Public Provident Fund eligibility restricted to individuals; juristic person accounts opened post amendment treated void and closed.

The Central Government designated specific nationalised bank branches to receive PPF subscriptions and separately de authorised specified branches for collection. It notified successive rates of interest applicable to subscriptions and balances for defined periods. Post amendment administrative clarifications restrict PPF accounts to individuals, direct that accounts opened by juristic persons after the amendment date are void ab initio and must be closed and refunded without interest, while existing accounts prior to amendment continue until maturity subject to extension conditions under the amended rules.

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