Gov decides to amend in Small Saving Act
Government has decided to amend in Small Saving Act, proposing the merger of Government Savings Certificates Act, 1959, Public Provident Fund Act, 1968 with the Government Savings Banks Act, 1873.
The amendment will retain all existing protections while consolidating PPF Act under the proposed Government Savings Promotion Act.
According a Finance Ministry statement, the government gives highest priority to the interest of small savers, especially savings for the benefit of girl child, the senior citizens and the regular savers who form the backbone of our country's savings architecture.
Apart from ensuring existing benefits, certain new benefits to the depositors have been proposed under the bill.
PostedOn: 13 Feb 2018
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