Opinion - Letters to the Editor   

Repurchase cheques

Sir, — Since many cheques sent out by it were lost in postal transit, the UTI decided to introduce the ECS facility for payment of interest, dividends and repurchases of schemes. Strangely, repurchase cheques for the scheme U.S. 64 are now sent from Mumbai since repayment is centralised there. As a consequence of heavy rush on repurchases, all repurchase cheques are sent by ordinary post. And my first experience is that the cheque is lost in transit. The UTI can transfer the amount from Mumbai and then issue ECS orders from Chennai itself to avoid loss of cheques. The issuing of duplicates from Mumbai is a great nuisance. The ECS facility can be extended to all the metros.

Babulal Barai,
Chennai

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