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Government has also issued new rules for the withdrawn rules, link of which are given at the end of notification.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continued or enforced and any such penalty, forfeiture or punishment may be imposed as if the said rules had not been rescinded.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)

Other Relevant Must Read Notifications

Title Notification No. Date
National Savings Time Deposit Scheme, 2019 Notification No. G.S.R. 922(E) 12/12/2019
Post Office Savings Account Scheme, 2019 Notification No. G.S.R. 921(E) 12/12/2019
Kisan Vikas Patra Scheme, 2019 Notification No.G.S.R. 920(E) 12/12/2019
National Savings Certificates (VIII Issue) Scheme, 2019 Notification No. G.S.R. 919(E) 12/12/2019
National Savings Recurring Deposit Scheme, 2019 Notification No. G.S.R. 918(E) 12/12/2019
National Savings (Monthly Income Account) Scheme, 2019 Notification No. G.S.R. 917(E) 12/12/2019
Senior Citizens’ Savings Scheme, 2019 Notification No. G.S.R. 916(E) 12/12/2019
Public Provident Fund Scheme, 2019- New PPF Rules Notification No. G.S.R. 915(E). 12/12/2019
Sukanya Samriddhi Account Scheme, 2019 Notification No. G.S.R. 914(E) 12/12/2019
Government rescinds Public Provident Fund Scheme, 1968 Notification No. G.S.R. 913(E) 12/12/2019
Govt withdraws rules related to PPF, NSC, NSS, Sukanya Samriddhi etc. Notification No. G.S.R. 912(E) 12/12/2019

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7 Comments

  1. Navin Kumar upta says:

    I am an old man suffering from several diseases. There is n body in Lucknow who can look after my NSS account . The credit balance in 1994 was about Rs. 36,000/-.. I have not gone to Lucknow after 1994. How can I get money back at Ahmedabad.

  2. Sheel says:

    Whether with this withdrawal, all above saving schemes will become unsecure for new account holders..? Will you Pls clearify the impact of that withdrawl. ?

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