Non Resident Indian ineligibility for National Savings Certificates; resident becoming NRI treated as deemed encashment with interest rules. Rule 4 classifies National Savings Certificates into Single Holder, Joint 'A' and Joint 'B' types, specifying issuance to adults and minors and joint payment arrangements. Non-Resident Indians are not eligible to purchase these certificates; if a resident becomes non-resident during the maturity period the certificate is deemed encashed on that day and interest is payable from that day until the month before actual encashment at the Post Office Savings Account rate.
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.
Non Resident Indian ineligibility for National Savings Certificates; resident becoming NRI treated as deemed encashment with interest rules.
Rule 4 classifies National Savings Certificates into Single Holder, Joint 'A' and Joint 'B' types, specifying issuance to adults and minors and joint payment arrangements. Non-Resident Indians are not eligible to purchase these certificates; if a resident becomes non-resident during the maturity period the certificate is deemed encashed on that day and interest is payable from that day until the month before actual encashment at the Post Office Savings Account rate.
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