| I had invested in Unit Trust’s Children’s Gift Growth Fund in November 1987. The bond matured in March 2003, but I haven’t received my money yet. Could you please help? |
D. C. Goswami, Jorhat |
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| We had forwarded the details of your deposit to Unit Trust of India. It said a cheque for Rs 21,609.89, dated March 18, 2003, was sent to your daughter, Pranali Goswami — the beneficiary of the deposit — to an address in Guwahati. But it could not be delivered. We suspect Unit Trust sent it to a wrong address. Unit Trust has promised to send another cheque through its Guwahati branch within a week. We gave Unit Trust your address in Jorhat that you had mentioned in your email. |
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| Missing link |
| My US-64 units were converted into US-64 bonds and US-2002 units. In a statement issued in November 2002, Unit Trust said it had allotted 725 units of US-2002, but did not send the US-2002 certificate. Could you please check what happened? |
Amitabh, Jamshedpur |
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| Unit Trust has clarified that it has stopped issuing unit certificates. It issues a ‘statement of holding’ instead, which it sent to you in November 2002. It’s a standard industry practice, and the statement is all you’d need to sell the units. |
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| Refund riddle |
| I deposited an income tax refund cheque for Rs 509 drawn on the RBI, Calcutta, in my bank account a couple of times, but each time it was dishonoured. The Reserve Bank sent a slip along with the cheque saying: “Advise not received. Please present again.” I can’t understand what this means. How do I realise the amount? |
K. Datta, Calcutta |
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| The income tax department insists it had sent the ‘advise’ to you along with the cheque. You should have deposited the ‘advise’ along with the cheque. If you hadn’t received the ‘advise’ — a yellow sheet of paper that measures the same as the cheque — it must have been misplaced. The department sends the ‘advise’ along with the refund order if the tax refund is less than Rs 1,000. If it is more than that, the ‘advise’ is sent to the RBI directly. If you receive a refund cheque for an amount more than Rs 1,000, it is advisable that you wait for a week before depositing the cheque in your bank account because the ‘advise’ takes time to reach RBI. You’d now have to contact the ‘I-T circle’ that had issued your refund order, to obtain a fresh ‘advise’ and a new cheque. Issuing a new cheque and ‘advise’, the I-T department says, shouldn’t take more than a fortnight. |
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| If you have any queries about investing or taxes or a high-cost purchase you are planning, mail to: btgraph@abpmail.com, or write to Business Telegraph, 6 Prafulla Sarkar Street, Calcutta 700 001 |
