The Gazette of India
EXTRAORDINARY
PART II—Section 3—Sub-section (i)
PUBLISHED BY AUTHORITY
No. 289] NEW DELHI, SATURDAY, SEPTEMBER 30, 1978/ASVINA 8, 1900
Separata paging is given to this Part in order that ft may be filed as a separate compilation.
MINISTER OF FINANCE
(Department of Economic Affairs)
NOTIFICATIONS
New Delhi, the 30th September, 1978
G.S.R. 482 (E).—In exercise of the powers conferred by
section 15 of the Government Savings Banks Act, 1873 (5 of 1873)
the Central Government hereby makes the following rules further
to amend the Post Office Savings Banks Rules, 1964, namely:—
1. These rules may be called the Post Office Savings Banks
878 THE GAZETTE OF INDIA: EXTRAORDINARY [PART II~-SEC. 3(i)] 3. In the Post Office Savings Banks Rule*, 1965--(i) inthc Table below rule 3, against item 3 relating to'Public Account', for sub-division (i) and entry in column "Maximum balance" (in iVupees), the following shall be substituted, namely:—
Who may open Maximum balance.,
(in rupees)
(ii) a local authority, arelawfully cons-
titute association,institution or other body for the encouragement of thrift or for the mutual benefit of its members,—
(a) whose income is exempt under the Without limit
provisions of the Income-tax Act, 1961,
(b) in all other cases Rs. 50,000,"
(ii) in rule 9, after item (iiiA) of the proviso, the following
shall be Inserted, namely:—
"(iiiB) where, in respect of a Public Account, a maximum balance of Rs. 50,000 has been prescribed in the Table below rule 3, no interest shall be allowed on any sum in excess of Rs. 50,000 on and from the 1st November 1978."
G.S.R. 4*3(E).—In pursuance of rule 9 of the Post Office Savings Banks Rules, 1965 and in partial modification of the Ministry of Finance (Department of Economic Affairs) Noti- fication No. G.S.R. 157(E), dated the 30th March, 1974, the Central Government hereby notifies that, with effect from the 1st October, 1978 and until further orders, Interest on the balance at credit of a Public Account in the Post Office Savings Bank shall be allowed at the rate specified below:
[F. 3(3O)-NS/77-l]
(i) Where a maximum ba- (a) Upto 31st October 1978, lanceofRg, 50,000has 4|% per annum on any been prescribed in the balance not exceeding Rs. Table below rule 3. 50,000 and 3 percent per
annum on the remainder of the balance.
(b) From 1st November 1978, 44 per cent per annum on any balance not exceeding Rs. 50,000; no interest shall be payable on the remainder, if any, of the balance.
(ii) Where no maximum 4+ per cent per annum,
limit has been pres- cribed in the Table below rule 3.
[F. 3(30)-NS/77-(II)]
R.N. MALHOTRA, Additional Secy.