Section 134 of Finance Act 2018 : Insertion of new section and Schedule

By | April 1, 2018
(Last Updated On: April 20, 2018)

Section 134 of Finance Act 2018

[Section 134 of Finance Act 2018 deals with Insertion of new section and Schedule and is covered in CHAPTER VIII MISCELLANEOUS]

Insertion of new section and Schedule

134. After section 15 of the principal Act, the following shall be inserted, namely:—

“16. Repeal and savings.—(1) The Government Savings Certificates Act, 1959 (46 of 1959) and the Public Provident Fund Act, 1968 (23 of 1968) are hereby repealed.

(2) Notwithstanding such repeal and without prejudice to the provisions contained in the General Clauses Act, 1897 (10 of 1897), with respect to repeals—

(a)anything done or any action taken or purported to have been done or taken, including any rule, notification, order or notice made or issued or any direction given under the repealed enactments shall be deemed to have been done or taken under the corresponding provisions of this Act;
(b)subject to the provisions of clause (a), any instrument executed or certificate issued, or anything done under or in pursuance of any repealed enactment shall, if is in force at the commencement of Part I of Chapter VIII of the Finance Act, 2018, continue to be in force in so far as it could have been executed, or issued or done under or in pursuance of such Part, shall have effect as if the same has been executed, issued or done under or in pursuance of the provisions contained in the aforesaid Part;
(c)all deposits made or accounts or certificates held under the repealed enactments shall be deemed to be deposits or holdings in the Savings Scheme made under the corresponding provisions of this Act; and
(d)any proceeding under the repealed enactments pending immediately before the commencement of Part I of Chapter VIII of the Finance Act, 2018 before any court shall, subject to the provisions of this Act, continue to be heard and disposed of by the said court.

(3) The repeal shall not prejudicially affect the interest of depositors who, before the commencement of Part I of Chapter VIII of the Finance Act, 2018, made deposits or were issued certificates or made contribution to any scheme under the repealed enactments.

THE SCHEDULE

[See section 3A]

This Act applies to the following Government Savings Schemes:

PART A

EXISTING SAVINGS SCHEMES

1.Post Office Savings Account
2.National Savings Monthly Income (Account)
3.National Savings Recurring Deposit
4.Sukanya Samridhhi Account
5.National Savings Time Deposit (1 year, 2 years, 3 years and 5 years)
6.Senior Citizens’ Savings Scheme
7.Savings Certificates:—
(a)Kisan Vikas Patra (discontinued from 1st December, 2011 and restarted from 23rd September, 2014);
(b)National Savings Certificates (VIII Issue).
8.Public Provident Fund Scheme

PART B

DISCONTINUED SAVINGS SCHEMES

1.National Savings Scheme, 1987
2.National Savings Scheme, 1992
3.Block Deposit Account
4.Defence Savings Account
5.Gift Coupons
6.Cumulative Time Deposit Accounts:—
(a)5-year account
(b)10-year account
(c)15-year account
7.5-year Prize Bonds
8.5-year Premium Prize Bonds
9.5-year Compulsory Deposit Account Scheme, 1963
10.5-year Fixed Deposit Account
11.5-Year Cash Certificates
12.10-Year Defence Savings Certificates
13.12-Year National Savings Certificates
14.7-Year National Savings Certificates
15.5-Year National Savings Certificates
16.10-Year Treasury Savings Deposits Certificates
17.15-Year Annuity Certificates (I series)
18.10-Year National Plan Savings Certificates
19.10-Year Treasury Savings Deposits Certificates
20.12-Year National Plan Savings Certificates
21.15-Year Annuity Certificates (II series)
22.10-Year Defence Deposit Certificates
23.12-Year National Defence Certificates
24.10-Year National Savings Certificates (I-Issue)
25.7-Year National Savings Certificates (II-Issue)
26.7-Year National Savings Certificates (III-Issue)
27.7-Year National Savings Certificates (IV-Issue)
28.7-Year National Savings Certificates (V-Issue)
29.12-Year National Savings Annuity Certificates
30.5-Year National Development Bonds
31.6-Year National Savings Certificates (VI-Issue)
32.6-Year National Savings Certificates (VII-Issue)
33.10-Year Social Security Certificates
34.Indira Vikas Patras
35.10-Year National Savings Certificates (IX-Issue).”.

Finance Act 2018 : Assented by President : Download Print Notification

 

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