Rule, 2014

Text

Reproduced from the document India Code holds for this instrument. The Gazette prints Hindi and English side by side and this is the English; the Department's own PDF remains the authority.

EXTRAORDINARY

PUBLISHED BY AUTHORITY

MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 13th March, 2014

G.S.R. 219(E).—In exercise of the powers conferred by section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Savings Bank General Rules, 1981, namely :—

1. (1) These rules may be called the Post Office Savings Bank General (Amendment) Rules, 2014.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Post Office Savings Bank General Rules, 1981, hereinafter referred to as the said Rules in Rule 2, after clause (v), the following clause shall be inserted, namely:—

(w) “Post Office with Core Banking Solution platform” means Post Office Savings Bank working on Core Banking Solution software.

3. In the said Rules, in Rule 4, after Sub-Rule (4), the following Sub-Rule shall be inserted, namely:— “(5) In case, of an account standing at any Post Office with Core Banking Solution platform, deposit may be made at any other post office with Core banking Solution platform within the limits prescribed and by paying such fee as may be specified by the Central Government by notification in the official Gazette.

4. In the said Rules, in Rules 5, in sub-rule (1), after clause (e), the following clause shall be inserted, namely:—

(i) “(f) in the accounts standing in post offices with Core Banking Solution platform, the deposit may be made by any electronic mode.”

(ii) for sub-rule (2), the following sub-rule shall be substituted namely:— “(2) Each deposit shall be accompanied by a pay-in-slip provided that at any Post Office on Core Banking Solution platform, the deposit shall be accepted by any electronic mode.”

5. In the said rules, in rule 6, sub-rule (3) shall be numbered as clause (i) thereof and after clause (i) as so numbered, The following clause shall be inserted namely:—

(ii) “In case of an account standing at any post office with Core Banking Solution platform in place, the Post Office Savings Bank shall on the request from the depositor or otherwise may issue Automated Teller Machine or debit card to the savings account holder on payment of such fee as may be specified by the Central Government by notification in the official Gazette” and the account holder having account in Post Offices with Core Banking Solution Platform may also withdraw money by using any electronic mode.”

6. In the said Rules, in Rule 8 in sub-rule (i), the following provisos shall be inserted, namely:— (i)“Provided that in post offices working on Core Banking Solution platform, a statement of account may be issued in lieu of passbook at the option of the customer on payment of such fees specified by the Central Government by notification in the official Gazette.” “Provided further that balance and transactions shown in the Passbook or statement of account shall be for the information of the depositor.”

(ii) for sub rule (4), the following sub-rule shall be substituted, namely :— “(4) The passbook shall ordinarily be presented for all withdrawals or deposits made at the counter and in case, deposits or withdrawals are made by using cheque or any electronic mode, the passbook, wherever issued, may be presented to the Post Office Savings Bank as soon as possible thereafter for bringing it up-to-date.”

7. In the said rules, in rule 15, for clause (a), the following clause shall be substituted, namely:— “(a) responsible to a depositor for any fraudulent withdrawal by a person obtaining possession of the passbook or Automated Teller Machine or Debit card or a cheque from the cheque book of the depositor or by using any electronic mode of withdrawal.” RAJAT BHARGAVA, Jt. Secy.

Note : The principal rules were published in the Gazette of India, Extraordinary Part II, section 3, sub- section (i) vide number

G.S.R. 662(E), dated the 17th December, 1981, and subsequently amended

NOTIFICATION

New Delhi, the 13th March, 2014

G.S.R. 220(E).—In exercise of the powers conferred by section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Savings Account Rules, 1981, namely:—

1. (1) These rules may be called the Post Office Savings Account (Amendment) Rules, 2014.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Post Office Savings Account Rules, 1981, in Rule 9, for sub-rule (2) the following sub-rule shall be substituted, namely:— “(2) When payment of interest is not involved and when final withdrawal on closure of an Account is made at Post Offices on Core Banking Solution platform, such withdrawal on closure may be allowed by a Sub-Savings Bank without obtaining the prior sanction of the Head Savings Bank.” RAJAT BHARGAVA, Jt. Secy.

Note : The principal rules were published in the Gazette of India, Extraordinary Part II, section 3, sub-section

(i) vide number G.S.R. 663 ( E ), dated the 17th December, 1981, and subsequently amended vide numbers dated the 5th January, 1989;

G.S.R. 430 (E), dated the 6th April, 1989;

G.S.R. 695 (E), dated the 17th July, 499 (E), dated the 8th July, 1993;

G.S.R. 165 (E), dated the 28th February, 2000;

G.S.R. 349 (E) dated the 286 (E), dated the 13th May, 2005;

G.S.R. 509 (E), dated the 27th July, 2005;

G.S.R. 481 (E), dated the 11th July, 2007;

G.S.R. 478 (E), dated the 26th June, 2008,

G.S.R. 611 (E), dated the 26th August, 2008;

G.S.R. 748 (E), dated the 13th October, 2009;

G.S.R. 882 (E), dated the 3rd November, 2010;

G.S.R. 926 (E), dated

NOTIFICATION

New Delhi, the 13th March, 2014

G.S.R. 221(E).—In exercise of the powers conferred by Section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Recurring Deposit Rules, 1981, namely:—

1. (1) These rules may be called the Post Office Recurring Deposit (Amendment) Rules, 2014.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Post Office Recurring Deposit Rules, 1981,

(i) in rule 6, for sub-rule (4), the following sub-rule shall be substituted, namely:— “(4) Where a deposit is made by means of a cheque, pay order or demand draft, the date of its clearance into the Post Office Savings Bank shall be deemed to be the date of deposit.”

(ii) in Rule 7, for sub-rule (2), the following sub-rule shall be substituted, namely:—sub-rule

(2) of Rule 7 shall be substituted by the followings:— “(2) If there are more than four defaults, the account shall be treated as discontinued and revival of the account shall be permitted only within a period of two months from the month of fifth default and in case a depositor fails to deposit next monthly deposit within the time prescribed in sub-rule (3) of rule 6, a default fee at the rate of five paise for every five rupee per defaulted deposits shall also be paid along with regular monthly deposit.

(3) An account, in which all defaulted deposits are deposited with prescribed default fee and prescribed time as specified in sub-rule (2) shall not be treated as discontinued. “Provided that notwithstanding anything contained in sub-rule (1), sub-rule (2) in the case of personal of Defence Services ( excluding Civilian Defence Employees).

(i) if there are not more than seven defaults in the monthly deposits, the depositor may, at his option, extend the maturity period of the account by as many months as the number of defaults and deposit the defaulted deposits during the extended period.”

(ii) “If there are more than seven defaults in the monthly deposits, the account shall be treated as discontinued and the revival of the account shall be permitted only within a period of two months from the month of eighth default, subject to payment of default fee and defaulted deposits. RAJAT BHARGAVA, Jt. Secy.

Note : The Principal rules were published in the Gazette of India, Part II, Section 3, Sub-section (i) vide

G.S.R. 666(E), dated the 17th December, 1981, and subsequently amended vide: -

G.S.R. 301(E), dated the 1st April, 1982,

G.S.R. 258(E), dated the 11th March, 1983,

G.S.R. 62(E), dated the 14th February, 1984, dated the 1st April, 1987,

G.S.R. 39(E), dated the 16th January, 1988,

G.S.R. 458(E), dated the 15th April, dated the 27th March, 1991,

G.S.R. 579(E), dated the 12th September, 1991,

G.S.R. 918(E), dated the 11th December, 1992,

G.S.R. 42(E), dated the 1st February, 1993,

G.S.R. 587(E), dated the 2nd September, 1993, the 15th January, 2000,

G.S.R. 152(E), dated the 1st March, 2001,

G.S.R. 160(E) dated the 1st March, 2002, dated the 1st March, 2003,

G.S.R. 588(E), dated the 25th July, 2003,

G.S.R. 838(E), dated the 27th December, 2004,

G.S.R. 480(E), dated the 26th June, 2008,

G.S.R. 740(E), dated the 4th October, 2011,

G.S.R. 843(E) dated the 25th November, 2011,

G.S.R. 320 (E), dated the 25th April, 2012 and

G.S.R.398(E),

NOTIFICATION

New Delhi, the 13th March, 2014

G.S.R. 222(E).—In exercise of the powers conferred by Section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Time Deposit Rules, 1981, namely:—

1. (1) These rules may be called the Post Office Time Deposit (Amendment) Rules, 2014.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In Post Office Time Deposit Rules, 1981,—

(i) in Rule 6, sub-rule (3), after clause (b), the following clause shall be inserted, namely:— “(c) where a deposit in an account standing at the post office working on Core Banking platform become due for repayment, the account shall be automatically renewed from the date of maturity for the same period for which it was opened initially and the deposit shall be eligible for rate of interest applicable on the date of renewal.” in rule 8,—

(a) clause (a) shall be omitted;

(b) for clause (aa), the following clause shall be substituted, namely:—

(aa) Where a deposit in 1-year, 2-year, 3-year or 5-year account is withdrawn prematurely before the expiry of 1 year from date of deposit, interest at the rate applicable to post office savings account from time to time shall be payable to the depositor.” RAJAT BHARGAVA, Jt. Secy.

Note : The Principal rules were published vide

G.S.R. 664(E), dated the 17th December, 1981, and subsequently amended vide: -

G.S.R. 300(E), dated the 1st April, 1982,

G.S.R. 257(E), dated the 11th March, 1983,

G.S.R. 502(E), dated the 9th July, 1984,

G.S.R. 418(E), dated the 10th May, 1985,

G.S.R. 193(E), dated the 12th February, 1986,

G.S.R. 362(E), dated the 1st April, 1987,

G.S.R. 1005(E), dated the 23rd December, 1987,

G.S.R. 353(E), dated the 18th March, 1988,

G.S.R. 507(E), dated the 23rd May, 727(E), dated the 6th December, 1991,

G.S.R. 431(E), dated the 24th April, 1992,

G.S.R. 586(E), dated the 2nd September, 1993,

G.S.R. 118(E), dated the 8th March, 1995,

G.S.R. 5(E), dated the 1st January, 1999, the 1st March, 2002,

G.S.R. 174(E), dated the 1st March, 2003,

G.S.R. 589(E), dated the 25th July, 2003, the 4th October, 2011,

G.S.R. 846(E), dated the 25th November, 2011, G.S.R.323 (E ), dated the 25th

NOTIFICATION

New Delhi, the 13th March, 2014

G.S.R. 223(E).—In exercise of the powers conferred by section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Monthly Income Account Rules, 1987, namely:—

1. (1) These rules may be called the Post Office Monthly Income Account (Amendment) Rules, 2014.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In Post Office Monthly Income Account Rules, 1987,

(i) rule 6 shall be omitted.

(ii) in rule 8, in sub-rule (3), the following proviso should be inserted namely:— “Provided that in case the account stands at the post office working on Core Banking platform and if so authorised, interest payable monthly shall be credited by the post office in the savings account of the depositor standing at any such post office or any branch of a bank.” RAJAT BHARGAVA, Jt. Secy.

Note : The Principal rules were published vide

G.S.R. 701(E), dated the 10th August, 1987, and subsequently amended vide: -

G.S.R. 805(E), dated the 21st July, 1988,

G.S.R. 46(E), dated the 20th January, 1989,

G.S.R. 581(E), dated the 12th September, 1991,

G.S.R. 430(E), dated the 24th April, 1992,

G.S.R. 390(E), dated the 29th April, 1993,

G.S.R. 585(E), dated the 2nd September, 1993,

G.S.R. 5(E), dated the 1st January, 1999, the 18th July, 2000,

G.S.R. 153(E), dated the 1st March, 2001,

G.S.R. 161(E), dated the 1st March, 2002,

G.S.R. 350(E), dated the 10th May, 2002,

G.S.R. 176(E), dated the 1st March, 2003,

G.S.R. 758(E), dated the 23rd September, 2003,

G.S.R. 288(E), dated the 13th May, 2005,

G.S.R. 59(E), dated the 10th February, 741(E), dated the 4th October, 2011,

G.S.R. 845(E), dated the 25th November, 2011,

G.S.R. 322(E), dated

NOTIFICATION

New Delhi, 13th March, 2014

G.S.R. 224(E).—In exercise of the powers conferred by section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Senior Citizens Savings Scheme Rules, 2004, namely:—

1. (1) These rules may be called the Senior Citizen Savings Scheme (Amendment) Rules, 2014.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In Senior Citizen Savings Scheme Rules, 2004 —

(a) in rule 5, in sub-rule (i), for clause (a), the following clause shall be substituted, namely”—

(i) “(a) In cash, if the amount of deposit is up to rupees one lakh;

(ii) after clause (b), the following clause shall be inserted namely:— “(c) by any electronic mode if the account is opened in a deposit office working on Core Banking Solution platform.”

(b) In rule 7 for sub-rule (2), the following sub-rule shall be substituted, namely :—

(i) 7 (2) “Interest shall be payable from the date of deposit to 31st March/30th, June/30th, September/31st December on 1st working day of April/July/October/January as the case may be, in the first instance and thereafter, interest shall be payable on 1st working day of April/July/

(ii) in sub-rule (4), the following proviso shall be inserted namely:— “Provided that where deposit office is working on Core Banking platform, interest payable on due dates as specified in rule (2), shall be credited by the deposit office in the savings account of the depositor standing at any such deposit office or any branch of a bank.” RAJAT BHARGAVA, Jt. Secy.

Note : The Senior Citizens Savings Scheme Rules, 2004 were published in the Gazette of India (Extraordinary) vide notification number G. S. R. 490(E), dated the 2nd August, 2004 and subsequently amended vide

G.S.R. 706(E), dated the 27th October, 2004,

G.S.R 176(E), dated the 23rd March, 2006,

G.S.R. 390(E), dated the 24th May 2007, G.S.R. 639 ( E ), dated the 28th July, 2010,

G.S.R. 770(E), dated the

NOTIFICATION

New Delhi, the 13th March, 2014

G.S.R. 225(E).—In exercise of the powers conferred by section 3 of the Public Provident Fund Act, 1968 (23 of 1968), the Central Government hereby makes the following rules further to amend the Public Provident Fund Scheme 1968, namely:-

1. (1) These rules may be called the Public Provident Fund Scheme (Amendment) Rules, 2014.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In Public Provident Fund Scheme in paragraph 4, for sub-paragraph (1), (2), (3) and (4) the following shall be substituted, namely:- “4. (1) Every individual desirous of subscribing to Fund under the Scheme for the first time either on his own or on behalf of a minor of whom he is the guardian shall apply to the Accounts Office in Form A form, together with the amount of initial subscription which shall be minimum of Rs.100.

(2) On receipt of an application under sub-paragraph (1), the Accounts Office shall open an account in the name of the subscriber and issue a passbook to him, wherein all amount of deposits, withdrawals, loans and repayment thereof together with interest due shall be entered over the signature of the Accounts Officer with the date stamp.

Provided that in case of Post Offices working on Core Banking solution platform, a statement of account shall be issued in place of passbook at the discretion of account holder.

(3) The subscriber shall deposit his subscription with the Accounts Office with challan in Form B, or as near thereto as possible and the counterfoil of the challan shall be returned to the depositor by the Accounts Office, duly evidenced by receipt. And in case of deposits made by cheque or draft or pay order, the Accounts Office may issue a paper token to the depositor pending realization of the proceeds.

(4) Every subscription shall be made in cash or crossed cheque or draft or pay order in favour of the Accounts Office at the place at which that office is situated. “Provided that where the Account office is working on Core Banking platform, every subscription shall be made either by cash, cheque, draft, pay orders or any electronic mode in any Account office working on Core Banking Solution Platform.” RAJAT BHARGAVA, Jt. Secy.

Note :- The Principal notification was published in the Gazette of India vide number

S.O. 48(E), dated the 15th January, 2000 and subsequently amended vide

S.O. 192(E), dated the 1st March 2001,

S.O. 271(E), dated the 1st March, 2002,

S.O. 250(E), dated the 1st March, 2003,

S.O. 2681(E), dated the 25th November, 2011,

S.O. 904(E), dated the 25th April 2012. And

G.S.R. 401(E), dated the 25th

NOTIFICATION

New Delhi, the 13th March, 2014

G.S.R 226(E).—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 National Savings Certificates (VIII Issue), 1989 namely:—

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

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In National Savings Certificates (VIII Issue) Rules -

(i) In rule 7, in clause (iv), the following clause shall be substituted, namely:— “(v) by any electronic mode in case of certificates are purchased from the post offices working on Core Banking Solution platform.”

(i) in rule 11, for sub-rule(4), the following sub-rule shall be substituted, namely:- “(4) In every case of transfer, name of previous holder shall be rounded and name of new holder shall be written under the dated signature of the authorized Postmaster along with his designation and date stamp of the post office.”

(ii) after sub-rule (5), the following sub-rule shall be inserted, namely:- “(5) Transfer of certificate shall be allowed only once from the date of issue to the date of discharge of the certificate.”

(iii) rule 23 shall be omitted.

RAJAT BHARGAVA, Jt. Secy.

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, 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, 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,

G.S.R. 842(E) dated the 25th November, 2011,

G.S.R. 318(E), dated the 25th April, 2013 and

G.S.R. 397(E), dated the 25th June

NOTIFICATION

New Delhi, the 13th March, 2014

G.S.R. 227(E).—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 (IX Issue) , 2011 namely:-

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

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In National Savings Certificates (IX Issue) Rules -

(i) in rule 7, the following clause shall be inserted, namely:- “(v) by any electronic mode in case of certificates are purchased from the post offices working on Core Banking Solution platform.”

(ii) for rule 9, the following rule shall be substituted, namely:- “9.Certificate in lieu of proceeds of old certificates:- A holder of an old certificate entitled to encash that certificate may make an application in Form 1 for the grant of a certificate under these rules, and on receipt of such an application, there shall be issued to the applicant a certificate under these rules and the date of issue of the certificate shall be the date on which the old certificate duly discharged is presented..

(iii) in rule 11,

(a) for sub-rule (4), the following sub-rule shall be substituted, namely:- “(4) In every case of transfer, name of previous holder shall be rounded and name of a new holder shall be written under the signature and date of the authorised Postmaster along with his designation and date stamp of the post office.”

(b) after sub-rule (4), the following sub-rule shall be inserted, namely:- “(5) Transfer of certificate shall be allowed only once from the date of issue to the date of discharge of the certificate”

(ii) rule 23 shall be omitted.

RAJAT BHARGAVA, Jt. Secy.

Note:- The Principal rules were published vide

G.S.R. 848(E), dated the 29 th November, 2011 and subsequently amended vide

G.S.R. 319(E), dated the 25 th April,2012 and G.S.R. 403( E ), dated the 25 th June, Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

Provisions this rule answers to

Read out of the instrument itself: an enabling provision is one it says it was made under, which is the power it rests on. The rest it names without resting on.

Other instruments under the same Act

All of the The Government Savings Promotion Act, 1873