National Savings Certificates (VIII Issue) (Fourth Amendment) Rules, 2003 - G.S.R. 820 (E) - Income Tax

National Savings Certificates (VIII Issue) (Fourth Amendment) Rules, 2003 Notification No.G.S.R. 820 (E) File No.2/18/2002-NS-II Dated 16th October, 2003 In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the National Savings Certificates (VIII Issue) Rules, 1989, namely:- 1. (1) These rules may be called the National Savings Certificates (VIII Issue) (Fourth Amendment) Rules, 2003. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the National Savings Certificates (VIII Issue) Rules, 1989,- (i) after rule (15), the following rule shall be inserted, namely:- "15A Post-maturity interest:- Where repayment of the amount, inclusive of interest, under rule 15 has become due but has not been made, interest shall be allowed on the amount due for a maximum period of two years from the date of maturity to the date of repayment of the amount subject to the following conditions, namely:- (a) The interest shall be simple and shall be calculated at the rate applicable from time to time to savings accounts of the type of single or joint account. (b) For the purpose of payment of interest, any part of the period which is less than one month shall be ignored. (c) The interest shall be paid to the depositor in lumpsum at the time of repayment of amount due."; (ii) In sub-rule 20,- (1) in sub-rule (1), for the letters and figures "Rs. 60,000", the words "one lakh rupees" shall be substituted; (2) in sub-rule (2), for the Table, the following Table shall be substituted, namely:- "Table Sl. No. Name of Authority Limit (in Rs.) (1) (2) (3) (i) Time Scale Departmental Sub-Postmasters 1,000 (ii) Sub-Postmasters in Lower Selection Grade 2,000 (iii) Sub-Postmasters/Deputy Postmasters/Postmasters in Higher Selection Grade (All non-Gazetted) 5,000 (iv) Deputy Postmasters/Senior Postmasters/Deputy Chief Post Masters/Superintendent of Post Offices/Deputy Superintendent (All Gazetted Group-B) 20,000 (v) Chief Postmasters in Head Offices, Senior Superintendents (All Gazetted Group-A) 50,000 (vi) Regional Directors/Director (General Post Offices) (In Mumbai and Kolkata) 75,000 (vii) Chief Postmasters General/Postmasters General (Headquarter and Region) 1,00,000 Sd/- (P.C. Singh) Under Secy. Note:- The principal rules were published vide GSR 496 (E) dated 1st May, 1989 and subsequently amended vide GSR 508 (E) dated 23rd May, 1990; GSR 120 (E) dated 8th March, 1998; GSR 7(E) dated 1st January, 1999; GSR 491 (E) dated 6th July, 1999; GSR 47(E) dated 15th January, 2000; GSR 156(E) dated 1st March, 2001; GSR 572(E) dated 2nd August, 2001; GSR 163(E) dated 1st March, 2002; GSR 711(E) dated 17th October, 2002; GSR 179(E) dated 1st March, 2003; GSR 590(E) dated 25th July, 2003 and GSR 591(E) dated 25th July, 2003.