TMI BlogPayment of interest in respect of PPF (HUF) accountsX X X X Extracts X X X X X X X X Extracts X X X X ..... 1-6-2011 I am directed to say that as per the provisions contained in Public Provident Fund (PPF) Scheme, 1968, prior to 13th May, 2005 accounts could be opened by individuals and on behalf of HUFs. With effect from 13th May, 2005 opening of PPF accounts has been restricted to "individuals" only. In this regard, a clarification was issued by Finance Ministry vide letter No. F.2/8/200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... An amendment has been made to PPF Scheme, 1968 vide this Ministry's Notification No. G.S.R. 956(E) dated 7th December, 2010. A new Proviso below Sub-Paragraph 3 of Paragraph 9 of PPF Scheme, 1968 has been inserted, according to which PPF accounts opened on behalf of HUFs prior to 13th May, 2005 shall be closed after expiry of 15 years from the end of the year in which initial subscriptio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terest at PPF rate would be paid on those PPF (HUF) accounts, which had attained the maturity after 13-5-2005 but closed by the subscribers before 7-12-2010, subject to the conditions that the accounts had not been extended thereafter and the deposits were retained in such accounts without further subscriptions. 5. The above decision may be circulated to all concerned for compliance. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
