In my personal view,the treatment of arrears of difference in commuted value payable is not comparable with that as was done for 6th CPC beneficiaries.If I believe correctly,the 6th CPC arrears were paid without interest.In the case of the beneficiaries of the latest SC judgment of 13/2/2018,interest is payable on arrears.While I agree that in terms of the judgment,arrears of difference in commuted value of Pension will be payable with interest,the recovery of the additional monthly installments should also be factored into the monthly deductions from the date the original commuted value recoveries started.The interest on the additional monthly recoveries for the 15 years will be deductible from the interest payable on additional commuted value of pension.
Besides,the Rule 56 of the Bank's Pension Rules 1995 providing for application of CCS Pension Commutation Rules 1981 stipulate that previous approval of the Central Government needs to be obtained.
Payment of difference in commuted value of pension with interest cannot be denied as there may be at least some family pensioners where retirees eligible for benefits in terms of the SC judgment might have expired before the date of delivery of the judgment.
Anyhow,as the Legal Committee will consider all relevant aspects,I am sure that appropriate demands will be placed before the Bank Managements and IBA for implementing the SC judgment for the benefit of all eligible pensioners.
Kind regards.
C H Mahadevan
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