ARNOLD E.KING vs State Bank Of Mysore

IN this complaint, the complainant has sought the following relief: "that the respondents be directed to pay or make good the difference in value of the U.S. Dollar 20,953.84 that he has deposited with the respondent or its value as on date with costs."

IT is the case of the complainant that he is a non-resident Indian working in Misnad al Misnad at Doha in Republic of Qatar. The complainant, as a non-resident Indian, had opened an account bearing No. 4659/0 with the State Bank of Mysore, Cooke Town Branch, Bangalore. The complainant, further averred that he sent a sum of U.S. Dollar 20,953.84 by a draft drawn on Bank of Oman, Doha, requesting the opposite party to keep the amount in deposit in Dollars giving his N.R.I. Dollar account on 10.8.1990. But the opposite party deposited the said amount in rupee currency of Rs. 3,77,192/- in "re-investment deposit" No. RID 19/55/325912, folio-NRB-7.

The complainant, nextly averred that the opposite party, bad converted the Dollars into rupees and kept it in a fixed deposit account against the specific advise and direction given by the complainant.

THE complainant on maturity, when approached the opposite party for repayment of the said sum in U.S. Dollars together with interest, the opposite party failed to repay the U.S. Dollars to the complainant on some pretext or the other. THE opposite party had no authority to convert the same into rupee currency. THE complainant on the basis of these averments, sought the relief, as narrated above. The opposite party filed its statement of objections and disputed the allegations made by the complainant in the complaint. The opposite party admitted the receipt of U.S. Dollars 20,953.84 from the complainant. The opposite party further averred that, as per request of the complainant, the said money was invested in non-resident Indian deposit account and the said fact of deposit was communicated to the complainant on 26.9.1990. The complainant had even personally visited the opposite party-Bank in the month of April/May 1991 and obtained the "Re-investment Deposit Receipt" from the opposite party. The complaint bad absolutely no grievance whatsoever till the month of August/ September 1991 i.e; the complainant raised the grievance only after the rupee currency was devalued in the month of July 1991.

THE opposite party, further averred that the complainant had never indicated that the amount sent by him should be invested in U.S. Dollais. He had not maintained earlier any account as asserted by him in NRI Dollar account. But his account was in NRI Rupee account. THE opposite party nextly averred that there was no deficiency in service rendered by it and so the complaint has no substance. During the enquiry, both the parties did not lead any oral evidence. Exs. C-l to C-7 came to be marked by consent of parties. Having regard to the averments contained in the complaint, objection statement and the submissions made by the learned Counsels for the parties, the only point that arises for our consideration is ''whether there was any deficiency in service rendered by the opposite party?''

THERE is no dispute regarding the draft for U.S. Dollars 20,953.84 sent by the complainant to the opposite party directing it to be put in a fixed deposit account for a period of one year. The letter written by the complainant, dated 10.8.1990, as per Ex. C-1, in this regard, read thus: "Please find a draft enclosed for U.S. Dollars 20,953.84, to be put in a fixed deposit account for the period of 1 year. My account No. is NRI. 946590 for your information. Please acknowledge receipt of this letter as soon as possible with deposit number and information of. interest rates. Thanking you and looking forward to hearing from you soon."

The N.R.I. account referred in the said letter is at Ex. C-7. It is N.R.I. Rupees account. This aspect of the matter also is un-disputed.

THE opposite party on the realisation of the proceeds of the said draft put it in RID No. 19/55/ 325912, Folio NRE-7 for Rs. 3,77,192/- on 26.9.1990 for one year re-investment deposit. This fact was intimated by the opposite party to the complainant by its letter dated 26.9.1990 as per Ex. C-3. THE said letter, Ex. C-3, read as under: "Your DD for US $ 20,953.84. We are in receipt of the above along with your letter of 10th August, 1990. We have this day received the proceeds and as per your instructions deposited the same in a Reinvestment Deposit for one year. THE RID No. is 19/55/525912 folio NRE-7 for Rs. 3,77,192/- maturing on 26.9.1991. Assuring you of our best services at all time."

This is also an un-disputed fact. The complainant visited India in the month of April/May 1991 and collected the said RID receipt from the opposite party. The said receipt is at Ex. C-6. This showed that the said amount of Rs. 3,77,192/- was invested in NRI-Rupec account. This fact also stands admitted by the complainant. He had absolutely no grievance even at that time.

It is a fact that the Indian currency, Rupee, was devalued twice in the month of July 1991, first on 1.7.1991 and again on 3.7.1991 almost by 20% in consequence of which the Dollar value got appreciated by about 23%. It is only thereafter the complainant wrote a letter on 1.10.191 to the opposite party as per Ex. C-4 making a grievance that the Dollais sent by him on 10.8.1990 were invested in NRI Rupee account against his advise. It is very difficult to accept this plea taken by the complainant.

THE first letter, Ex. C-1, did not show his advise or intention to keep the Dollars sent by him in NRE Dollar account, that is, in FCNR Account, i.e., Foreign Currency (Non-resident) Account. THE account number referred by him in the said letter was of NRI Rupee account. The opposite party after the realisation of the proceeds of the said draft invested the same in NRI Rupee account and sent a letter on 26.9.1990, as per Ex. C-3, intimating the same to the complainant. The complainant on receipt of the said letter did not make any grievance. The complainant on his visit to India in the month of April/May 1991 collected the said NRI Re-investment deposit receipt as per Ex. C-6 from the opposite party. Even at that time the complainant had no grievance about its investment in NRI Rupee account.

IT is a fact that Indian Currency, Rupee, was devalued in the month of July 1991. IT was only thereafter, in the month of October 1991, the complainant made the grievance stating that the U.S. Dollars sent by him were invested in Rupee account currency against his advise and direction. Having regard to these facts and in the circumstances of the case, we do not see any substance in the grievance made by the complainant regarding the investment in NRI Rupee account made by the opposite party. So, we hold and record that there was no deficiency in the service rendered by the opposite party. ORDER In the Result, therefore, this complaint fails and it is dismissed. Parties are directed to bear and pay their own costs. Complaint dismissed. _______________