New Delhi, the 3rd October, 2017
G.S.R. 1238 (E).—In exercise of the powers conferred by section 12 of the Government Savings Certificate Act, 1959 ( 46 of 1959), the Central Government hereby makes the following rules further to amend the National Savings Certificate(VIII-Issue) Rules, 1989, namely:—
1. (1) These rules may be called the National Savings Certificate (VIII-Issue) (Amendment) Rules, 2017.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the National Savings Certificate (VIII-Issue) Rules, 1989, in rule 4, in sub-rule (3), for the existing proviso the following proviso shall be substituted, namely:-
“Provided that if a resident Indian having purchased a certificate, subsequently becomes Non-Resident during the currency of the maturity period, the certificate shall be encashed or deemed to be encashed be encashed on the day he becomes a non-Resident, and ab interest shall be paid at the rate applicable to the Post Office Savings Account, from time to time, from such day and upto the last day of the month preceding the month in which it is actually encashed”
[F. No. 1/10/2016-NS.II]
PRASHANT GOYAL, Jt. Secy.