Government Savings Schemes framing: central government may create, amend or discontinue schemes and set eligibility and operational terms. The substituted provisions redefine key terms governing Government Savings Banks and Savings Schemes, and empower the Central Government to frame, amend or discontinue Savings Schemes by notification. Notifications may set eligibility, deposit terms, interest calculation and payment, deposit limits, premature closure, loans against deposits, transfers and other scheme specific provisions. Where permitted by a Savings Scheme, a minor of the prescribed age may open and operate an account, and otherwise a guardian may open and operate an account on the minor's behalf until majority.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Government Savings Schemes framing: central government may create, amend or discontinue schemes and set eligibility and operational terms.
The substituted provisions redefine key terms governing Government Savings Banks and Savings Schemes, and empower the Central Government to frame, amend or discontinue Savings Schemes by notification. Notifications may set eligibility, deposit terms, interest calculation and payment, deposit limits, premature closure, loans against deposits, transfers and other scheme specific provisions. Where permitted by a Savings Scheme, a minor of the prescribed age may open and operate an account, and otherwise a guardian may open and operate an account on the minor's behalf until majority.
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