News Update

I-T - Technical issues faced in filing TDS return online are bona fide reason for delayed filing of TDS returns - penalty not warranted: ITATST - Refund - Rule 5 of CCR, 2004 - No provision in CCR imposes restriction of requirement of registration as condition precedent for claiming CENVAT credit: CESTATMCA invites comments on Draft on cross-border insolvencyCCI gives nod to acquisition of Monsanto by Bayer AGSmuggling racket busted - Delhi DRI nabs 8 persons & seizes gold worth Rs 2.1 CroreIlegal immigration - enlarge labour market to deal with it: OECDShillong is selected as 100th city under Smart City MissionChief Economic Adviser Arvind Subramanian quits on family commitments groundCommerce Minister releases National Strategy for StandardizationComputation of interest - CBDT invites comments on amendment in Rule 10CB (See 'TII Brief')CBDT notifies PFC & Railway Finance Corp 54EC Capital Gains BondsGovt relieves IRS officer Nilimesh Baruah to join CTPA in OECD as Sr AdvisorGST Metered (See 'JEST GST on GST Home Page')J&K is back to Governor's Rule - 4th time in last 10 yearsGST: A Frightening but Fascinating Future world…! – Part II (See 'TOG INSIGHT' on 'Taxongo.com')ST - There is distinction between interest earned by bank and disaggregation of equated monthly instalments earned by financial institution engaged in financial leasing and hire-purchase: CESTATCMs subgroup set up on approaches to Agriculture & MGNREGSST - Fitment within an alternative classification suffices to erase proposal in the notice but cannot crystallize liability unless alternative was also proposed in notice: CESTATAdopt A Heritage Scheme - 6 MoUs are at advanced stageI-T - When statements taken during search are based on documents indicating that assessee collected cash receipts in addition to cheques, such situation comes within sweep of Explanation 5A(b) to Sec. 271(1)(c): ITATGovt targets 5GW wind energy by 2022Notfn. 12/2003-ST speaks of 'value' of materials and not 'cost' of materials - no reason to demand service tax on 10% profit at which material is sold by appellant: CESTATIndia aspires to be USD 10 trillion economy by 2030: DEA Secretarye-Way Bill - Govt introduces Unique Common Enrolment Number facility for transporters registered in many States with same PANCBIC revises new exchange rate for South African RandCBIC grants Non-Functional upgradation on ad hoc basis to 15 officersRailways aims at 2030 to become zero carbon emitterNIFTEM has potential to become Harvard of food processing sector: MinisterGST - Five key aspects GST payers should not miss!Pre-notice Regulations - Boon or Bane?HM calls for expediting online cybercrime reporting portal
Untitled Document

MINISTRY OF FINANCE
(DEPARTMENT OF ECONOMIC AFFAIRS)
NEW DELHI

NOTIFICATION SAVINGS SCHEME

Dated: July 11, 2014

G.S.R.492(E)....In exercise of the powers conferred by Section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Senior Citizens Savings Scheme Rules, 2004, namely:-

1. (1) These rules may be called the Senior Citizen Savings Scheme (Amendment) Rules, 2014.

(2) They shall be deemed to have come into force on the 1st day of April, 2014.

2. In the Senior Citizen Savings Scheme Rules, 2004, in rule 7, in sub-rule (1), after the second proviso, following proviso shall be inserted, namely:-

“Provided also that in the case of a deposit made under these rules on or after the 1st day of April, 2014, it shall bear at the rate of 9.2 per cent per annum from the date of deposit.”.

EXPLANATORY MEMORANDUM

The Ministry of Finance, Department of Economic Affairs (Budget Division) vide its O.M. No. 6-1/2011- NS.II (Pt.), dated the 11th November, 2011 has communicated to all concerned the various decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for comprehensive review of National Small Savings Fund (NSSF). Accordingly, the rates of interests on various small savings schemes for the financial year 2014-15 revised with effect from 1st April, 2014, have been communicated vide its O.M. No. 6-1/2011-NS-II, dated the 4th March, 2014. It is certified that the interests of no deposit holder shall be prejudicially affected by the retrospective effect given to the notification.

F.No.6-1/2011-NS-II (Pt.II)

(Rajat Bhargava)
Jt. Secy.

Note: The Senior Citizens Savings Scheme Rules, 2004 were published in the Gazette of India (Extraordinary) vide notification number G.S.R.490(E), dated the 2nd August, 2004 and subsequently amended vide numbers G.S.R.706(E), dated the 27th October, 2004, G.S.R.176(E), dated the 23rd March, 2006, G.S.R. 390(E), dated the 24th May, 2007, G.S.R. 639(E), dated the 28th July, 2010, G.S.R. 770(E), dated the 19th October, 2011, G.S.R.321(E), dated the 25th April, 2012, G.S.R. 402(E), dated the 25th June, 2013 and G.S.R. 224(E), dated the 13th March, 2014.