Foreign Exchange Management Act

National Savings Certificates (VIII Issue) (Third Amendment) Rules, 2003
Notification No. G.S.R. 591(E), dated 25-7-2003

In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the National Savings Certificates (VIII Issue) Rules, 1989, namely :—

1. (1) These rules may be called the National Savings Certificates (VIII Issue) (Third Amendment) Rules, 2003.

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

2. In the National Savings Certificates (VIII Issue) Rules, 1989, in rule 4, after sub-rule (2), the following sub-rule shall be inserted, namely :—

“(3) Non-Resident Indians (NRIs) are not eligible to purchase the National Savings Certificates :

Provided that if a resident who subsequently becomes NRI during the currency of maturity period, shall be allowed to avail the benefits of the certificates on maturity on a non-repatriation basis.”