In 2014, the Reserve Bank of India (RBI) had floated Inflation Index National Saving Securities. The public could apply for these securities through any nationalised bank.
Bharat Kapur subscribed for these securities on March 15, 2014 by paying Rs 25,000 through Bank of India (BoI). RBI issued a payment receipt on March 29, 2014. But, Kapur did not receive the securities.
On making inquiries, BoI informed Kapur that the investment was linked to high or low rate of inflation, but the exact formula for calculation was not notified. Kapur made an application on March 29, 2014 for withdrawal of money from the
