The Ministry of Communications of the Government of India has circulated an amendment to the Government Savings Promotion General Rules, 2018. The amendment requires that individuals opening an account submit proof of identity and address, including the Aadhaar Number or proof of application for enrollment within six months of opening an account. Additionally, depositors must submit their Permanent Account Number within two months of meeting certain financial criteria, and if they fail to do so, their account will be suspended until they do. The amendment comes into effect on the 1st of April, 2023.
Circulation of Government Savings Promotion General (Amendment) Rules, 2023
SB Order No. 08/2023
F. No 113-03/2017-SB(Pt.1)
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)
Dak Bhawan, New Delhi -l10001
Dated: 03.04.2023
To
All Head of Circles/Regions
Subiect Regarding circulation of Government Savings Promotion General (Amendment) Rules, 2023.
Sir/Madam.
The undersigned is directed to convey the decision of the Ministry of Finance (DEA) for amendment of 6 (l) of Government Savings Promotion General Rules, 2018. The copy of gazette notification G.S.R.238(E) dated 31.03.2023 issued by MOF(DEA) is enclosed.
- Accordingly, the text of rule 6(l) of Government Savings Promotion General Rules, 2018 shall be substituted as below: –
“(l) In addition to the documents mentioned in sub-rule (2) of rule 5, an individual shall also submit to the Accounts Office, the following identity documents containing proof of identity and address for the purpose of opening an account, namely: –
(a) the Aadhaar Number issued by the Unique Identification Authority of India:
Provided that :-
(a) where the Aadhaar Number has not been assigned to an individual. he shall furnish proof of application of enrollment for Aadhaar at the time of opening an account and the account holder shall furnish the Aadhaar number to the Account Office within a period of six months from the date of opening of account for linking the account with Aadhaar Number;
(b) if a depositor has already opened an account and has not submitted his Aadhaar number to the Account Office, he shall do so within a period of six months with effect from the 1st day of April, 2023, And in the event of failure of the depositor to submit the Aadhaar number within the specified period of six months, his account shall cease to be operational till the time he submits the Aadhaar Number to the Accounts Office;
(b) the permanent Account Number or Form 60 as defined in the Income Tax rules, 1962;
Provided that the individual who has not submitted the permanent Account Number at the time of opening of account shall submit the same to the Accounts office within a period of two months from the date of happening of any of the following events, whichever is the earliest, namely;-
(i) the balance at any point of time in the account exceeds fifty thousand rupees; or
(ii) the aggregate of all credits in the account in any financial year exceeds one lakh rupees; or
(iii) the aggregate of all withdrawals and transfers in a month from the account exceeds ten thousand rupees,
And in the event of the failure of the depositor to submit the Permanent Account Number within the specified period of two months, his account shall cease to be operational till the time he submits the Permanent Account Number to the Account Office;
(c) any other document as may be considered necessary by the Accounts Office including those related to the nature of business and financial status of the depositor.”
- It is requested to circulate it to all concerned for information, guidance and necessary action. Same may also be placed on the notice board of all Post Offices in public area.
- This is issued with the approval of the Competent Authority.
Yours Faithfully
(Devendra Sharma)
Assistant Director (SB-II)
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:-
- These rules may be called the Government Savings Promotion General (Amendment) Rules, 2023.
(2) They shall come into force on the date of its publication in the Official Gazette.
- In the Government Savings Promotion General Rules, 2018, in rule 6, for sub-rule (1), the following sub-rule shall be substituted, namely:-
“(1) In addition to the documents mentioned in sub-rule (2) of rule 5, an individual shall also submit to the Accounts Office, the following identity documents containing proof of identity and address for the purpose of opening an account, namely:-
(a) the Aadhaar Number issued by the Unique Identification Authority of India:
Provided that,-
(a) where the Aadhaar Number has not been assigned to an individual, he shall furnish proof of application of enrollment for Aadhaar at the time of opening an account and the account holder shall furnish the Aadhaar number to the Accounts Office within a period of six months from the date of opening of account for linking the account with Aadhaar Number;
(b) if a depositor has already opened an account and has not submitted his Aadhaar number to the Accounts Office, he shall do so within a period of six months with effect from the 1st day of April, 2023,
and in the event of failure of the depositor to submit the Aadhaar number within the specified period of six months, his account shall cease to be operational till the time he submits the Aadhaar Number to the Accounts Office;
(b) the Permanent Account Number or Form 60 as defined in the Income Tax Rules,1962:
Provided that the individual who has not submitted the Permanent Account Number at the time of opening an account shall submit the same to the Accounts Office within a period of two months from the date of happening of any of the following events, whichever is the earliest, namely:-
(i) the balance at any point of time in the account exceeds fifty thousand rupees; or
(ii) the aggregate of all credits in the account in any financial year exceeds one lakh rupees; or
(iii) the aggregate of all withdrawals and transfers in a month from the account exceeds ten thousand rupees,
and in the event of the failure of the depositor to submit the Permanent Account Number within the specified period of two months, his account shall cease to be operational till the time he submits the Permanent Account Number to the Accounts Office;
(c) any other document as may be considered necessary by the Accounts Office including those related to the nature of business and financial status of the depositor.”
[F. No. 1/3/2023-NS]
ASHISH VACHHANI, Addl. Secy.
Source: utilities.cept.gov.in