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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. 101] NEW DELHI, THURSDAY, MARCH 18, 1976/PHALGUNA 28, 1897

Separate paging is given to that Part in order that it may be filed

as a separate compilation

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATIONS New Delhi, the 18th March 1976

G.S.R. 239(E),—In exercise of the powers conferred by section 12 of the Gov- ernment Saving Certificates Act, 1950 (46 of 1959) the Central Government hereby makes the following rules, namely:—

1 Short title and commencement and application.—(1) These rules shall be called the National Savings Annuity Certificate Rules. 1976.

(ii) They shall come into force on the 1st day of April, 1976. (iii) They shall apply to the National Savings Annuity Certificates Issued under these rules.

2, Definitions.—In these rules, unless the context otherwise requires—

(a) "Act" means the Government Saving Certificates Act, 1959 (46 of

(b) "Certificate" means the National Savings Annuity Certificate; (c) "Form" means a Form appended to these rules; (d) "period of deposit" means the period of two years from the date of application for the purchase of a Certificate in which the deposits are made, whether in a lump sum or in instalments;

(e) "period of deferment" means the period of 36 months after the expiry of the 'period of deposit';

(f) "monthly payment" means the payment to be made to the holder of the Certificate every month by the Issuing Office after the expiry or the period of deferment;

(g) "Issuing Office" means a Post Office doing Saving Bank work.

( 8 1 9)

3. Denominations.—National Savings Annuity Certificates shall be issued in denominations of Rs. 3,200 and Rs. 6,400.

4. Types of Certiflcates.—The Certificates shall be of the following types Homely:—

(a) Single Holder type, for issue to an adult; (b) Joint 'A' type, for issue jointly to two adults payable to both holders

Jointly or the survivor; and

(c) Joint 'B' type, for issue jointly to two adults payable to either holder

or the survivor.

5. Llmljte up to which Certificates may be purchased.—Any number of Certi- ficates may be purchased in the denominations specified in rule 3.

6. Procedure for purchase of Certificates.—A person desiring to purchase a Certificate shall apply to the Issuing Office either himself or through a messenger, in Form AC 1 obtainable free of charge from th,at office.

t7. Legal tender.—Payment lor the purchase of a Certificate may be made to en Issuing Office in any of the following modes, namely: —

(i) In cash, (11) by cheque, (iii) by bank draft:

Provided that In the case of payment by cheque or bank draft, the cheque or the bank draft shall be drawn in favour of the Postmaster of the Issuing Office in a bank, not being a bank situated in an out-station.

8. Method of deposit.— (1) Deposit, along with the application, may be made in a lump sum or in monthly, quarterly, half-yearly or annual instalments.

(2) In case of deposits by instalments, the instalments following the first instalment shall be made in the manner indicated below:—

Quarterly

Annually

Six-monthfy

Monthly

Before the erd of the By the tenth of each

By the fifteenth of the first mo'-.th of the six-

morth.

By the tenth of the first morth of the quarter.

mo thly piriod.

calei dar morth follow- ing the expiry of the first year.

(3) If the purchaser opts to deposit the amount of the Certificate in instal- ments, the amounts payable by him shall be as under—

for tin' dsnornina tart

Number of in;'alment<,

Amount of instalment

"f

Rs. 3,200

Rs. 6,400

Rs. 292

Rs. 146

24 m o n t h ly i n s t a lm l ¹s . 8 q u a r t e r ly i n s t . l m u 's 4 h a l f - y e a r l y i s i; l mn is 2 a n n u a l l n s l a l m e ms . . . ..

Rs- 435 Rs. 860 Rs. 1,678

Rs, 870 Rs. 1,720 Rs. 3,356

(4) If there is any default In the deposit of any Instalment, the period of deposit shall be extended till all the instalments have been paid, Alternatively, the purchaser may deposit all the defaulted instalments in a lump sum with simple interest at 12 per cent per annum for the period of default.

(5) Subject to the provision of sub-rule (3), if the purchaser does not pay the defaulted instalments within twelve months of the end of the period of deposit, the entire amount deposited by him shall be returned to him on his making an application in the form laid down by the Director General, Posts and Telegraphs, along with simple interest at a rate admissible on Post Office Savings Bonk deposits during the period:

Provided that a depositor, who having paid not less than half the instalments for a Certificate of the denomination of Rs. 6,400, is unable to continue pay- ment of further instalments, may, in lieu, apply for issue of a Certificate of the denomination of Rs. 3,200. In that event, instalments paid by him in excess of half of the instalments for the higher denomination Certificates, shall be refunded to him in cash without interest together with the Certificate of the denomination of Rs. 3,200.

(6) Deposits, as and when made, shall be entered In a Post Office Pass Book and the purchaser shall keep it In his safe custody. The purchaser may present the said Pass Book to the Issuing Office on each occasion an instalment is paid.

0. Issue of Certificate.—(1) On payment being made In a lump sum or in instalments under sub-rule (:-i) of rule 8. a Certificate shall be Issued by the Issuing Office on production of the P.ost Office Pass Book.

(2) Subject to the provisions of sub-rules (4) and (5) of rule 8, the date of Issue of the Certificate shall be the date of expiry of the period of deposit.

10. Monthly payments.—The holder of a Certificate shall be entitled to receive 84 equal monthly payments, the first monthly payment being made after com- pletion of 36 months from the end of the period of deposit, as shown below, namely:—

Denomination of Certificate

Amount of monthly pavmtnt

Rs.

3,200

Rs. 50

6,400

1 00

11. Manner of making monthly payments.— (1) The monthly payments sh.aU be made by the Issuing Office on productalon of the Post Office Pass Book, In which suitable entries shall be recorded after each such payment, against a receipt in Form AC 2.

(2) At the written request of the holder, the Issuing Office may credit the amount of the monthly payment to the Post Office Savings Bank account of the holder, if both the Savings Bank account and the Certificate stand at the same Issuing Office.

(3) If a monthly payment Is not drawn by the holder in the month It was due. the holder may draw it In any subsequent month.

(4) The Issuing Office shall periodically call for the production of the Certi- ficate for checking that the holder of the Post Office Pass Book continues to be the holder of the Certificate.

12. Transfer—A Certificate along with the Post Office Pass Book may be transferred, from the Issuing Office at which It stands registered to another Issu- ing Office on the holder making an application in the form laid down by the Director General, Posts and Telegraphs. The transfer shall be recorded in both the Certificate and the Post Office Pass Book. On such a transfer, the transferee office shall be deemed to be the Issuing Office.

13. Replacement of lost or destroyed Post Office Pass Book or Certificate.—(I) If a Post Office Pass Book or a Certificate is lost, stolen, destroyed mutilated .or defaced, the person or persons entitled thereto may apply to the Issuing Office •where the said Pass Book or Certificate is registered, for issue of a duplicate.

(2) Every such application shall be accompanied" by a statement showing particulars, such as, number, amount and the date of issue of the Post Office Pass Book or Certificate and the circumstances attending such loss, theft, destruc- tion, mutilation or defacement.

(3) If the Issuing Office is satisfied about the loss, theft, destruction, mutilation or defacement of the Post Office Pass Book or Certificate, it shall issue a duplicate •thereof on thr applicant furnishing an indemnity bond In the form laid down by Director General, Posts and Telegraphs with one or more sureties or with a Bank's guarantee:

Provided that where such application is made with respect to a Post Office Pass Book or Certificate mutilated or 'defaced, of whatever"!ace value, a ^duplicate "thereof may be issued without any such indemnity bond, surety or guarantee if the Pass Book or Certificate mutilated or defaced is surrendered and Is capable of being identified as the one originally issued.

(4) A duplicate Post Office Pass Book or Certificate Issued under sub-rule (3) shall be treated as equivalent to the original Post Office Pass Book or Certificate lor all the purposes of these rules.

14. Nomination.—(1) The holder of a Post Office Pass Book or Certificate may nominate any one person, who in the event of the holder's death, shall become entitled to the Pass Book or the Certificate and to the payment ol the amounts

due thereon, by filling in the necessary particulars In Form AC 3 at the time of making an application for the purchase of the Certificate, If a holder does not fill the necessary particulars regarding nomination at the time of making the application, he may, at any time after the issue of the Post Office Pass Book or Certificate, but before the maturity of the Certificate, make an application in Form AC 3 to the Issuing Office at which the said Pass Book or Certificate stands registered, nominating a person, who in the event of his death, shall become entitled to the Pass Book or Certificate and to the payment of the amount due thereon.

(2) No nomination shall be made in respect of a Post Office Pass Book or Certificate In the names of two adults jointly.

(3) A nomination made by the holder of Post Office Pass Book or Certificate under this rule may be cancelled or varied by submitting an application in Form AC 4, together with the said Pass Book or Certificate, to the Issuing Office at which the Pass Book or Certificate stands registered.

NOTE.—Separate applications shall be made in respect of each Post Office Pass Book or Certificate registered at different times,

(4) The nomination or the cancellation of a nomination or the variation of a nomination shall be effective from the date it is registered by the Issuing Office and that date shall be noted on the Post Office Pass Book or Certificate.

(5) Where the nominee is a minor, the purchaser may also specify the person who shall act on behalf of the nominee during his/her minority.

15. Repayment of deposit—The amount, as shown below, shall be repayable- In the month following the month in which the last monthly payment was drawn by the holder, on production of the Post Office Pass Book and the Certificate. The person(s) entitled to receive the amount due on the Certificate shall, oft Its encashment, sign on the back thereof in token of having received the pay- ment. If any monthly payment has not been drawn by the holder, it shall be added to the amount repayable and shall be paid therewith.

Amou t rcptyable in the monh followinRthe moith of Denomination of Certificate

the last monthly payment

Rs. 3,200 Rs. 6,400

Ra. 4,320 Rs. 8,640

16. Prematures encashment.—(1) A Certificate may be encashed prematurely at any time after the period of deposit and on such premature encashment, the amount payable will be—

(a) during the period of deferment, an amount equal to the deposits made together with simple interest thereon at the rate admissible on Post Office Savings Bank deposits;

(b) after the expiry of the period of deferment, the amount payable on the- Certificate on maturity as specified in rule 15 plus monthly payments, if any, due on the Certificate upto the month preceding the month in which encashment is authorized but not paid earlier.

(2) No such premature encashment shall be nermitted unless both the Certifi- cate and the Post Office Pass Book, duly discharged, are surrendered to the Issuing Office.

17 Procedure on the death of the holder or both holders In the caoe of Joint kolder of a certificate:—On the death of the holder, or both the holders in the case of joint holders of a Certificate, the nominee or legal heir may—

(a) continue to retain the Certificate till maturity and draw the monthly payments specified in rule 10 and also the amount repuyable on maturity specified in rule 15; or

(b) seek premature encashment in which case the amount payable shall be regulated by sub-rule (5) of rule 8 or rule 16 as the case may be, depending on whether the application was made during the period of deposit or at any time after the period of deposit.

18. Place of encashment.—A Certificate shall be encashable only at the Issuing Office at which it stands registered.

19. Income Tax.—The monthly payments on these Certificates and the interest received at maturity shall be liable to income tax under the Income Tax Act 1961 (43 of 1961) but no tax will be deducted at the time of paymuit.

20. Responsibility of the Issuing Office.—The Issuing Office shall not be res" ponsible for any MSS caused to the holder by any person obtaining possession of a Certificate or the Post Office Pass Book and fradulently receiving monthly payments or encashing it.

21. Powers to rectify clerical errors.—The Issue Office may, upon an applica- tion by any person interested in any Certificate issued In pursuance of these rules, or suo moto, rectify any clerical or arithmethical mistakes, if it doea not involve any financial loss to the Government or to any such person.

22. Fees—A fee of rupee one shall be chargeable in respect of the following transactions, namely—

(1; Issue of a duplicate Post Office Pass Book or Certificate under rule 13. (li) Registration of nomination or cancellation thereof:

Provided that no fee shall be charged on an application for registration of the first nomination.

FORM AC 1 Serial No. (See Rule 6) APPLICATION FOR PURCHASE OF NATIONAL SAVINGS ANNUITY CERTIFICATE

To

'the Post Master,

r——• — (P.O. & place)

I/we hereby apply for the purchase of National Savings Annuity Certificate(s) Jor Hs. — —— in denomination of Rs. 3,200/ 6,400 in my/our name(s)

(i) Cash (il) Crossed cheque/bank draft, payable to the Postmaster towards*—

(a) single lump sum payment (Rs. 3,200/6,400). (b) first annual instalment (Rs. •—— —— ), (c) first six-monthly instalment (Rs, • • — — — ). (d) first quarterly instalment (Rs, • ). (e) first monthly instalment (Rs. —— —•).

(* Delete which ever is not applicable)

3. After the period of deferment, the monthly payments may be made payable rto me/us, payable to both/payable to either or survivor—

(i) in cash at the counter of the Post Office Savings Bank (il) by deposit in the Post Office Savings Bank Account

No, . •

4 The Certificate(s) may please be delivered to me/my messenger Shri — L- — /Authorised Agent Shri — . Certificate of Authority No. —> ), whose signature Is given below.

5 I hereby agree to abide by the National Savings Annuity Certificate Rules, 1978^ as may be amended by the Government from time to time. Signature of messenger Signature (s) of •

Investor (s) —> —-——-—•—-

Addre-wi • • •—

Signature of Authorised Agent • " ~ {Authority No. • ' > ^ _ _^ 8 Received Pass Book No. and Certlflcate(s) No. —.

-date* — — tor Rs. -—•——•— ——.

Signature of Investor/, -pa to v ... —, Messenger/Authorised Agent.

7. Particulars ol Certificate(s) issued

(to be completed by the Post Office)

SI. No-of certi-

Da'e of cncaBh-

rmnt

InitialE of Postmiisltr.

Issue pi ice

ficate (s) issued

Date ofiasuc of Csrtifica- tt(s)

Rtmaikt regarding. uai tfii, litut of duplicate, etc- and initials of Postmaster

(6)

(4)

(5)

(3)

0)

Date stamp of

iBBUing Office.

Signature ol Postmaster,

FORM AC 2

[See Rule XI (1)]

RECEIPT OF MONETARY PAYMENT ON NATIONAL SAVINGS ANNUITY CERTIFICATE

Received Rs. — rupees >

(in words) on account of monthly payment for the month of 1 • on my National Savings Annuity Certificate No. — dated • Type Single/Joint A/Joint B, from the Post Office " _ _ — _^ . on — —— ••

2. Please pay the amount to the messenger Shri —, . *•

whose signature is given below.

Date " - —— —

Signature of messenger —— Signature of holder (s).

Attested.

Signature of holder •

(For use in Post Office)

Rs, (in words) paid to holder/messenger/credited to the holder's Savings Bank Account No.........

Date stamp of Issuing Office

Signature of the Postmaster,

FORM AC 3

[See rule 14 (1)]

FORM OF APPLICATION FOR NOMINATION

To

The Post Master

(P. O. and place)

Sir,

Under provisions of subsection (1) of section 6 of the Government Savings Certificates Act, 1959, I ,the holder of Post Office Pass Book/National Savings Annuity Certificate(s) detailed on the reverse, hereby nominate the person mentioned below,, who shall, on mY death become entitled to the Post Office Pass Book5Certiflcate(s) (as per details on the reverse) and to be paid the sum due thereon and the monthly payments, if any, remaining till its/ their encashment, to the exclusion of all other persona.

I hereby declare that I have not so far made any nomination In respect of this/these Post Office Pass Book/Certificate (s):—

The Certiflcate(s) Is/are enclosed.

Date of birth of nomircejif mino" Name of the nomirec

Full address

No.

(2)

< i)

(4) ~~

(3)

As the nominee is a minor, I appoint Shri..,

(name and full address) as the person to receive the sum due to the Post Office Pass Book/Certificate (s) and receive the monthly payments till the encashment of the Certificate (s) in the event of my death during the minority of the nominee.

Office of Issue

Date of Issue

Type

S.No. of Post Office Pass Book/ Denomiralion

Certificate

(5)

(4)

( 2)

(3)

( J)

Yours faithfully,

Date —— • Signature or thumb Impression of the holder,

(In case of illiterate holder, fathtr's name should be given).

Witnesses: (1) Name——1 •

Address

(2) Name

-

Address

NOTE—In case illiterate holders, the witness shall be persons known to the Issuing Office.

nomination.

Date stamp Orders of the Postmaster accepting the of Issuing Office.

ACKNOWLEDGEMENT

To

Your application dated

Nomination in respect of the Post Office Pass Book/Certiflcate(s) detailed jn the reverse In favour of persons mentioned in column (4) has been registered 1" this office under No.— ^- dated- •

Hie Post Office Pass Book/Certiflcate(s) Is/are returned herewith.

SSnfoSc?

Signature of the Poatma"ter

Particulars

Dcromina- Type

tion.

S.No. of the Post Office Pass Book /Certificated,)

Name ardaddress of nomiree ard person appointed to receive paymert on bthalf of

minor nominee

( t)

(2)

(3)

(4)

Date stamp of

Signature of Postmaster.

Issuing Office.

FORM AC 4

[See rule 14(3)]

FORM FOR CANCELLATION OR VARIATION OF NOMINATION ALREADY MADE.

To

The Postmaster

(P. O. & plage)

Sir,

Under provisions of subsection (1) of section 6 of the Government savings

Certificate Act. 1959, I- — —— —the holder of the Post Office Pass Book/National Saving Annuity Certificate (s) detailed on the reverse, hereby cancel the nomination previously made by me in respect of these Certificates and registered in your office under No. dated —.

2. •• In substitution of the nomination cancelled vide para 1 above, I hereby nominate the person mentioned below, who shall, on my death, become entitled to the Post Office Pass Book/Certificate (s) and monthly payment thereon, if any, remaining till its/their encashment, to the exclusion of all other persons—

••strike out if no fresh nomination ia to be made.

Date of birth ofromiree,if miror

Address of the rominee

Nam': of the nominee

s.

No.

(4)

(3)

( 2)

(r)

As the nominee is a minor, I appoint Shri • -———

— (name and full address) as the person to receive the sum duo on the Post Office Pass Book/Certificate(s) and to receive the- monthly payments till the encashment of the Certiflcate(s), in the event of my death during the minori- ty of the nominee.

,'J The Post Office Pass Book/Certificate(s) is/are enclosed

Tvpc Date of issue

Office of Issue if.No. of Post Office Puss Denomina-

tion

Book /Certificate

(l)

C5)

( 1)

( 2)

(4)

Date —— — Yours faithfully

Signature or thumb impression of holder.

Address

(2) Name

Address <•

NOTE—In case of illiterate holders, the witness should be persons known to the Issuing Office.

Date stamp of Orders of the Postmaster of the Issuing Office

Issuing Office.

ACKNOWLEDGIEMEN1

To

Your application dated Nomination in respect of the Post Office Pass Book/Certificate (s) detailed on the reverse, made on . .. has been cancelled

••Fresh nomination in respect of the Post Office Pasa Books/Certificate(s) has been registered in this Office Serial No 1— dated .

•The Paas Book/Certificate(s) is/are returned herewith.

•• Strike out if not applicable

Signature of Postmaster.

Date stamp of Issuing Office.

Particular!

Denomination Type

Sl.No. of Pass Book/

Name and Address of nominee and person appointed to receive payment on behalf of Certificate(s)

minor nominee

( 3)

(3)

(4)

( 1)

Date stamp of Issuing Office

Signature of Postmaster.

£No. F. 3(19)-NS/75.I

K N. ROW, Jt, Seq"r.

G.S.R. 240(E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Government Savings Certiacatea Act, 1959 (46 of 1959), the Central Government hereby specifies that the provisions of the said Act shall apply to the National Savings Annuity Certificates which will be issued from the 1st day of April, 1976.

[No. F. 3(19)-NS/75-I]

K. N. ROW. Jt. Secy.

PRINTED BY THE GENERAL MANAGER, GOVERNMENT OF INDIA PRESS, MJNTO ROAD,

NEW PELBI ANP PUBLISHED BY THE CONTROLLER OF PiraUCATIONS, DELHI, 1 9 76