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MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 31st March, 2023 G.S.R.238(E) -In exercise of the powers conferred by section 15 of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following rules to amend the Government Savings Promotion General Rules, 2018, namely:- 1. These rules may be called the Government Savings Promotion General (Amendment) Rules, 2023. (2) They shall come into force on the date
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FAQ :
These are amendments to the existing Government Savings Promotion General Rules, 2018, which came into force upon their publication in the Official Gazette.
The main change requires individuals opening a new savings account to submit their Aadhaar Number or Permanent Account Number (PAN) or Form 60, along with other required identity documents.
If an Aadhaar Number has not been assigned, individuals must provide proof of application for Aadhaar enrollment when opening an account. They then have six months from the account opening date to submit their Aadhaar Number.
Existing account holders who have not yet submitted their Aadhaar number must do so within six months from the 1st of April, 2023. Failure to do so will result in the account ceasing to be operational until submission.
A PAN or Form 60 must be submitted within two months from the earliest of these events: the account balance exceeding fifty thousand rupees, aggregate credits exceeding one lakh rupees in a financial year, or aggregate withdrawals/transfers exceeding ten thousand rupees in a month. The account will cease to be operational until submission.
Yes, the Accounts Office may request any other documents considered necessary, including those related to the depositor's business nature and financial status.
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