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12. Power to make rules.-

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

(2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for-

(a) the form of application for savings certificates and the issue and discharge of such certificates;

(b) the maximum limits of holdings;

(c) the conditions as to payment of interest or discount relating to any class of savings certificates and the recovery of any interest paid on any amount held in excess of the maximum limits in the same manner as an arrear of land revenue or in any other manner;

(d) the transfer and conversion of savings certificates and the fees to be levied in respect thereof;

(e) the replacement of savings certificates mutilated, lost or destroyed and the fees payable in respect thereof;

(f) the form of nominations, the manner in which and the conditions subject to which nominations may be made and the registration of nominations;

(g) the manner in which any person may be appointed for the purposes of sub-section (3) of section 6;

(h) the variation or cancellation of nominations and the registration of such variations or cancellations;

(i) the fees that may be levied for registration, variation or cancellation of nominations;

1[(ia) the limit under sub-section (4) of section 7;]

(j) any other matter which has 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 1[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.

1. Subs. by Act 20 of 1983, s. 2 and the Schedule, for certain words (w.e.f. 15-3-1984).



Government Savings Certificates Act, 1959 Back




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