https://www.taxtmi.com/caselaws?id=314291 An amendment to Rule 9A of the Post Office Recurring Deposit Rules, 1981 was held not to apply to recurring deposit accounts opened before the amendment because the rule-making power under Section 15 of the Government Savings Bank Act did not authorise retrospective operation and the notification contained no express retrospective wording. The earlier rule, which allowed premature closure after one year, continued to govern those existing accounts, and a general undertaking to follow rules from time to time did not justify depriving depositors of accrued rights under concluded transactions. In the absence of clear retrospective language, amendments affecting existing statutory or contractual rights operate prospectively. en-us Thu, 31 Aug 2000 00:00:00 +0530 Thu, 30 May 2024 12:58:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314291 An amendment to Rule 9A of the Post Office Recurring Deposit Rules, 1981 was held not to apply to recurring deposit accounts opened before the amendment because the rule-making power under Section 15 of the Government Savings Bank Act did not authorise retrospective operation and the notification contained no express retrospective wording. The earlier rule, which allowed premature closure after one year, continued to govern those existing accounts, and a general undertaking to follow rules from time to time did not justify depriving depositors of accrued rights under concluded transactions. In the absence of clear retrospective language, amendments affecting existing statutory or contractual rights operate prospectively. Case-Laws Indian Laws Thu, 31 Aug 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314291