Central Government Special Deposit Scheme extended - Reinvestment by recognised funds - Part A of Fourth Schedule read with rule 67(2)(ii) of Income-tax Rules - Income Tax - 444/1985

Central Government Special Deposit Scheme extended - Reinvestment by recognised funds - Part A of Fourth Schedule read with rule 67(2)(ii) of Income-tax Rules Circular No. 444 Dated 13/12/1985 Attention is invited to rule 67(2)( iv ) [as stood before its substitution by the Third Amendment Rules, 1986 with effect from 1-4-1986] of the Income-tax Rules, 1962 which, inter alia, provided that the recognised provident, superannuation and gratuity funds can make investment in the Central Government Special Deposit Scheme up to an amount not exceeding 30 per cent of the investible moneys. Special Deposit Scheme which was in force till 30-6-1985 has been extended for a further period of 10 years vide Notification No. 16(8)-PD of 1984, dated 12-6-1985. It has, therefore, been decided that maturing deposits falling due for repayment from 1-7-1985 onwards may be reinvested by the funds in the Central Government Special Deposit Scheme. However, the existing limit of 30 per cent remains unchanged. Circular : No. 444 [F. No. 215/41/85-IT(A-II)], dated 13-12-1985 .