Section 33A(f) in The Indian Post Office Rules, 1933
(f)All Express Parcel Post shall be delivered in accordance with the terms and conditions as may be specified by the Director General, in this behalf, and in case of loss of the Express parcel Post or contents thereof, the compensation payable shall be restricted to Rs. 500/- or the actual value of the parcel or the contents lost, whichever is less.
