image

Govt. notifies National Savings Certificate (VIII-Issue) (Amendment) Rules, 2017

NOTIFICATION

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.

profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

Corporate Law Referencer

Recent Articles

Recent Legal updates

Recent Gst Updates