Central Government Of India & Ors vs Krishnaji Parvetesh Kulkarni

The Supreme Court upheld the High Court's decision affirming the Civil Court's decree for payment of maturity value of Indira Vikas Patras (IVPs) lost by the respondents. The Court noted that the Indira Vikas Patra Rules, 1986, specifically Rule 7(2), states that lost IVPs cannot be replaced, but since the loss was bona fide and no other claims were made, the original holders were entitled to the maturity value. The Court emphasized that the transactions involving IVPs are governed by the Government Savings Certificates Act, 1959, and the rules framed thereunder, which do not allow for duplicate issuance of IVPs upon loss.