## Policy Summary: Kisan Vikas Patra Amendment Rules, 2016
This notification, G.S.R. 330(E), issued by the Department of Economic Affairs, Ministry of Finance on March 21, 2016, introduces the Kisan Vikas Patra Amendment Rules, 2016. These rules, enacted under the authority of Section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), amend the Kisan Vikas Patra Rules, 2014.
**Key Amendments:**
* **Effective Date:** The amendments take effect on April 1, 2016.
* **Omission:** Sub-rule 2 of Rule 16 of the Kisan Vikas Patra Rules, 2014 is omitted.
* **Interest Rate:** For certificates purchased on or after April 1, 2016, interest will be paid at a rate notified by the Central Government, calculated on an annual compounding basis.
**Authority:**
The notification is issued under the authority of Prashant Goyal, Joint Secretary, Budget.
**Original Rules:**
The principal rules, Kisan Vikas Patra Rules, 2014, were initially published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i), under notification number G.S.R. 705(E), dated September 23, 2014, and published on October 1, 2014.
Key Entities Referenced
Kisan Vikas Patra Rules, 2014: The principal rules which are being amended by this notification.
Kisan Vikas Patra Amendment Rules, 2016: The short title of the rules introduced via this notification.
Government Savings Certificates Act, 1959: The Act that confers power to the Central Government to make rules regarding Government Savings Certificates.
Central Government: The governing body responsible for amending the Kisan Vikas Patra Rules.
Ministry of Finance: The ministry under which the Department of Economic Affairs operates, responsible for this notification.
Department of Economic Affairs: The department within the Ministry of Finance that issued the notification.
Prashant Goyal: Joint Secretary (Budget), who signed the notification.
New Delhi: The location where the notification was issued, New Delhi, Delhi.
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1421 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 21st March, 2016
G. S. R. 330(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 Kisan Vikas
Patra Rules, 2014, namely:-
1. (1) These rules may be called the Kisan Vikas Patra (Amendment) Rules, 2016.
(2) They shall come into force with respect from the 1st day of April, 2016.
2. In the Kisan Vikas Patra Rules, 2014,-
(i) in rule 16, sub-rule (2) shall be omitted;
(ii) in rule 17, after sub-rule (3), the following sub-rule shall be inserted, namely:-
“(4) For the certificates purchased on or after the 1st day of 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/1)]
PRASHANT GOYAL, Jt. Secy. (Budget)
Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i),
dated the 1st October, 2014 vide notification number G.S.R. 705 (E), dated the 23rd September, 2014.
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.