Repeal and savings: repeal of prior savings enactments with continuity protections preserving deposits and instruments.

The amendment repeals the Government Savings Certificates Act and the Public Provident Fund Act while providing transitional savings provisions that preserve continuity: actions, rules, notifications, instruments, certificates and deposits under the repealed enactments are to be treated as having been done under corresponding provisions of the amended Act; deposits and holdings are deemed to be deposits in the Savings Scheme; pending court proceedings continue subject to the new Act; and the repeal does not prejudice depositors' interests. A Schedule lists applicable existing and discontinued savings schemes.

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