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

In exercise of the powers conferred by subsection 4 of section 3 of the Public Provident Fund Act 1968

Issued by Ministry of Finance · Department of Economic Affairs

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Executive Summary & Key Takeaways

Executive Summary: This notification, GSR 332(E), issued by the Department of Economic Affairs, Ministry of Finance, on March 21, 2016, amends the Public Provident Fund Scheme of 1968. The amendment introduces provisions for premature closure of Public Provident Fund accounts under specific circumstances. These rules are called the Public Provident Fund Scheme Amendment Rules, 2016, and come into force from the date of publication in the Official Gazette. Key Points / Main Content: Premature Closure of PPF Accounts: * A subscriber can prematurely close their account, or that of a minor for whom they are the guardian, by submitting a written application to the Accounts Office. * Grounds for premature closure include: * Requirement of funds for treatment of serious ailment or life-threatening disease of the account holder, spouse, dependent children, or parents, supported by documents from a competent medical authority. * Requirement of funds for higher education of the account holder or minor account holder, supported by admission documents and fee bills from a recognised higher education institute in India or abroad. * Premature closure is allowed only after the account has completed five financial years. * A premature closure penalty of one percent will be deducted from the interest payable on the deposits held in the account from the date of opening until the date of closure. Impact Analysis: Subscribers to the Public Provident Fund Scheme: Impact: Subscribers now have the option to prematurely close their accounts under specific conditions (serious ailment/life-threatening disease or higher education needs), which provides increased flexibility. However, premature closure incurs a penalty of one percent deduction from the interest earned. Action Required: Subscribers seeking premature closure must submit a written application along with supporting documents to the Accounts Office. Accounts Office: Impact: The Accounts Office is now responsible for processing applications for premature closure and ensuring that the stipulated conditions are met. They are also responsible for calculating and deducting the premature closure penalty. Action Required: The Accounts Office must update its procedures to accommodate and process premature closure requests in accordance with the new rules. Central Government: Impact: The Central Government has exercised its power conferred by the Public Provident Fund Act, 1968 to make these ammendments. Action Required: None specified in document.

Key Entities Referenced

Public Provident Fund Act, 1968: An act related to Public Provident Fund in India. Public Provident Fund Scheme, 1968: A scheme related to Public Provident Fund in India, amended by the current notification. Public Provident Fund Scheme Amendment Rules, 2016: The set of rules amending the Public Provident Fund Scheme, 1968. Ministry of Finance: The ministry responsible for the notification. Department of Economic Affairs: The department within the Ministry of Finance that issued the notification. New Delhi: The location where the notification was issued. Union Territory of Delhi. Prashant Goyal: The Joint Secretary who signed the notification. The Gazette of India: Official government journal where the notification is published.
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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- 188] ubZ fnYyh] eaxyokj] ekpZ 22] 2016@pS=k 2] 1938 No. 188] 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. 332(अ.) – के(cid:22)(cid:23) ीय सरकार, लोक भिव(cid:30)य िनिध अिधिनयम, 1968 (1968 का 23) क$ धारा 3 क$ उप-धारा (4) )ारा *द+ शि-य. का *योग करते ह2ए, लोक भिव(cid:31)य िनिध योजना, 1968 का और संशोधन करने के िलए िन6निलिखत िनयम बनाती ह,ै अथात(cid:17) ः- 1. (1) इन िनयम. का संि>?त नाम लोक भिव(cid:30)य िनिध योजना (संशोधन) िनयम, 2016 है । (2) ये सरकारी *काशन क$ तारीख को *वCृत ह.गे । 2. लोक भिव(cid:30)य िनिध योजना, 1968 के, िनयम 9 मD, उप-िनयम (3ख) के पEच ात, िन6न िलिखत उप-िनयम अतं :Gथ ािपत िकया जाएगा, अथात(cid:17) ्:- ''(3 ग) अिभदाता को िन6न िलिखत मD से िकसी भी आधार पर लेखा काया(cid:17)लय को िलिखत आवेदन दके र अपने खाते अथवा उस अKय G क िजसका वह संर>क ह,ै के खाते को पLरपMव ता पवू (cid:17) बंद करने हेतु अवगत िकया जाएगा, नामत:- (i) स>म िचिकCस ा *ािधकारी स ेदGत ावेज *Gत ुत िकए जाने पर िक खाताधारक, उसक$ पCन ी, उसके पित अथवा आिQत बालक या माता-िपता के गंभीर रोग अथवा जानलेवा बीमारी के उपचार के िलए उMत रकम अपेि>त ह;ै (ii) भारत अथवा िवदशे मD मा(cid:22)य ता *ा?त उSच िश>ा संGथ ान न मD *वेश क$ पिुT हते ु रािश क$ जUरत खाताधारक अथवा नाबािलग खाताधारक क$ उSच तर िश>ा के िलए जUरत ह;ै ऐसा दGत ावेज एवं श(cid:8)ु क के िबल *Gत ुत करके िकया जा सकेगा । परंतु पLरपMव ता पवू (cid:17) खाता बंद करने क$ ऐसी अनWु ा खाते के पांच िवCत ीय वष(cid:17) पूरे होने के पEच ात् ही दी जाएगी: परंतु पLरपMव ता पवू (cid:17) खाता बंद करने पर, खाता खोलने क$ तारीख से लेकर इस *कार पLरपM वता-पवू (cid:17) खाता बंद िकए जाने क$ तारीख तक जमारािश पर देय Yय ाज से एक *ितशत क$ शािGत क$ कटौती क$ जाएगी ।'' [फा. सं. 1/4/2016-एनएस-II (पाट(cid:17)-2)] *शातं गोयल, संयMु त सिचव 1423 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] िट’प णी: मलू योजना सा.का.िन. 1136 (अ), तारीख 15 जनू , 1968 )ारा *कािशत क$ गई थी और तCप Eच ात् सा.का.िन. 368 (अ), तारीख 1 अगGत , 1972, सा.का.िन. 217 (अ), तारीख 9 माच,(cid:17) 1979, सा.का.िन. 271 (अ), तारीख 16 माच,(cid:17) 1983, सा.का.िन. 54 (अ), तारीख 7 फरवरी, 1984, सा.का.िन. 895 (अ), तारीख 23 जून, 1986, सा.का.िन. 1013 (अ), तारीख 20 अगGत , 1986, सा.का.िन. 793 (अ), तारीख 29 अगGत , 1989, सा.का.िन. 477 (अ), तारीख 25 मई, 1994, सा.का.िन. 489 (अ), तारीख 6 जलु ाई, 1999, सा.का.िन. 908 (अ), तारीख 6 िदसबं र, 2000, सा.का.िन. 679 (अ), तारीख 4 अMत ूबर 2002, सा.का.िन. 768 (अ), तारीख 15 नवंबर, 2002, सा.का.िन. 585 (अ), तारीख 15 जलु ाई, 2003, सा.का.िन. 690 (अ), 27 अगGत , 2003, सा.का.िन. 755 (अ), तारीख 19 नवंबर, 2004, सा.का.िन. 291 (अ), तारीख 13 मई, 2005, सा.का.िन. 956(अ), तारीख 7 िदसबं र, 2010, सा.का.िन. 844 (अ), तारीख 25 नवंबर, 2011, सा.का.िन. 225 (अ), तारीख 13 माच(cid:17), 2014, सा.का.िन. 496 (अ), तारीख 11 जलु ाई, 2014 और सा.का.िन. 588 (अ), तारीख 13 अगGत , 2014 के )ारा इसमD सशं ोधन िकया गया । MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 21st March, 2016 G.S.R. 332(E).—In exercise of the powers conferred by sub-section (4) of section 3 of the Public Provident Fund Act, 1968 (23 of 1968), the Central Government hereby makes the following rules further to amend Public Provident Fund Scheme, 1968, namely:- 1. (1) These rules may be called Public Provident Fund Scheme (Amendment) Rules, 2016. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Public Provident Fund Scheme, 1968, in rule 9, after sub-rule (3B), the following sub-rule shall be inserted, namely:- “(3C) A subscriber shall be allowed premature closure of his account or the account of a minor of whom he is the guardian, on a written application to the Accounts Office, on any of the following grounds, namely:- (i) that the amount is required for the treatment of serious ailment or life threatening disease of the account holder, spouse or dependent children or parents, on production of supporting documents from the competent medical authority; (ii) that the amount is required for higher education of the account holder or the minor account holder, on production of documents and fee bills in confirmation of admission in a recognised institute of higher education in India or abroad: Provided that such premature closure shall be allowed only after the account has completed five financial years: Provided further that a premature closure penalty of one per cent shall be deducted from the interest payable on the deposits held in the account from the date of opening of the account till the date of such premature closure”. [F. No. 1/4/2016-NS.II(Pt.-2)] PRASHANT GOYAL, Jt. Secy. Note: The Principal Scheme was notified vide G.S.R. 1136(E), dated the 15th June,1968 and subsequently amended vide G.S.R. 368(E), dated the 1st August,1972, G.S.R. 217(E), dated the 9th March,1979, G.S.R. 271(E), dated the 16th March,1983, G.S.R. 54(E), dated the 7th February, 1984, G.S.R. 895(E), dated the 23rd June,1986 G.S.R. 1013(E), dated the 20th August,1986, G.S.R. 793(E), dated the 29th August,1989 G.S.R. 477(E), dated the 25th May,1994, G.S.R. 489(E), dated the 6th July,1999, G.S.R. 908(E), dated the 6th December,2000, G.S.R. 679(E), dated the 4th October,2002, G.S.R. 768(E), dated the 15th November, 2002, G.S.R. 585(E), dated the 15th July, 2003, G.S.R. 690(E), dated the 27th August, 2003, G.S.R. 755(E), dated the 19th November, 2004, G.S.R. 291(E), dated the 13th May, 2005 , G.S.R. 956(E), dated the 7th December, 2010, G.S.R. 844(E), dated the 25th November, 2011, G.S.R. 225(E), dated the 13th March, 2014, G.S.R. 496 (E), dated 11th July, 2014 and G.S.R. 588(E), dated the 13th August, 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.

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