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The Government Savings Promotion Act, 1873

15. Power to make rules.-

(1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act.

(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:-

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12[(b) the conditions as to interest or discount relating to deposits generally, or any class of deposits in particular;]

(c) the non-accrual of interest on deposits when the maximum limits are exceeded and the recovery of any interest paid in excess in the same manner as an arrear of land revenue or in any other manner;

(d) the persons to whom and the manner in which deposits may be paid;

(e) the form of nominations, the manner in which, the persons in whose favour and the conditions and restrictions subject to which, nominations may be made and the registration of nominations;

(f) the variation or cancellation of nominations;

1[(g) the fees that may be levied for discharge of any services under this Act;]

(h) the manner in which any person may be appointed for the purpose of subsection (3) of section 4;

2[(i) the limit and procedure under clause (a) of sub-section (4) of section 4A;

(j) the mode of making deposits, such as physical, electronic or through use of any other tools of communication and information technology;

(k) benchmark for interest rates on deposits with a view to ensure financial sustainability of Savings Schemes;

(l) amount to be excluded in computing the court fee chargeable under the Court-fees Act, 1870 (7 of 1870) for the purpose of section 8 of the Act;

(m) mechanism for redressal of grievances and settlement of disputes;

(n) any other matter which is required to be or may be, prescribed.]

(3) Every rule made under this section shall be laid as soon as may be after it is made before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or 3[in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid] both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so however that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.]

11. Clause (a) omitted by s. 133, ibid. (w.e.f. 1-4-2018).

12. Subs. by s. 133, ibid., for clause (b) (w.e.f. 1-4-2018).

1. Subs. by Act 13 of 2018, s. 133, for clause (g) (w.e.f. 1-4-2018).

2. Subs. by s. 133, ibid., for clause (i) (w.e.f. 1-4-2018).

3. Subs. by Act 20 of 1983, s. 2 and Sch. (w.e.f. 15-3-1984).



Government Savings Promotion Act, 1873 Back




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