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Date: 2016-03-22 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by section 12 of the Government Savings Certificates Act 1959

Issued by Ministry of Finance · Department of Economic Affairs

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Executive Summary & Key Takeaways

Executive Summary: This notification, issued by the Department of Economic Affairs under the Ministry of Finance, amends the National Savings Certificates (VIII Issue) Rules of 1989. It introduces a new clause regarding the interest rate applicable to certificates purchased on or after April 1, 2016. The interest rate will be notified by the Central Government and calculated on an annual compounding basis. Key Points / Main Content: Amendments to National Savings Certificates (VIII Issue) Rules, 1989: * These rules are called the National Savings Certificates (VIII Issue) Rules, 2016. * The amendments come into force on April 1, 2016. Interest Rate for Certificates: * For certificates purchased on or after April 1, 2016, interest will be payable at a rate notified by the Central Government. * Interest will be calculated on an annual compounding basis. Impact Analysis: Central Government: * Impact: The Central Government is responsible for notifying the interest rate applicable to the National Savings Certificates (VIII Issue). * Action Required: The Central Government must determine and publish the applicable interest rate for certificates purchased on or after April 1, 2016. Certificate Purchasers (on or after April 1, 2016): * Impact: Individuals purchasing National Savings Certificates (VIII Issue) on or after April 1, 2016, will have their interest calculated based on the new rules. * Action Required: Purchasers should be aware of the interest rate notified by the Central Government for certificates bought on or after April 1, 2016, as it will be compounded annually.

Key Entities Referenced

Prashant Goyal: Joint Secretary, Budget Ministry of Finance: The ministry responsible for economic and financial matters in the Indian government. Department of Economic Affairs: A department within the Ministry of Finance. Government Savings Certificates Act, 1959: The act which provides the legal basis for government savings certificates in India. Central Government: The executive authority of the Union of India. National Savings Certificates VIII Issue Rules, 1989: The rules governing the National Savings Certificates VIII Issue. New Delhi: The location where the notification was issued, which is the capital of India. National Savings Certificates VIII Issue Rules, 2016: Amendment to the existing rules for National Savings Certificates VIII Issue.
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jftLVªh laö Mhö ,yö&33004@99 REGD. NO. D. L.-33004/99 vlk/kj.k EXTRAORDINARY Hkkx II—[k.M 3—mi&[k.M (i) PART II—Section 3—Sub-section (i) izkf/dkj ls izdkf'kr PUBLISHED BY AUTHORITY la- 187] ubZ fnYyh] eaxyokj] ekpZ 22] 2016@pS=k 2] 1938 No. 187] NEW DELHI, TUESDAY, MARCH 22, 2016/ CHAITRA 2, 1938 िव(cid:3)त मं(cid:8)ालय (आिथ(cid:14)क काय(cid:14) िवभाग) अिधसूचना नई िद(cid:8)ल ी, 21 माच(cid:17), 2016 सा.का.िन. 331(अ).—के(cid:22)(cid:23) ीय सरकार, सरकारी बचत प(cid:30) अिधिनयम, 1959 (1959 का 46) क$ धारा 12 %ारा &द’त शि)त य* का &योग करते ह.ए रा01 ीय बचत प(cid:30) (VIII िनग(cid:17)म) िनयम, 1989 का और संशोधन करने के िलए िन7न िलिखत िनयम बनाती है ,अथात(cid:17) :- 1. (i) इन िनयम* का संि?@त नाम रा0 1ीय बचत प(cid:30) (VIII िनग(cid:17)म) िनयम, 2016 है । (ii) ये िनयम 1 अ(cid:6)लै , 2016 को &व’ृ त ह*गे । 2. रा01 ीय बचत प(cid:30) (VIII िनग(cid:17)म) िनयम, 1989 के — िनयम 16 के, उप-िनयम (4) मE, खंड (iv) के पHच ात, िन7न िलिखत खंड अंत:Iथ ािपत िकया जाएगा, अथा(cid:17)त:- (V) 1 अ&ैल, 2016 को या इसके पHच ात Lय िकए गए &माणप(cid:30)* के िलए कE(cid:23)ीय सरकार %ारा अिधसिूचत दर पर Oय ाज का संदाय िकया जाएगा, िजस ेवािष(cid:17)क चLविृQ Oय ाज के आधार पर पSरकिलत िकया जाएगा। [फा. सं. 1/4/2016-एनएस-II/(पाट(cid:17)-3)] &शातं गोयल, संय)ु त सिचव (बजट) िट(cid:30)प णी: त’प Hच ात अिधसचू ना सZं यांक. सा.का.िन. 308 (अ), तारीख 23 मई, 1990, सा.का.िन. 120 (अ), तारीख 8 माच(cid:17), 1998, सा.का.िन. 7(अ), तारीख 1 जनवरी, 1999, सा.का.िन 491(अ), तारीख 6 जलु ाई, 1999, सा.का.िन. 47 (अ), तारीख 15 जनवरी, 2000, सा.का.िन. 156 (अ), तारीख 1 माच(cid:17), 2001, सा.का.िन. 572 (अ), तारीख 2 अगIत , 2001, सा.का.िन. 179 (अ), तारीख 1 माच(cid:17), 2003, सा.का.िन. 590 (अ), तारीख 25 जलु ाई, 2003, सा.का.िन. 820 (अ), तारीख 16 अ)त ूबर, 2003, सा.का.िन. 289 (अ), तारीख 13 मई, 2005, सा.का.िन. 744 (अ), तारीख 4 अ)त ूबर, 2011, सा.का.िन. 842 (अ), 1422 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] तारीख 25 नवंबर, 2011, सा.का.िन. 318 (अ), तारीख 25 अ&ैल, 2013, सा.का.िन. 397 (अ), तारीख 25 जनू , 2013, सा.का.िन. 226 (अ), तारीख 13 माच(cid:17), 2014, और सा.का.िन. 494 (अ), तारीख 14 नवंबर, 2014 %ारा संशोिधत क$ गई। MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 21st March, 2016 G.S.R. 331(E).—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) Rules, 2016. (2) They shall come into force with effect from the 1st day of April, 2016. 2. In the National Savings Certificates (VIII Issue) Rules, 1989 in rule 16, in sub-rule (4), after clause (iv), the following clause shall be inserted, namely:— “(v) For the certificates purchased on or after 1st April, 2016, interest shall be payable at the rate notified by the Central Government, to be calculated at annual compounding basis.” [F. No. 1/4/2016-NS.II/(Pt.-3)] PRASHANT GOYAL, Jt. Secy. (Budget) Note: The principal rules were published vide number G.S.R. 496(E), dated the 1st May 1989, and subsequently amended vide notification numbers G.S.R. 508(E), dated the 23rd May 1990, G.S.R. 120(E), dated the 8th March 1998, G.S.R. 7(E), dated the 1st January 1999, G.S.R. 491(E), dated the 6th July, 1999, G.S.R. 47(E), dated 15th January, 2000, G.S.R. 156(E), dated the 1st March 2001, G.S.R. 572(E), dated the 2nd August, 2001, G.S.R. 179(E), dated the 1st March, 2003, G.S.R. 590(E), dated the 25th July, 2003, G.S.R. 591 (E), dated the 25th July, 2003, G.S.R. 820(E), dated the 16th October, 2003, G.S.R. 289(E), dated the 13th May, 2005, G.S.R. 744(E), dated the 4th October 2011, G.S.R. 842(E), dated the 25th November, 2011, G.S.R. 318 (E), dated the 25th April, 2013, G.S.R. 397 (E), dated the 25th June, 2013, G.S.R. 226(E), dated the 13th March, 2014 and G.S.R. 494(E), dated the 11th November, 2014.¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3 Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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