Had You Invested in Raj Lakshmi Unit Scheme (RUS-92) Scheme of UTI

I have requested the Zee Helpline to take up the following Case on their Zee Helpline as Zee Helpline had taken up the issue earlier also and I am sure that they will be able to build up their broken links in the case from their preserved record. 

I am still holding the photocopy of the Unit Certificate and letter dated 03/08/1993 from Unit Trust of India that additional incentive of R.15000-00 along with bonuses will be payable on maturity date that is 17/11/2008, which remained unpaid while closing the scheme abruptly midway in October 2000. Certificate clearly indicates the Maturity Value of Rs.2,20,000-00 as in case of fixed deposits issued by Banks and letter clearly indicate the fixed incentive amount of Rs.15000-00 in additions to bonuses payable on maturity.

Text of Request Sent to Zee Help Line

Summary of your complaint

In October 1992 I had invested a sum of Rs.20000-00 in the name of minor daughter Neha Goyal (DOB 26-11-1987) in Rajlakshmi Unit (RUS-92) Scheme of Unit Trust of India for the benefit of Minor Girl Child (Unit Certificate No. R934067001827) issued on 17-11-1992 by Chandigarh Office of Unit Trust of India with Maturity amount of Rs.2,20,000-00 payable on 17-11-2008 as the investment was linked with acquiring age of 21 years by the minor and it was like a fixed deposit and not NAV based. In addition to Maturity value special incentive of Rs.15000-00 was also payable on maturity. The girl child was also to receive, in addition to Rs.235000-00 above, the bonus amount to be announced periodically and payable on maturity. The rate of return on the above investment exceeded more than 18% per annum. In an interview with ZEE HELPLINE in 1995, S.A. Dave, (signatory to the above certificate duly stamped under the stamp act)the then chairman of the Unit Trust of India clarified to the public that it was a special scheme for the girl child as now state governments and central government is implementing many schemes for the benefit of the girls. As an individual I can not fight with Unit Trust of India, who suspended the scheme midway in October 2000 through an unilateral decision, probably supported by the then Government of India, to pay Rs.67260-16 as on October 2010 on an investment of Rs.20000-00 in November 1987 after 13 years which was in no way matching to the rate of return of the scheme. ZEE HELPLINE raised this issue at that time also on their esteemed channel. Even while paying the above unilateral amount in October 2010 (Rs.67260-16), the then Chairman of UTI, in an interview to Zee Helpline, when confronted with question on additional incentive amount of Rs.15000-00 and bonuses, cunningly avoided the liability of the Unit Trust of India by taking legal shelter that both the amounts were payable on maturity that is 17th of November 2008 in my case. Now no customer care or UTI office has any record of the public investments in the scheme RUS-92 (Rajlakshmi Unit Scheme) of Unit Trust of India in which it had cornered more than 5000 crores of rupees in those times in the year 1992 and the number of investors was approximately 50,00,000 (5 Millions) and if the UTI pays the additional incentive at pre committed rate of Rs.15000/- the liability of the UTI will come out to Rs.7500 crores without accounting for minimum liability of Rs.10000 crores as bonuses to be paid on maturity, which I presume to be NIL keeping in view the financial condition of UTI. Can ZEE HELPLINE bring the issue on their esteemed channel after revisiting their earlier interview of then Chairmen and Public in 1995 and year 2000. How the Central Statutory Auditors of UTI signed the future balance sheets of the UTI without providing for contingent liabilities for making above payments to the public. On the basis of incorrect balance sheets the Unit Trust of India is misleading the public currently also and there is every likelihood that public will get cheated with a bigger amount in future. The Complainant is voicing the concern of the public at Expert Review Channel and all links available at Web Question Answers

I am fan of Zee Helpline - Haq Ka Sawal. Because Zee Helpline is taking interest in the above scheme since its inception in 1992 and airing the concerns of the old aged investors at that time who had invested their hard earned money as a gift to their grand daughters, I thought it worthwhile to let the Zee Helpline know about the latest snubbing of rights of the investors in the scheme. Somehow the investors accepted the loss due to abrupt closure of schemes but denial of incentive and bonuses has added insult to the injury of the investors.