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REGISTERED No. D-(D)-72

The Gazette of India

EXTRAORDINARY

PART II—Section 3—Sub-section (i)

PUBLISHED BY AUTHORITY

No. 200] NEW DELHI, MONDAY, JULY 29, 1974/SRAVANA 7, 1896

Separate paging is given 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 29th July 1974

G.S.R 338(E).—In exercise of the powers conferred by section 12 of the Government Savings Cerificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the Government Savings Certificates Rules, 1965, namely:—

1. These rules may be railed the Government Savings Certificates (Second Amendment) Rules, 1974.

2. In rule 26 of the Government Savings Certificates Rules, 1965 (herein- after referred to as the said rules), for sub-rule (2) to (4), the following sub-rules shall respectively be substituted, namely:-

"(2) (a) The amounts (including interest) payable on discharge of 7-Year National Savings Certificates (II-Issue)—Bank Series of different

(1535)

denominations issued on or after the 23rd July, 1974 shall be as in the following Table, namely:—

TABLE

Surrender values of i-Ycdr National Savings Certificates {II-Issue) Bank Series

Face Value

RE. 500

Rs. JOOO

Rs. 100

Rs. 5000

Rs. 50

Rs. 10

1170

if 70

117-00

Surrender value after expiry of 3 Years but before cx~ piry of 4 Years from date ofissue

58-50

5850

585

1170

585

II 70

117-00

Surrender value after expiry of 4 years but before ex- piry of 5 years from date of issue

5850

58-50

660

6600

1320

Surrender value after expiry of 5 years but before ex- piry of 6 years from date of issue

66-00

I3'2O

13200

6600

1320

660

Surrender value after expiry of 6 years but before ex- piry of 7 Years from date of issue

1500

7500

66-oo 75-00

132-00 150-00

750

After 7 complete years

13-20 15-00

(b) Surrender values of 7-Year National Savings Certificates (Il-Issue)—

Bank Series purchased, prior to the 23rd July, 1974 but encashed after the 23rd July, 1974 shall be at such rates as may be notified by the Government.

"(3) (a) The surrender values after adjustment discount, payable on dis- charge of 7-Year National Savings Certificates (Ill-Issue)—Bank Series of different denominations issued on or after the 23rd July, 1974, shall be as in the following Table, namely:—

TABLE

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

Face Value

R s. 100

Rs. IjOOO

Us. 5,000

S u r r e n d er value after e x p i ry of 3 years b ut b e f o re e x p i ry of

980-00 4900-00

98-00

4 y e a rs f r om d a te of i s s ue . . . . ..

980-00

98-00

4900-00 S u r r e n d er v a l ue after e x p i ry of 4 years b ut before e x p i ry of 5 years f r om d a te of issue . . . . ..

982 00 49IO'00

98-00

Su r n e d er v a l ue after e x p i ry of 5 years b ut before e x p i ry of 6 y e a rs from d a te of issue . . . . ..

982-00 4910-00

98-00

S u r r e n d er value after e x p i ry of 6 years b ut b e f o re e x p i ry of 7 years from d a te of issue . . . . ..

IOO-OO

5000-00 A f t er 7 c o m p l e te y e a rs

iooo-oo

(b) Surrender values of 7-Year National Savings Certificates (II-Issue)— Bank Series purchased' prior to the 23rd July, 1974 and encashed after the 23rd July, 1974 shall be at such rates as may be notified by the Government:

(4) (a) The surrender values, after adjustment of discount, payable on discharge of 7-Year National Savings Certificates (IV-Issue)—Bank Series of different denominations issued on or after the 23rd July, 1974 shall be as in the following table, namelji:—

TABLE

Surrender values of 7-Year National Savings Certificates (IV~Issue) Bank Series

Rs.

Face Value

100

Rs. 1000

Ra. 500

Rs. 50

Rs. 5000

Surrender valuo after expiry oi" 3 years but before expiry of 4 years from date ofisaue . . . ..

47-87

957-50 9575-00

95'75 478-75

Surrender value after expiry of 4 years but before expiry of 5 years from date of issue . . . ..

9575-00

47-87 95-75 478-75 957-5° Surrender value after expiry of 5 years but before expiry of 6 years from date of issue . . . ..

48-00 96'oo 480-00 96c 00 9600•00

Surrender value alrer expiry of d years bui before expiry of 7 years from djtc of issue . . . ..

96'00

After 7 complete years . . .

IOO-oo

480-00 50000

48-00 50-00

960'00 iooo-oo

9600-00 5000-00

(b) urender values of 7 Year National Savings Certificates (IV-Issue)^ Bank Series purchased prior to the 23rd July, 1974 and encashed after the 23rd July, 1974 shall be at such rates as may be notified by the Government,

3. For rule 26A of the said rules, the following rule shall be substituted, namely:—

"26A. Interest.—(1) Interest on 7-Year National Savings Certificates (III- Issue) Bank Series issued—before the 23rd July, 1974, shall be pay- able annually at 5 per cent upto the 23rd July, 1974 and at 6 per cent from the 23rd July, 1974.

(2) Interest on 7-Year National Sayings Certificates (IV-Issue) Bank Series, shall be payable at the rates specified below at the end of each completed year—

(a) in respect of Certificates issued on and from the 16th March, 1070

upto the 14th January, 1971—7± per cent per annum;

(b) in respect of certificates issued on on after the 15th January, X971 but

before the 1st April, 1974—li per cent per annum;

(c) in respect of Certificates issued on or after the 1st April, 1974 but

before the 23rd July, 1974—&i per cent per annum;

(d) in. respect of Certificates Issued on or after the 23rd July, 1974—101

per cent per annum.

NOTE.—Certificates Issued before the 23rd July, 1974 shall also be eligible for the higher rate of interest at 10i per cent per annum for the period commencing on and from the 23rd July, 1974.

[No. F. 2(17)-NS/74(i)]

G.S.R. 339(E)—In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (4fJ of 1959), the Central Government hereby makes the following rules further to amend the Post Office Savings Certi- ficates Rules, 1960, namely:—

1. These rules may be called the Post Office Savings Certificates (Third Amend- ment) Rules, 1974.

2. In rule 31 of the Post Office Savings Certificates Rules, 1960 (hereinafter __ferred to as the said rules), for sub-rules (2) and (3), the following sub-rules shall respectively, be substituted, namely:—

"(2) (a) The amounts (Including interest) payable on discharge of 7-Year National Savings Certificates (II Issue) of different denominations issued on or after the 23rd July, 1974 shall be as in the following Table, namely.—

TABLE

Surrender value1; of 1-Year National Savings Certificates (II Imte)

Face Value

Rs. 500

Rs. 10

Rs. 100

Rs. 5,000

Rs. 1000

Rs. 50

Surrender value after exriry

117-00

11-70

of 3 years bui before ex- piry of 4 years from date of issue.

1170-00

585-00

58- 50

5850-00

Surrender value after expiry of 4 years but before ex- piry of 5 years from date of issue.

11-70

117-00

1170-00 5850-00

585-00

58 -50

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

13200

13-20 66-oo

1320-00 6600-00

660-00

Surrender value after expiry of 6 years but before ex- piry of 7 years from date of issue

13 -20

132-00 660-00 1320-00 6600-00

66-oo

I5-00

After 7 complete years

75-00 150-00 750-00 1500-00 7500-00

Ob) Surrender values of 7 Year National Savings Certificates (II Issue) purchased prior to the 23rd July, 1974 but encashed after the 23rd July, 1974 shall be at such rates as may be notified by the Govern- ment.

(3) (a) The surrender values, after adjustment of discount, payable on discharge of 7-Year National Savings Certificates (III Issue) of different denominations issued on or atter the 23rd July, 1974 shall be as in the following Table, namely:—

TABLE

Surrender values uf 7 Year National Savings Certificates (III Iisiie)

F a ce V a l ue

Rs.

R s. IOO

Rs. 5000

TOOO

S u r r e n d er v a l ue a.'LIT e i - p i iy ^i" J j - ' a rs b ui b e f o re e v i i> of

4 y e a rs f r om t he d-ile o l ' i s s u r. . . . ..

5>S-Q3

4900-00

9S5-OO

S u r r e n d er v a l ue n i t er c . \ p i ry c f 4 y e ; . rs b ut b e f o re e x p i ry of

4900-00 5 y e a rs f r om t he d n tc of i s s u e. . . . ..

98-00 98O-O3

S u r r e n d er v a l ue a f t er e x p i ry of 5 y e a rs b ut b e f o re e x p i ry of

9H-.ZQ

4,9-10-o^ 6 y e a rs f r om t ' le d a te of i s s u e. . . . ..

y.-ii-oo

S u r r e n d er v a l ue a f t er e x p i rj of 6 y e a rs b ut b e f o re e x p i ry of

4QIO-00

982-00 7 y e a rs f r om t he d a te ol i s s u e. . . . ..

98 '20

5000-00

1000-00 A f t er 7 c o m p l e te y e a r s. . . . . . ..

100-00

(b) Surrender value of 7-Year National Savings Certificates (III-I^sue) — purchased prior to the 23rd July, 1974 but encashed after tho 23rd July, 1974 shall be at such rates as may be notified toy the Govern- ment."

S. For rule 31C of the said rules, the following rule shall be substituted, namely:—

"31C. Interest. — (1) Interest On 7-Year National Savings Certificates (III Issue) issued prior to the 23rd July, 1974 shall be payable annually et 5 per cent upto the 23rd July, 1974 and at 6 per cent from the 23rd July, 1374.

(2) Interest on 7-Year National Savings Certificates (III Issue) issued on or after 23rd July, 1074 shall be payable annually at 6 per cent".

[No. F. 2(17)-NS/74(ii).]

x

A A' ARY [PAST l i-

ft S R 31

1 These rules may be called the National Savings Certificates (IV Issue) (Second Amendment) Rules, 1974.

-¹ In rule 18 of the National Savings Certificates (IV Tssue) Rules, 1970 (here- inafter referred to as the said rules), for sub-rule (1), the following sub-rule shall be substituted, pamely:—•

"(1) A National Savings Certificate (IV Issue) is encashable at par after expiry of seven years from the date of Its issue. At the option of the holder, a certificate may be encashed after expiry of three years

or five years from the date of Its issue, In which even discounts at the rates set out below will be adjusted before making payment:—

(a) If the Certificate issued before the 1st April 1974 is encashed—

(i) after 3 years but before expiry of 5 years—Rs. 2 for every Rs, 100.

(ii) after 5 years but before expiry of 7 yeats—Rs 1 50 for every Rs.

100.

(b) If the Certificate issued on¹ or after the 1st April, 1974 but before the 23rd July, 1974—

(i) after 3 years but before expiry of 5 years—Rs. 2.25 for every Rs. 100.

(ii) after 5 years but before expiry of 7 years—Rs 1.75 for every Rs.

100.

(c) If the Certificate issued on or after the 23rd July, 1974 is encashed—

(i) after 3 years but before expiry of 5 years—Rs 4.25 for every Rs.

100.

(ii) after 5 years but before expiry of 7 years—Rs. 4.00 for every Rs.

100.

3. For rule 19 of the said rules, the following rule shall be substiluted, namely:—

"19. Interest—Interest shall be payable at the rates specified below at the end of each completed year, but no tax will be deducted at the time of payment of interest;:—

(a) in respect of certificates issued on and from the 10th March, 1970 uptc* the 14th January, 1971—7! per cent per annum;

(b) in respect of certificates issued on or after the 15lh January, 1971 but before the 1st April, 1974—i per cent per annum;

(c) in respect of certificates Issued on or after the 1st April, 1974 but before the 23rd July, 1974—8^ per cent per annum;

(d) in respect of certificates issued on or after the 23rd July, 1374—10J- per cent per annum,

NOTE.—Certificates issued before the 23rd -July, 1974 shall also be eligible- for the higher rate of interest at 1(1 \ per cen1 per annum for the period commencing on and from the 23rd July, 1974."

[No. F. 2(17)-NS/74(iii)7

G.S.R. J4KE).—In exercise of the powers conferred by section 12 of the G-overnment Savings Certificates Act, 1959 (46 of 1859), the Central Government hereby makes the following rules further to amend the National Savinffs Certi- ficates (V Issue) Rules, 1973, namely:—

1. These rules may b

2. In rule 26 of the National Savings Certificate^ (V Issue) Rules, 1973, for Table 'A' and 'B' below sub-rule (1), the following Table shall be substituted, namely:—

"TABLE

Surrender values of National Savings Certificates (V Issue) issued on or <.ifter 23rd July, 1974

Amount (including interest) payable after completed year Face Value

5 Years

4 Years

3 Years

6 Years 7 Years

Rs.

Rs.

Rs.

R".

Rs.

1300

15-90

19-80

13-00

15 90

Rs, 10 .

99'00

65 • 00

79-50

65-00

79-50

Rs. 50 .

I_S9-00

159-00

R s. 1 00 . . ..

130-00 130-00

198- 00

The surrender value of National Savings Certificates (V Ibaue) issued prior to the 23rd July, 1974 shall be at such rates as may be notified by the Government."

[No. F. 2(17)-NS/74(IV)J

B. MAITHREYAN, Jt, Secy.

PKINTBD BY THE MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD, NEW

DBIH1 AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DFLI1I 1974