Interest rate fixation for Post Office Monthly Income Account revised, applying to deposits made from the start of April. The Post Office (Monthly Income Account) Amendment Rules, 2012 insert a new clause fixing the interest rate at 8.5 per cent per annum for deposits made on or after the first day of April, 2012. The amendment is notified as effective from that commencement date and is made under the statutory powers conferred on the Central Government, limited to altering the rule governing the scheme's interest provision.
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Provisions expressly mentioned in the judgment/order text.
Interest rate fixation for Post Office Monthly Income Account revised, applying to deposits made from the start of April.
The Post Office (Monthly Income Account) Amendment Rules, 2012 insert a new clause fixing the interest rate at 8.5 per cent per annum for deposits made on or after the first day of April, 2012. The amendment is notified as effective from that commencement date and is made under the statutory powers conferred on the Central Government, limited to altering the rule governing the scheme's interest provision.
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