National Savings Certificates (VIII Issue) Rules 1989 amended

Dated 30th June, 2017 | Copy of | Notification Sl.91 |

In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the National Savings Certificates (VIII Issue) Rules, 1989, namely:-

1. (1) These rules may be called the National Savings Certificates (VIII Issue) (Amendment Rules), 2017.

(2) They shall deemed to have come into force on the 1st day of July, 2017.

2. In the National Savings Certificates (VIII Issue) Rules, 1989 (hereinafter referred to as the said rules), in rule 15,-

(a) in sub-rule (6G), for the figures, letters and words “1st day of April, 2017”, the words, figures and letters “1st day of April, 2017 but before the 1st day of July, 2017,” shall be substituted;

(b) after sub-rule (6G) and the Table relating thereto, the following shall be inserted, namely:-

“(6H) Where a certificate has been purchased on or after the 1st day of July, 2017 the maturity period of a certificate of any denomination, shall be five years, commencing from the date of issue of the certificate. The amount inclusive of interest, payable on encashment of the certificate at any time after the expiry of its maturity period shall be `145.58 for denomination of `100 and at proportionate rate for any other denomination. The interest as specified in the Table below shall accrue to the holder or holders of the certificate at the end of each year and the interest so accrued at the end of each year upto the end of the fourth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate.

Note: The amount of interest accruing on a certificate of any other denomination shall be proportionate to the amount specified in the Table above”.

3. In rule 16 of the said rules, in sub-rule (4),-

(a) in clause (xi), for the figures, letters and words “1st day of April, 2017”, the words, figures and letters “1st day of April, 2017 but before the 1st day of July, 2017” shall be substituted;

(b) after clause (xi) and the Table relating thereto, the following shall be inserted, namely:-

“(xii) If a certificate is encashed under sub-rule (1) after the expiry of three years from the date of certificate purchased on or after the 1st day of July 2017, the amount payable, inclusive of interest accrued under rule 15 and after adjustment of discount, shall be as specified in the Table below for a certificate of T100 denomination and at a proportionate rate for a certificate of any other denomination.

Sd/-
(Prashant Goyal)
Jt. Secy.

G.S.R.863(E)
F.No.1/04/2016-NS-II
Issued by:
Ministry of Finance
(Department of Economic Affairs)
New Delhi

Note: The principal rules were published vide G.S.R.496(E), dated the 1st May, 1989, and subsequently amended vide: G.S.R.508(E), dated the 23rd May, 1990, G.S.R.120(E), dated the 8th March, 1998, G.S.R.7(E), dated the 1st January, 1999, G.S.R.491(E), dated the 6th July, 1999, G.S.R.47(E), dated the 15th January, 2000, G.S.R.156(E), dated the 1st March, 2001, G.S.R.572(E), dated the 2nd August, 2001, G.S.R.163(E), dated the 1st March, 2002, G.S.R.711(E), dated the 17th October, 2002, G.S.R.179(E), dated the 1st March, 2003, G.S.R.590(E), dated the 25th July, 2003, G.S.R.591(E), dated the 25th July, 2003, G.S.R.820(E), dated the 16th October, 2003, G.S.R.289(E), dated the 13th May, 2005, G.S.R.744(E), dated the 4th October, 2011 and G.S.R.842(E), dated the 25th November, 2011, G.S.R.318(E), dated the 25th April, 2013, G.S.R.397(E), dated the 25th June, 2013, G.S.R.226(E), dated the 13th March, 2014, G.S.R.494(E), dated the 11th July, 2014, G.S.R.354(E), dated the 29th March, 2016, G.S.R.944(E) dated the 30th September, 2016 and G.S.R.54(E) dated the 18th January, 2017 and G.S.R.382(E), dated the 31st March, 2017.