Now banks can also issue National Savings Certificates

By | January 31, 2017
(Last Updated On: January 31, 2017)

As per following Notifications , Now banks can also issue National Savings Certificates in India as

Govt has allowed banks and Post Offices to Issue National Savings Certificates.


NOTIFICATION

New Delhi, the 18th January, 2017

G.S.R. 54(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 (VIII Issue) Rules, 1989, namely:-

1. (1) These rules may be called the National Savings Certificates (VIII Issue) Amendment Rules, 2016.

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

2. In the National Savings Certificates (VIII Issue) Rules, 1989, –

(i) in rule 2, after sub-rule (i), the following sub-rule shall be inserted, namely:-

“(ia) “Bank” means any branch of a public sector or private sector commercial bank authorised by the Government to issue certificates;” ;

(ii) in rule 6, for the words “post office”, the words, “post office or bank,” shall be substituted.

[F. No. 7/10/2014-NS]

PRASHANT GOYAL, 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, 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 and G.S.R. 944(E), dated the 30th September, 2016.

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