NOTIFICATION NO. GSR 227(E) [F.NO.2/7/2012-NS-II], DATED 13-3-2014

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

NOTIFICATION NO. GSR 227(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 the National Savings Certificates (IX Issue), 2011 namely:—

1. (1) These rules may be called the National Savings Certificates (IX 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 (IX Issue) Rules—

(i) in rule 7, the following clause shall be inserted, namely:—
“(v) by any electronic mode in case of certificates are purchased from the post offices working on Core Banking Solution platform.”
(ii) for rule 9, the following rule shall be substituted, namely:—
“9. Certificate in lieu of proceeds of old certificates:—A holder of an old certificate entitled to encash that certificate may make an application in Form 1 for the grant of a certificate under these rules, and on receipt of such an application, there shall be issued to the applicant a certificate under these rules and the date of issue of the certificate shall be the date on which the old certificate duly discharged is presented.
(iii) in rule 11,
(a) 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 a new holder shall be written under the signature and date of the authorised Postmaster along with his designation and date stamp of the post office.”
(b) after sub-rule (4), 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”
(ii) rule 23 shall be omitted.

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