Govt withdraws rules related to PPF, NSC, NSS, Sukanya Samriddhi etc.- Issued New Rules

Central Government rescinds rules, namely The Post Office Savings Account Rules, 1981, The National Savings Time Deposit Rules, 1981, National Savings Recurring Deposit Rules, 1981, National Savings (Monthly Income Account) Rules, 1987, National Savings Certificate (VIII Issue) Rules, 1989, Senior Citizens Savings Scheme Rules, 2004, Kisan Vikas Patra Rules, 2014 and Sukanya Samriddhi Account Rules, 2016.

Government has also issued new rules for the withdrawn rules, link of which are given at the end of notification.

MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 12th December, 2019

G.S.R. 912(E).—In exercise of the powers conferred by section 15 of the Government Savings Promotion Act, 1873(5 of 1873), the Central Government hereby rescinds with immediate effect the following rules, namely:—

(i) The Post Office Savings Account Rules, 1981, published vide number G.S.R. 663(E), dated the 17th December, 1981;

(ii) The National Savings Time Deposit Rules, 1981, published vide number G.S.R. 664(E), dated the 17th December, 1981;

(iii) The National Savings Recurring Deposit Rules, 1981, published vide number G.S.R. 666(E), dated the 17th December, 1981;

(iv) The National Savings (Monthly Income Account) Rules, 1987, published vide number G.S.R. 701(E), dated the 10th August, 1987;

(v) The National Savings Certificate (VIII Issue) Rules, 1989, published vide number G.S.R. 496(E), dated the 1st May, 1989;

(vi) The Senior Citizens Savings Scheme Rules, 2004, published vide number G.S.R. 490(E), dated the 2nd August, 2004;

(vii) The Kisan Vikas Patra Rules, 2014, published vide number G.S.R. 705(E), dated the 23rd September, 2014;

(viii) The Sukanya Samriddhi Account Rules, 2016, published vide number G.S.R. 323(E), dated the 18th March, 2016:

Provided that such rescission shall not affect,-

(i) the previous operation of the said rules or anything done or omitted to be done or suffered therein; or

(ii) any right, privilege, obligation or liability acquired or accrued or incurred under the said rules; or

(iii) any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty forfeiture or punishment as aforesaid,

and any such investigation, legal proceeding or remedy may be instituted, continued or enforced and any such penalty, forfeiture or punishment may be imposed as if the said rules had not been rescinded.

F. No. 2/2/2018-NS (Pt. I)]
RAJAT KUMAR MISHRA, Jt. Secy. (Budget)

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