V.K. GANDHI Vs. CENTRAL BANK OF INDIA

JUDGEMENT

(1.) For the reasons cited in the application for condonation of delay in filing affidavit, the delay of 7 days, is hereby condoned.

(2.) This Revision Petition under Section 21(b) of the Consumer Protection Act, 1986 (for short the "Act"), is directed against the order dated 25.10.2013 passed by the State Consumer Disputes Redressal Commission, Delhi (for short the 'State Commission'), in First Appeal No. 290 of 2012. By its impugned order, the State Commission allowed the Appeal preferred by Central Bank of India and set aside the order dated 2.2.2012 of the District Consumer Disputes Redressal Forum -VII, New Delhi (for short the 'District Forum') in CC No. 16 of 2008, by which order the Forum had allowed the complaint directing the first Opposite Party/Bank to pay 4,54,560/ - to the Complainant together with interest @ 9% per annum from 11.10.2006 and costs of 5,000/ -.

(3.) The facts material to the case are: that the Complainant is a Non -Resident Indian from London and in 2003 he met the Branch Manager of Central Bank of India and invested an amount of 67,16,396/ - in NRE Multiplier Deposit Scheme, as the interest on the amount deposited under the scheme is repatriable from India and is not taxable. The Complainant was issued receipt nos. MMDC/A 982192 -982197 for an amount of 67,16,396/ - with interest at 5.4% p.a. for 36 months, the maturity value being 78,88,980/ -. The relevant details of the certificates issued are as under: