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provisions that preserve continuity: actions, rules, notifications, instruments, certificates and deposits under the repealed enactments are to be treated as having been done under corresponding provisions of the amended Act; deposits and holdings are deemed to be deposits in the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.
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.
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provisions that preserve continuity: actions, rules, notifications, instruments, certificates and deposits under the repealed enactments are to be treated as having been done under corresponding provisions of the amended Act; deposits and holdings are deemed to be deposits in the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.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
