Amendment in Post Office (Recurring Deposit) Rules, 1981 - 480 (E) - Indian Law

Amendment in Post Office (Recurring Deposit) Rules, 1981 MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi , the 26th June, 2008 G.S.R. 480 (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 (Recurring Deposit) Rules, 1981, namely: 1. Short title and commencement.- (1) These rules may be called the Post Office Recurring Deposit (Amenodment) Rules. 2008. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Amendment of rule 7.- In the Post Office (Recurring Deposit) Rules. 1981. in rule 7. in sub-rule (2). the following provisos shall be inserted, namely, "Provided that notwithstanding anything contained in sub-rule (1), in the case of personnel of Defence Services (excluding Civilian Defence Employees), if there are not more than seven defaults in the monthly deposits. the depositor may, at his option, extend the maturity period of the account by as many months as the number of defaults and deposit the defaulted installments during the extended period: Provided further that in the case of personnel of Defence Services (excluding Civilian Defence Employees), if there are more than seven defaults the accounts shall be treated as discontinued and the revival of the account shall be permitted only within a period of two months from the month of eighth default, subject to payment of interest and defaulted installments as provided in this rule." [F. No. 2/l5/2006-NS-R] M.A. KHAN, Under Secy. Note: The principal rules were published in the Gazette of India, notification No. vide G.S.R. 666 (E). dated the 17th December, 1981 and subsequently amended vide G.S.R.301(E),d*d the 1st April, 1982, G.S.R.258 (E), dated the 11 th March, 1983. G.S.R. 62 (E), dated the l4th February, 1984, G.S.R. 95 (E), dated the 7th February, 1986, G.S.R. 194 (E), dated the 13th February, 1986, G.S.R. 363 (E), dated the 1st April, 1987, G.S.R. 39(E), dated the 16th January. 1988. G.S.R. 458 (E), dated the 15th April, 1988, G.S.R_ 708 (E), dated the 21 St July, l989,G.S.R- 16(E), dated the 9th January, 1990, G.S.R. 190 (E). dated the 27th March 1991. G.S.R. 579 (E). dated the 12th September, 1991, G.S.R. 918 (E), dated the 11th December, 1992, G.S.R. 42 (E), dated the lst February. 1993,G.S.R. .587(E), dated the 2nd September, 1993. G.S.R. 2(E), dated the lst January, l999, G.S.R. 748(E). dated the 4th November, 1999, G.S.R. 44 (E), dated the 15th January, 2000, G.S.R. 152 (E), dated the 1st March, 200 I, G.S.R. 160 (E), dated the 1st March, 2002, G.S.R. 514 (E), dated the 23rd July. 2002, G.S.R. 662 (E), dated the 23rd September, 2002, G.S.R. 175 (E), dated the 1st March, 2003, G.S.R 588 (E), dated the 25th July, 2003 and G.S.R. 83 8 (E), dated the 27th December, 2004.