Deemed closure of PPF account on resident becoming non-resident

Deemed closure of PPF account on resident becoming non-resident

MINISTRY OF FINANCE
Department of Economic Affairs

NOTIFICATION

New Delhi, the 3rd October, 2017

G.S.R.1237 (E).—In exercise of the powers conferred by section 3 of the Public Provident Fund Act, 1968 ( 23 of 1968) , the Central Government hereby makes the following Scheme further to amend the Public Provident Fund Scheme, 1968, namely: –

1. (1) These Scheme may be called the Public Provident Fund (Amendment) Scheme, 2017.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Public Provident Fund Scheme, 1968, in paragraph 3, in sub-paragraph (3), for the proviso, the following proviso shall be substituted, namely:-

“Provided that if a resident who opened an account under this scheme, subsequently becomes a non Resident during the currency of the maturity period, the account shall be deemed to be closed with effect from the day he becomes a non-resident and interest with effect from that date shall be paid at the rate applicable to the Post Office Saving Account up to the last day of the month preceding the month in which the account is actually closed”.

[F. No. 1/10/2016-NS.II]

PRASHANT GOYAL, Jt. Secy.

Note : The Principal Scheme was published in the Gazette of India vide notification number G.S.R. 1136, dated the 15th June,1968 and subsequently amended vide notification numbers G.S.R. 368(E), dated the 1st August,1972, G.S.R. 217(E), dated the 9th March,1979, G.S.R. 271(E), dated the 16th March,1983, G.S.R. 54(E), dated the 7th February, 1984, G.S.R. 895(E), dated the 23rd June,1986, G.S.R. 1013(E), dated the 20th August,1986, G.S.R. 793(E), dated the 29th August, 1989, G.S.R. 477(E), dated the 26th May,1994, G.S.R. 489(E), dated the 6th July,1999, G.S.R. 908(E)