Re introduction of Kisan Vikas Patra

Re introduction of Kisan Vikas Patra

MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION

New Delhi, the 23rd September, 2014

G..S.R. 705(E).—In exercise of the powers conferred by section 12 of the Government Savings  Certificates Act, 1959 (46 of 1959) and in supersession of the Kisan Vikas Patra Rules, 1988 except as  respects things done or omitted to be done before such supersession, the Central Government hereby makes  the following rules, namely:—

1. Short title and commencement.—

(1) These rules may be called the Kisan Vikas Patra Rules, 2014.

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

2. Definitions.—In these rules, unless the context otherwise requires, –

(a) “Act” means the Government Savings Certificates Act, 1959 (46 of 1959);
(b) “cash” means the cash in Indian currency;
(c) “Certificate” means the Kisan Vikas Patra;
(d) “Form” means a Form annexed to these rules;
(e) “Post Office” means any departmental post office in India doing Savings Bank work;
(f) “Bank” means any branch of State Bank of India and its associate banks, designated branches of  Nationalised and other commercial banks, authorized for Public Provident Fund Scheme;
(g) words and expressions used herein and not defined but defined in Post Office Savings Certificate Rules, 1960 shall have the meanings respectively assigned to them in those rules.

3. Application of Post Office Savings Certificate Rules, 1960.—The provisions of the Post Office  Savings Certificate Rules, 1960 shall, so far as may be, apply in relation to matters for which no provision  has been made in these rules.

4. Denomination of Certificates.—The Kisan Vikas Patra shall be issued in denominations of  Rs. 1,000/-, Rs. 5,000/-, Rs.10,000/- and Rs. 50,000/-.

5. Purchase of Certificate.—Any number of Certificates of the denominations specified in rule 4  may be purchased.

6. Type of Certificates and issue thereof.—

(1) The Certificates shall be of the following types, namely :—

(a) Single holder type Certificates;
(b) Joint ‘A’ type Certificates; and
(c) Joint ‘B’ type Certificates.

(2) (a) A single holder type Certificate may be issued to –

(a) an adult for himself or on behalf of a minor or to a minor;

(b) A Joint ‘A’ type Certificate may be issued jointly to two adults payable to both holders jointly or to the survivor.
(c) A Joint ‘B’ type Certificates may be issued jointly to two adults payable to either of the  holders or to the survivor.

7. Procedure for purchase of Certificate.—

(1) Any person or persons specified in rule 6, desiring to purchase a Certificate, shall present an application in a Form A either in person or through an authorised agent of the small savings schemes at a Post Office or Bank.
(2) Payment for the purchase of a Certificate may be made to a Post Office or Bank in any of the  following modes, namely:—

(i) by cash; or
(ii) by locally executed cheque, pay order or demand draft drawn in favour of the Post Master; or
(iii) by presenting a duly signed withdrawal form or cheque together with the passbook for withdrawal from Savings Account standing in credit of the purchaser at the same Post Office or Bank.

8. Issue of Certificates.—(1) On payment being made under rule 7, except where payment is made  by a cheque, pay order or demand draft, a Certificate shall be issued immediately and the date of such Certificate shall be the date of payment.

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