Ppf for huf
This query is : Resolved
12 March 2012
Respected Sir/Madam,
I want to know from when PPF a/c Cannot be opened by HUF.
And What if PPF A/c has been running in the name of HUF ?
I want to know from when PPF a/c Cannot be opened by HUF.
And What if PPF A/c has been running in the name of HUF ?
12 March 2012
PLEASE GO THROUGH THE FOLLOWING TEXT-
Public Provident Fund
Government of India, Ministry of Finance vide letter F.No. 2/8/2005-NS-II dated May 20, 2005 have, inter alia, issued the following clarifications :
.
.
(i) Sequel to amendments to various Small Savings Schemes to restrict the scope of investments only to individuals, the accounts, if any, opened by juristic persons (HUFs, Trusts, Provident Funds, etc.) i.e., persons other than individuals (through single or joint accounts or deposits by guardians on behalf of minors and persons of unsound mind as per rules) on or after May 13, 2005, under any of the small savings scheme including Public Provident Fund Scheme, 1968, shall be treated as void ab initio and immediate action should be taken to close such accounts and to refund the deposits without any interest to the depositors.
.
.
(ii) It may, however, be noted that the above amendments shall not be applicable to the existing accounts opened in accordance with the rules in operation prior to the amendments dated May 13, 2005. These shall continue till maturity and deposits/withdrawals in/from these accounts shall be allowed to be made in accordance with the said rules. However, any extension of existing accounts shall be subject to the amendments dated May 13, 2005.—Circular No. CO.DT.15.02.001/H-9844-9866/2004-05, dated 25-5-2005
Public Provident Fund
Government of India, Ministry of Finance vide letter F.No. 2/8/2005-NS-II dated May 20, 2005 have, inter alia, issued the following clarifications :
.
.
(i) Sequel to amendments to various Small Savings Schemes to restrict the scope of investments only to individuals, the accounts, if any, opened by juristic persons (HUFs, Trusts, Provident Funds, etc.) i.e., persons other than individuals (through single or joint accounts or deposits by guardians on behalf of minors and persons of unsound mind as per rules) on or after May 13, 2005, under any of the small savings scheme including Public Provident Fund Scheme, 1968, shall be treated as void ab initio and immediate action should be taken to close such accounts and to refund the deposits without any interest to the depositors.
.
.
(ii) It may, however, be noted that the above amendments shall not be applicable to the existing accounts opened in accordance with the rules in operation prior to the amendments dated May 13, 2005. These shall continue till maturity and deposits/withdrawals in/from these accounts shall be allowed to be made in accordance with the said rules. However, any extension of existing accounts shall be subject to the amendments dated May 13, 2005.—Circular No. CO.DT.15.02.001/H-9844-9866/2004-05, dated 25-5-2005
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