Repeal of savings acts consolidates government savings schemes under a unified statute, preserving instruments and depositors' rights.

The provision repeals the Government Savings Certificates Act and the Public Provident Fund Act and deems actions, instruments and certificates under those enactments to have been done under corresponding provisions of the Government Savings Banks Act; deposits and holdings are treated as Savings Scheme holdings under the consolidated Act, pending proceedings continue subject to the Act, and the repeal does not prejudice depositors' interests. A Schedule lists existing and discontinued government savings schemes covered by the Act.

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