Subject NOT available

click here for IIIF manifest

REGISTERED No. D. 221

The Gazette of India

EXTRAORDINARY

PART II—Section 3—Sub section (i)

PUBLISHED BY AUTHORITY

No. 54] NEW DELHI, SATURDAY, MARCH 14, 1970/PHALGUNA 23, 1891

Separate paging is g i v en to this Part in order that It may be filed as a separate compilation.

MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATIONS

New Delhi, the 14th March 1970

G.8.R. 442—In exercise of the powers conferred by section 12 of the Govern- ment Savings Certificates Act, 1959 (46 of 1959) the Central Government hereby makes the following rules to amend the Government Savings Certificates (Fixed Deposits) Rules, 1968, namely: —

1. (1) These rules may be called the Government Savings Certificates (Fixed Deposits) (Amendment) Rules, 1970.

,(2) They shall come into force on the 16th March, 1970.

2. In the Government Savings Certificates (Fixed Deposits) Rules, 1968, for rule 7, the following rule shall be substituted, namely: —

"7. Repayment—

(1) Each Fixed Deposit made in a depositor's account will become payable after the expiry of five years from the date of each deposit.

(2) Notwithstanding anything contained in sub-rule (1), a deposit may, on an application made by the depositor to the office of the Bank at which he made the Fixed Deposit, be repaid after the expiry of three years from the date of the deposit.

( 343 )

(3) The depositor can claim payment only at the office at which he made- the Fixed Deposit though the Bank may, at its option, arrange to- make payment at any other branch or office thereof.

(4) Payment in respect of a Fixed Deposit shall be mode only on the pro- duction of the receipt relating thereto accompanied by an application in Form 'C.

(5) (a) For every Fixed Deposit of Rs. 50, the amount payable under sub- rule (1) shall be—

(i) in respect of a deposit made before the 16th March. 1970 - Rs. 62.60; and

(ii) In respect of a deposit made on or after the 16th March. 1970 - Rs. 63.00.

(b) For Fixed Deposits of other denominations the amounts payable shall be calculated proportionately-

(6) (a) For every Fixed Deposit of Rs. 50. the amount payable under sub- rule (2) shall be—

(i) in respect of a deposit made before the 16th March, 1970 Rs. 56.65; and

(Ii) in respect of a deposit made on or after the 16th March, 1970 Rs. 57.00.

(b) For Fixed Deposits of other denominations the amounts payable shalp be calculated proportionately.

(7) The amount of the repayment shall be entered en every Fixed Deposit Receipt over the signature of an officer of the Bank with the date- stamp."

[No. F. 3(14)-NS/70.J

G.S.R. 443.—In exercise of the powers conferred by section 12 of the Govern- ment Savings Certificates Act, 1959 (46 of 59), the Central Government hereby makes the following rules to amend the Government Savings Certlflcates Hulesr 1965> namely: —

1. (1) These rules may be called the Government Savings Certificates (Amend- ment) Rules, 1970.

(2) They shall come Into force on the 16th March, 1970.

2. In the Government Savings Certificates Rules, 1965, (hereinafter referred! to as the said rules), for sub-rule (3) of rule 1, the following sub-rule shall be^ substituted, namely:—

"(3) They shall apply to—

(a) National Savings Certificates (First Issue)—Bank Series; (b) 7-Year National Savings Certificates (II Issue)—Bank Series; (c) 7-Year National Savingt Certificates (III Issue)—Bank Series; and (d) 7-Year National Savings Certificates (IV Issue)—Bank Series-"

3. In rule 2 of the said rules, for clause (III), the following clause shall bet substituted, namely: —

"(Hi) 'Certificate' means,— (a) a National Savings Certificate (First Issue)—Bank Series; (b) a 7-Year National Savings Certificate (II Issue)—Bank Series; (c) a 7-Year National Savings Certificate (III Issue)—Bank series;

(d) a 7-Year National Savings Certificate (IV Issue)—Bank Series."

4. For rule 3 of the said rules, the following rule shall be substituted, namely: — ''3. Denominations In which Certlflcates shall be issued—

(I) 7-Year National Savings Certificates (II Issue)—Bank Series shall be issued in denominations of Rs. 10, Rs. 100, Rs. 1,000 and Rs. 0,000;

(11) 7-Year National Savings Certificates (III Issue)—Bank Series shall be Issued in denominations of Rs. 100, Rs. 1,000 and Rs. 5,000;

(111) 7-Year National Savings Certificates (IV Issue)—Bank Series shall ba issued in denominations of Rs. 100, Rs. 1,000 and Rs. 5,000."

5. For rule 4 of the said rules, the following rule shall be substituted, namely: —

"4. Types of Certificates—

(1) The Certificates shall be of the following types, namely: —

(a) Single Holder Type Certificates;

(b) Joint 'A' Type Certificates; and (c) Joint 'B¹ Type Certificates.

(2) In the case of 7-Year National Savings Certificates (II and III Issues)—

Bank Series—

(a) Single Holder Type Certificates may te issued to—

(i) an individual person whether adult or minor; (li) a banking company or a co-operative land mortgage bank; (ill) a company; (iv) a corporation; (v) a co-operative society including a co-operative bank; (vi) an association, institution or a body registered as a society under any law for the time being in force;

(vii) a firm registered under the Indian Partnership Act, 1932 (B of 1932); (vlii) a local authority; and

(ix) a Provident Fund.

(b) Joint 'A' Type Certificates may be Issued Jointly to two adults payable to both holders jointly or to the survivor;

(c) Joint 'B' Type Certificates may be issued jointly to two adults payable to either of the holder or the survivor.

(3) In the case of 7-Year National Savlngr Certificates (IV Issue)—Bank Series—

(a) Single Holder Type Certificates may be Issued to an adult for himself or on behalf of a minor or to a minor;

(b) Joint 'A' Type Certificates may be issued to two adults payable to both holders jointly or to the survivor; and

(c) Joint 'B' Type Certificates may be issued jointly to two adults payable

(v) for a co-operative society including a co-operative land mortgage bank, a local authority, an association, institution or a body registered as a society under any law for the time being in force and the dona- tions to which association, or body are exempt from the payment of income-tax Rs. 1.00,000-

(vi) for a provident fund without limit

(2) 7-Year National Savings Certificates (IV Issue)—Bank Series may be purchased for any amount.¹'.

7. After clause (ii) of rule 8 of the said rules, the following clause shall be inserted, namely; —

"(111) Investments in National Savings Certificates (II and III Issues) In terms of Government of India, Ministry of Finance Notification No. G.S.R. 318, dated the 2"th February, 1970, National Savings Certificates, 12-Year National Plan Savings Certificates, 12-Year Na- tional Defence Certificates, 3i per cent Treasury Savings Deposit Certificates, 4 per cent Treasury Savings Deposit Certificates and the 4i per cent Defence Deposit Certificates shall be taken into account".

8. In sub-rule (1) of rule 11 of the said rulefli in clause (e), for the words "any transfer during the period of two years from the date of issue of the certificate", the following shall be substituted, namely: —

''Any transfer during the period of two years from the date of issue of Na- tional Savings Certificates (First Issue)—Bank Series and any transfer during the period of one year from the date of issue of 7-Year National Savings Certificates (II, III and IV Issues)—Bank Series".

9. For rule 1 of the said rules, the following rule shall be substituted, namely: —

"16. Encashabllity.—(1) Except as provided in sub-rule (3), a National Savings Certificate (First Issue)—Bank Series shall not be encashable within a period of twenty-four months from the date of its purchase.

(2) ExcepD as provided in sub-rule (3), a 7-Year National Savings Certificate (II Issue)—Bank Series, or a 7-Year National Savings Certificate (III Issue)—Bank Series, or a 7-Year National Savings Certificate (IV Issue)—-Bank Series, of any denomination, may be encashed at any time after the expiry of three years from the date of issue.

(3) A certificate referred to in sub-rule (1) or sub-rule (2), as the case may be, may be encashed before its period of non-encashabllity under any of the following circumstances, namely: —

(a) on the death of the holder or both holders in the case of a joint holding;

(b) on forfeiture by a p'edge being a gazetted Government Officer, where

11. Rule 26 of the said rules shall be renumbered as sub-rule (1) of that rule ant*

after sub-rule (1) as so renumbered, the following sub-rule shall be inse'rted ' namely:—

"(2) The amounts (including interest) payable on discharge of 7-Year National Savings Certificates (II Issue)—Bank Series of different denominations shall be as in the following Table, namely:

TABLE

Surrender values of 1-Year National Savings Certificates (11 Issue)—Bank i>erteg

Face value

Rs. 10 Rs. 100 Rs. 1,000 Rs. 5,000

Surrender value after expiry of 3 years but before expiry of 4 years from date of issue . . ..

11-40 114-00 1*140-00 537oo-oo

Surrender value after expiry of 4 years

but before expiry of 5 years from date of issue

il'4° 114-00 1,140-00 5,700-00

Surrender value after expiry of 5 years but before expiry of 6 years from date of issue . . ..

12-60 126-00 Ij26o-O0 6,300-00

Surrender value after expiry of 6 years but before expiry of 7 years from date of issue .

12-60 126-00 1,260-00 6,300-00

After 7 complete years

14-10 141-00 1,410-00 7,050-03

(3) The surrender values, after adjustment of discount, payable on discharge of 7-Year National Savings Certificates (III Issue)—Bank Series of different denominations shall be as in the following Table, namely:

TABLE

Surrender values of 7-Year National Savings) Certificates (111 Issue)—Bank Series

Face value

Rs. 100 Rs. 1,000 Rs. 5,000

Rs.

R B.

Rs.

Surrender value after expiry of 3 years but before ex-

piry of 4 years from date of issue

98-50 985-00

4,925-00

Surrender value after expiry of 4 years but before ex-

piry of 5 years from date of issue .

98-50 985-00

4,935-oo

Surrender value after expiry of 5 years but before

expiry of 6 years from date of issue

98-75 987-5O 4,937-50

Surrender value after expiry of 6 years but before

expiry of 7 years from date of issue

987-50

98-75

4,937-50

ioo-oo

After 7 complete years

1,000-00

SJOOO-OO

(4\ The surrender values, after adjustment of discount, payable on discharge of 7-Year National Savings Certificates (IV Issue)—Bank Series of* different denominations shall be as in the following Table, namely:—

TABLE

Surrender values of 7-Year National Savings Certificates (IV Issue)—Bank Seriet

Face value

Rs. 100 Rs. 1,000 Rs. 5,000

Rs.

Rs.

Rs.

Surrender value after expiry of 3 years but before expiry of 4 years from the date of issue .

96 '00

960-00 4,800 • 00

Surrender value after the expiry of 4 years but before

expiry of 5 years from the date of issue

96-00

960-00 4,800-oo

Surrender value after expiry of 5 years but before

expiry of 6 years from the date of issue ,

97-00

970-00 4,850-00

Surrender value after expiry of 6 years but before

expiry of 7 years from the date of issue .

97-00

970*00 4,850-00

A f t er 7 c o m p l e te y e a rs . . . . ..

IOO-OO 1,000-OO 5,000-00

(5) The surrender values payable on discharge of 7-Year National Savings Certificates (II Issue) of different denominations encashed under any of the circumstances mentioned in sub-rule (3) of rule 16, shall be as in the following Table namely: —

TABLE Surrender values of 7-Year National Sailings Certificates (II Issue)—Bank Series under rule 16(3).

Rs. TOO

Rs. 5,000 Face value

Rs. 10

Rs. 1,000

10-40

104-00

Surrender value f after expiry of 1 year but before expiry of 2 years from date of issue

1,040 • 00 5,200-00

10-90

109-00

Surrender value after expiry of 2 years before expiry of 3 years from date of issue

1,090-00 5,450-00

(6) The surrender values, after adjustment of discount, payable on discharge of 7-Year National Savings Certificates (III Issue)—Bank Series ol different denominations encanhed under any of the circumstances mentioned in sub-rule (3) of rule 16, shall be as in the following Table name?,y: >-•

T A PU

Surrender values of 7-Year National Savings Certificates (III Issue)—Barak Serleg

under rule 16(3).

Rs. 1,00 Rs. 1,000 Rs. 5,000 Face value

Surrender value after expiry of 1 year but before expiry

99-00

990-00 4.950*00 of 2 years from date of issue

Surrender value after expiry of 2 years but before

98-75

expiry of 3"years from date of issue

987-3O 4)937-50

(7) The surrender valuea payable on discharge of 7-Year National Savings Certificates (IV Issue)—Bank Series under any of the circumstances mentioned in sub-rule (3) of rule 16, shall be as in the following table, namely: —

TABLE

Surrender values of 7-Year National Savings Certificates (IV Issue)—Bank Series under rule 16(3)

Face value

Rs. 100 Rs. ijooo Rs. 5,000

Surrender value after expiry of 1 year but before

expiry'of 2 year* from date of issue

98-25

4,912-50

982'50

'Surrender value after expiry of 2 years but before

expiry of 3 years from date of issue

97-00 970-00 4,850-00

12. After rule 26 of the said rules, the following rule shall be inserted, namely: —

"26A. Interest.—(1) Interest on 7-Year Notional Savings Certificates (III Issue)—Bank Series—shall be payable annually at 5 per cent.

(2) Interest on 7-Year National Savings Certificates (IV Issue)—Bank Series shall be payable annually at 7J per cent-"

13. For rule 27 of the said rules, the following rule shall be substituted, namely :—

"27. Income tax.—(1) Interest on National Savings Certificate (First Issue)— Bank Series will be liable to tax under the Income-tax Act, 1961 (43 of 1961) but no tax will be deducted at the time of payment of the discharge, value of the Certificate.

(2) Interest on 7-Year National Savings Certificates (II Issue)—Bank Series and on 7-Year National Savings Certificates (III Issue)—Bank Series will not be liable to tax under Income-tax Act, 1961 (43 of 1961).

(3) Interest on 7-Year National Savings Certificates (IV Issue)—Bank Series will be liable to tax under the Income-tax Act, 19(31 (13 of 1961) but no tax will be deducted at the time of payment of Interest.".

14. In sub-rule (1) of rule 25 of the said rules, clause (lv) shall be omitted.

15. After rule 28 of the said rules the following rules shall be inserted, tiamely :—

"28A. Discontinuance of National Savings Certificate (First Issue)—Bank Series. There shall be no issue of National Savings Certificates (First Issue)—Bank Series after the close of business on the 14th March, 1970. 28B. Special provisions-—Where the face value of the National Savings Certificates, 12-Year National Plan Savings Certificates and 12-Year National Defence Certificates including the 3i per cent. Treasury- Savings Deposit Certificates, 4 per cent. Treasury Savings Deposit Certificates and the 44 per cent. Defence Deposit Certificates, held by an adult or two adults jointly, prior to the 16th March, 1970, exceeds the limits of Rs. 25,000 and Rs. 50,000 respectively prescribed under rule 7, but does not exceed the limits permissible prior to the said date, such excess shall not be deemed to be an excess holding under rule 9".

16. For he Forms set out in the Schedule, to the said rules, the following Forma shall be substituted, namely: —

FOHM I

[See Rule 5(2)]

STATE BANK OF

• Branch

Applications for the purchase of 7-Year National Savings Certificates (II/III/IV Issue)*—(Bank Serlea)-

(1) I/We hereby apply for the purchase of 7-Year National Savings Certificates (II/III/IV Issue)* (Bank Series) detailed In the statement below and tende? the amount shown in column 1 of the statement.

Amount

Total face value in Form of tender t

Number of certificates

rupees

required

Denomina-

tion of

certificates

applied for

@@Typc of joint certificates required

(A or B)

Rs.

i

2

5

3

4

Rs.

10

(0 Cash .

("*) Cheque, demand

draft or pay

ioo

IOOO

Order

TOTAL (Face Value)

•Cross out which is not applicable

@@To be filled in only in case of joint holding.

(a) *"In my/our name (s) (In block capitals) with aliases if any.

• •For single or joint holder

(b) % On behalf of (Block capitals)

%For purchase on behalf of a minor

(Date of birth of the

minor) To be made encashablc by the minor's

(0 Father

(fi) Mother

(I'I'O Either parents

(/i>) Legal Guardian

(Cross o ut the alternative not required or all t he items, if it is not desired to m a ke an authorisation).

(2) * I / we hereby agree to abide by t he G o v e r n m e nt Savings Certificates Rules, 1989 and further declare t h at t he 7-Year National Savings Certificates (II Issue)— B a nk Series/7-Year National Savings Certificates (III I s s u e )— B a nk Series now proposed to be purchased together with these Certificates, if any, already purchased and t he 7-Year National Savings Certificates (II Issue/7-Year National Savings Certificates (III I s s u e ), National Savings Certificates 12-Year National p l an Savings Certificates, 12-Year N a t i o n al Defence Certificates, 3* p er cent. T r e a s u ry S a v i n gs Deposit Certificates, 4 per r;ent. T r e a s u ry Savings Deposit Certificates and 44 per Defence Deposit Certificates, if any, already held, will not exceed t he m a x i m um limit prescribed in t he rules. In case m y / o ur holding is found to be in excess odf t he prescribed limit I / we shall be bound to discharge t he excess holding i m m e d i a t e ly w h en called upon to do so and shall n ot be entitled to a ny interest thereon,

**

•

Signture (s) or thumb impression *"AddreBs •*In case of an illiterate applicant, (if illiterate) or investor(s) the father's name may be given Date

Signature or thumb impression of

the pcrson(s) authorised, if any, per i (b) above

Date

(3) The Certificate(s) may be made over to my/our Agent Shri/Smt Authority

No of messenger who presents this application

Signature or thumb impression (if illiterate) of invcstor(s)

Date

(The facility of nomination i? available to an adult individual holder of a certi- ficate and may be applied 1^\).

Received the Certificate (s) detailed on the reverse.

Signature or thumb impression of purchaser or his agent/rnessenger (in case of authorised agent his authority No, should¹,

be given).

Specimen signature(s) Marks of identification*

To be Completed by the Bank

Denomination

Rs.

Da:'c of Encashment and initials of officcr- incharge

Serial No. of certi- ficates Issued

Every charge affectirg the certificates suchi as transfer, issue of ccrTficate in exchange for damaged certificates surrendered, issue- of a duplicate in case of lost certificate, etc. should be noted hereunder and Initialled by the Ofrter-in-Charge.

(Total number of 7-Year National Savings Certificates (II/HI/IV Issue)* (Bank Scries> issued

Date

,

Signature of Officer-in-Charge

FOHM II

[See Rule 6(3)]

STATE BANK OF

Branch

Book No

Serial No

Provisional Receipt to be issued by a deposit office when 7-Year National Savings Certificate(s) (II/III/IV Issue)* (Bank Series) applied for are not issued Immediately.

Received from

being the cost of National Savings Rupees Certificate (s) (II/III/rV Issue) (Bank Series) applied for by him on The application for purchase has been registered under of date-

]

I Omcer-in-charge*.

Stamp of the Deposit Office.

* Cross out what is not applicable.

FORM III

(See Rule 10)

STATE BANK OF

Branch

Serial No. .of new office

,

Serial No. and date of original appUcation for purchase of the National Savings Certificate (First Issue)/7-Year National Savings Certi- ficate (I1/III/IV Issue)* (Bank Series)

Application for the transfer of National Savings Certificates (First Issue)/ 7-Year National Savings Certificate (II/III/IV issue)* (Bank Series). TO

Tho Offlcer-in-charge

request that the undermentioned National Savings Cerflcates (First Issue)/ 7-Year National Savings Certificates (II/III/IV Issue)* (Bank Series) in my/our name which are registered in the books of your office may be transferred to the books of the office

Particulars of Certificate

To be filled in by the Bank

•No. Date Denomination

Ri.

Date of discharge and Remuks tho Initials oft he Agent/Sub-

Agent (Every change affecting a Certificate such as, transfer, spoilt, Issue of duplicate etc. should be noted here under the dated initials of the Agent

Sub-Agent).

Total number of Certificates

Signature or thumb-imprestlon (if illiterate)

Address

Date

Address

Date

Intimation of transfer of National Savings Ceitiflcates

(First Issue) (Bank Series)/7-Year National Savings

Certificates (II/III/IV Issue)* (Bank Series).

TO

The Ofnder-in-charge

Sir,

I have the honour to say that the National Savings Certificates (First Issue) (Bank Series)/7-Year National Savings Certificates (II/III/IV Issue)* (Bank .Series) detailed on the reverse of this intimation have been transferred to your •office after a careful comparison of the applicant's signature on the reverse with the specimen of his signature on record in this office. .

The minor was born on the as recorded on the application for purchase in this office.

.Date Stamp. Yours faithfully,

Agent/Sub-Agent.

Agent/Sub-Agent.

Transfer accented Agent/sub-Agent.

of new office.

•Cross out what is not applicable.

FORM IV

[See Rule 11(1)]

STATE BANK OF

Branch

Serial No. and date of original application for purchase of National Savings -Certificates (First Issue) (Bank Series)/7^ Year National Savings Certificates (11/ III/IV Issue)* (Bank Series) Registration No

Application for the transfer of National Savings Certificates (First Issue) (Bank Serles)/7-Year National Savings Certificates (II/III/IV Issue)* (Bank Series) from one person to another.

(N.B.—All transfers are absolute and the Interest of the transferer ceases when the transfer is completed).

Dated

To

The Offlcer-in-charge

Sir,

I

request you to transfer the undermentioned National Savings Certificates (First Issue) (Bank Series)/7-Year National Savings Certi- ficates (II/III/IV Issue) * (Bank Series) of which I am the holder, to I hereby declare that on the transfer of the said National Savings Certificates {Firot Issue) (Bank Series)/7-Year National Savings Certificates (II/III/IV Issue)*

, I relinquish all claims to them.

Particulars of Certificates

No. Date Denomination No. Date Denomination

Rs.

Rs.

Total number of certificates.

Yours faithfully.

Signature or thumb Impression (15 illiterate) of transferer of Nationa> Savings Certificates (First Issue> (Bank Series)/7-Year National Savings Certificates (II/III/IV Issue> •(Bank Series)

Serial No. of Issuing Office

Stamp of Issuing Office

Declaration by Transferee

* (i) I hereby declare that the total value of the National Savings- Certificates (First Issue) (Bank Series) and National Savings Certificates (First Issue) held by me including the value of the Certificate (s) which I am taking over from does not exceed Rs. 25,000 (Issue Price) and I agree that if my total holding of National Savings Certificates (First Issue) (Bank Series) and National Savings Certificates (First Issue) is In excess of Rs. 29,000 (Issue Price) I shall not be entitled to interest on such excess holding. I further agree that this-. Declaration and the Government Savings Certificates Rules 1965, for the time being: in force shall be the basis of the contract between me. as the transferee of the- National Savings Certificate (s) (First Issue) (Bank Series) particulars of which appear overleaf, and the Government of India.

OR

•(11) I hereby declare that the total value of the 7-Year National Savings Certificates (II/III/IV Issue)* (Bank Series) 7-Year National Savings Certificates (II/III Issue)*, 12-Year National Defence Certificates 12-Year National Plan Savings Certificates, National Savings Certificates, 3J per cent Trea- sury Savings Deposit Certificates, 4 per cent Treasury Savings Deposit Certlflcates- and 4i per cent Defence Deposit Certificates held by me including the value of the- Certiflcate(s) which I am taking over from 'does not exceed the maxi- mum limit prescribed in the rules. In case my holding is found to be In excess of the prescribed limit I shall be bound tq discharge the excess holding immediately when called upon to do so and shall not be entitled to any Interest thereon. I fur- ther agree that this Declaration and the Government Savings Certificates Rules, 1965, for the time being in force shall be the basis of the contract between me as the transferee of the 7-Year National Savings Certificates (II/III Issue)* (Bank. Series) particulars of which appear overleaf, and the Government of India,

Signature or thump-impressior* (if Illiterate) of transferer of National Savings Certificates (First Issue) (Bank Series)/7-Year National Savings Certificates (II/III/IV Issue) * (Banta Series).

•Cross out what is not applicable. NOTE—Government officers holding Certificates In their official capacity a* security, the Reserve Bank, a scheduled bank, co-operative society, corporation or a local authority, are exempted from signing this declaration.

Particulars of Certificates Issued to transferee (To be filled in by the Issuing Office)

Remarks

No. Date Denomination Date of dischargeand the initials of the officer in-cbarge

(Every change affectirg a Certi- ficate, such as transfer, spoilt, issue of duplicate etc. should be noted here underthe dated initials of the

Officer-ln-charge)

Signature of the ofHccr-in-charge