P.O. S.B. Manual Vol. III - India Post

95C H A P T E R - 12THE NATIONAL SAVINGS CERTIFICATES (VIII-ISSUE) RULES, 1989GSR 496 (E) – In exercise of the powers conferred by section 12 of the Government Savings CertificatesAct, 1959 (46 of 1959), the Central Government hereby makes the following rules, namely:-1. Short title and commencement:- (1) These rules may be called the NationalSavings Certificates (VIII Issue) Rules, 1989.(2) They shall come into force on the 8 th May, 1989.2. Definitions:- In these rules, unless the context otherwise requires.(i) “Act” means the Government Savings Certificates Act, 1959 (46 of 1959)(ii) “Banking Company” – deleted.(iii) “Cash” means cash in Indian currency;(iv) “Certificate” means the National Savings Certificates (VIII Issue)(v) “Company” – deleted.(vi) “Corporation” means a corporation established by or under any law forthe time being in force;(vii) “firm” – deleted.[Clauses (ii), (v) & (vii) deleted vide MOF (DEA) NotificationNo.GSR (120 (E) dated 8.3.1995 effective from 1.4.1995](viii) “Form” means a form appended to these rules and also includes formsas prescribed by the Department of Posts.(ix) “Government Company” means a company as defined in section 617of the Companies Act, 1956 (1 of 1956);(x) “Local Authority” means a municipal corporation, municipalcommittee, district board, Body of port commissioners or otherauthority legally entitled to or entrusted by the Government with thecontrol or management of municipal or local fund;(xi) “Old Certificate” means a certificate issued under the Post Office Savings CertificatesRules, 1960, or the National Savings Certificates (First Issue), Rules 1965 or theNational Savings Certificates (IV Issue) Rules, 1973; or a Bond issued under theNational Development Bonds Rules, 1977 or the National Savings Certificates (VIIssue), 1981 or the National Savings Certificates (VII Issue) Rules, 1981 or the SocialSecurity Certificate Rules, 1982 or the Kisan Vikas Patra Rules, 1988;(xii) “Post Office” means any departmental post office in India doing Savings Bank workand such other post office as is authorised by Department of Posts.(xiii) “Scheduled Bank” means a bank for the time being included in the second Scheduleto the Reserve Bank of India Act, 1934 (2 of 1934).(xiv) “Trust” means a trust registered under any law for the time being in force.3. Denominations in which certificates shall be issued:- The National Savings Certificates(VIII Issue) shall be issued in denominations of Rs. 100, Rs. 500, Rs.1000, Rs.5000, Rs.10,000 and suchother denominations as may be notified by the Central Government from time to time.4. Types 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.