the name of minor, can guardian apply for refund with their bank details?
A: In the present process of refund, a guardian cannot apply for refund on behalf of a minor at this stage. However, the matter is being considered by the Committee and as and when a decision is taken in this regard, the same shall be notified.

8.If the person in whose name the PACL Certificate exists is dead,can the nominee /legal heir provide his/her details for e.g. Aadhaar/ PAN Number, Bank account number and IFSC code)?
A: In the present process of refund,legal heir/nominee cannot apply for refund on behalf of the deceased person at this stage. However, the matter is being considered by the Committee and as and when a decision is taken in this regard, the same shall be notified.

9.I only have an acknowledgement from PACL as I have submitted my original certificates /receipts to PACL . Can I apply for refund?
A: In the present process of refund,an investor cannot apply using an acknowledgement as a supporting document . However, the matter is being considered by the Committee and as and when a decision is taken in this regard, the same shall be notified.

Saturday, August 11, 2018

Issuance of SMSes by the Committee to the Investors of PACL Seeking Their Original Certificates / Receipts

Issuance of SMSes by the Committee to the Investors of PACL Seeking Their Original Certificates / Receipts

The Justice (Retd.) R.M. Lodha Committee (in the matter of PACL Ltd.) (the ‘Committee’) in pursuance of its mandate has started the process of refund, at the first instance, with respect to investors having claims of not more than Rs. 2,500. In accordance thereof verification is being carried out of the applications received.

Consequent to such verification, SMSes have been sent to investors asking them to send their original PACL certificates/receipts to the Committee at the address: SEBI Committee in the matter of PACL, Regus Grandeur Offices Pvt. Ltd., 8th Floor Samson Towers, Pantheon Road, Block No.31, Egmore, Chennai-600008.

In this regard, investors are hereby informed that ONLY if you have received an SMS asking you to send the original PACL certificates/receipts to the above address, then you may by speed post/courier/registered post send your original PACL certificates/receipts in respect of the PACL Registration number for which application was made to the above address.

It is further informed that refunds upon verification of genuineness of the original PACL certificates/receipts submitted would be credited directly to your bank account provided in the application.

PACL - FAQs for Refund

1.What is the principal amount? For e.g. if investor has invested a monthly amount of Rs. 2,500 for 1 year then what would be the princ...