NOTIFICATION NO. GSR 226(E) [F.NO.2/7/2012-NS-II], DATED 13-3-2014

NATIONAL SAVINGS CERTIFICATES (VIII ISSUE) (AMENDMENT) RULES, 2014

NOTIFICATION NO. GSR 226(E) [F.NO.2/7/2012-NS-II]DATED 13-3-2014

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 National Savings Certificates (VIII Issue), 1989 namely:—

1. (1) These rules may be called the National Savings Certificates (VIII Issue) (Amendment) Rules, 2014.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In National Savings Certificates (VIII Issue) Rules—

(i) in rule 7, in clause (iv), the following clause shall be substituted, namely:—
“(v) by any electronic mode in case of certificates are purchased from the post offices working on Core Banking Solution platform.”
(ii) in rule 11, for sub-rule(4), the following sub-rule shall be substituted, namely:—
“(4) In every case of transfer, name of previous holder shall be rounded and name of new holder shall be written under the dated signature of the authorized Postmaster along with his designation and date stamp of the post office.”
(iii) after sub-rule (5), the following sub-rule shall be inserted, namely:—
“(5) Transfer of certificate shall be allowed only once from the date of issue to the date of discharge of the certificate.”
(iv) rule 23 shall be omitted.

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