Post Office (Monthly Income Account) (Third Amendment) Rules, 2003 - G.S.R. 819 (E) - Income Tax

Post Office (Monthly Income Account) (Third Amendment) Rules, 2003 Notification No.G.S.R. 819 (E) File No.2/18/2002-NS-II Dated 16th October, 2003 In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office (Monthly Income Account) Rules, 1987, namely:- 1. (1) These rules may be called the Post Office (Monthly Income Account) (Third Amendment) Rules, 2003. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Post Office (Monthly Income Account) Rules, 1987, after rule 9, the following rule shall be substituted, namely:- 9A Post-maturity interest- Where repayment of a deposit, inclusive of bonus, under rule 9 has become due but has not been made, interest shall be allowed on the amount due for a maximum period of two years from the date of maturity to the date of repayment of the deposit subject to the following conditions, namely:- (a) The interest shall be simple and shall be calculated at the rate applicable from time to time to savings accounts of the type of single or joint account. (b) For the purpose of payment of interest, any part of the period which is less than one month shall be ignored. (c) The interest shall be paid to the depositor in lumpsum at the time of repayment of amount due. . Sd/- (P.C. Singh) Under Secy. Note: The principal rules were published vide GSR 701(E), dated the 10th August, 1987 and subsequently amended vide GSR 805(E), dated the 21st July, 1988; GSR 46(E), dated the 20th January, 1989; GSR 581(E), dated the 12th September, 1991; GSR 430(E), dated the 24th April, 1992; GSR 390(E), dated the 29th April, 1993; GSR 585(E), dated the 2nd September, 1993; GSR 5(E), dated the 1st January, 1999; GSR 45(E), dated the 15th January, 2000; GSR 80(E), dated the 1st February, 2000; G.S.R. 613(E), dated the 18th July, 2000; GSR 153(E) dated the 1st March, 2001; GSR 161(E) dated the 1st March, 2002; GSR 350(E) dated the 10th March, 2002, G.S.R. 176(E), dated the 1st March, 2003 and G.S.R 758(E), dated the 23rd September, 2003.