Investors
Some investors from abroad who can not arrive in due time at home face a problem regarding their investment in SANCHAYPATRA because the rule is this that you must renew the SANCHAYPTRA on the date when it expires its maturity and if not renewed then onwards there will be no interest paid on the instrument, even for years. Thus the investor faces a huge loss of interest on their investment in this sector. On the other hand, at home thousands face the problem when they forget to remember the date and make time to go for the renew. The authorities should re-think about this and make arrangement to have the option of AUTO-RENEWAL system which now prevails in all banking sector in the case of FDR where the FDR is automatically renewed when it expires at present rate of interest.
A national daily informs that there is a law of auto-renewal of SANCHAYPATRA but is not practiced and when inquired at the office of SANCHAY PATRA, they were not aware of this rule as reported. Thus they do not auto-renew SANCHAY PATRA causing losses to investors.
I do not understand why the rule cannot be like that of FDR at the banks. In that case the investors from abroad will invest more in this sector as there will be no fear of losing their interest from the invested SANCHAYPATRA if they fail to renew it while they are absent from home.
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