Section 15 of The Government Savings Promotion Act, 1873
Power to make rules.
- (1)The Central Government may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:-- 1* * * * * 2[(b) the conditions as to interest or discount relating to deposits generally, or any class of deposits in particular;]
- (c)the non-accrual of interest on deposits when the maximum limits are exceeded and the recovery of any interest paid in excess in the same manner as an arrear of land revenue or in any other manner;
- (d)the persons to whom and the manner in which deposits may be paid;
- (e)the form of nominations, the manner in which, the persons in whose favour and the conditions and restrictions subject to which, nominations may be made and the registration of nominations;
- (f)the variation or cancellation of nominations; 3[(g) the fees that may be levied for discharge of any services under this Act;] (h) the manner in which any person may be appointed for the purpose of subsection (3) of section 4; 4[(i) the limit and procedure under clause (a) of sub-section (4) of section 4A;
- (j)the mode of making deposits, such as physical, electronic or through use of any other tools of communication and information technology;
- (k)benchmark for interest rates on deposits with a view to ensure financial sustainability of Savings Schemes;
- (l)amount to be excluded in computing the court fee chargeable under the Court-fees Act, 1870 (7 of 1870) for the purpose of section 8 of the Act;
- (m)mechanism for redressal of grievances and settlement of disputes;
- (n)any other matter which is required to be or may be, prescribed.]
- (3)Every rule made under this section shall be laid as soon as may be after it is made before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or 5[in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so however that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.]
Summary
- This section gives the Central Government the power to make rules to carry out the purposes of the law.
- These rules can cover things like interest rates, maximum deposit limits, and electronic deposits.
- The government can also set limits on when a deceased person's deposit can be paid out without a formal will.
- All new rules must be presented before both Houses of Parliament for thirty days.
- Parliament has the power to modify or completely cancel any of these rules before they become permanent.
Practical examples
FAQ
1. Who has the authority to make rules under this law?
The Central Government has the power to make these rules.
2. Can the government charge fees for services?
Yes, the rules can specify fees that may be levied for discharging any services under the Act.
3. What happens if I deposit more than the maximum limit?
The rules dictate that interest will not accrue on excess amounts, and any excess interest already paid can be recovered in the same manner as an arrear of land revenue.
4. Does Parliament have a say in the rules?
Yes, all rules must be laid before both Houses of Parliament, which can agree to modify or reject them entirely.
Test yourself
1.Under Section 15 of The Government Savings Promotion Act, 1873, who is given the primary power to make rules?
2.Under Section 15 of The Government Savings Promotion Act, 1873, how long must a new rule be laid before each House of Parliament?
3.Under Section 15 of The Government Savings Promotion Act, 1873, how can the government recover interest paid on deposits that exceeded the maximum limit?
4.Under Section 15 of The Government Savings Promotion Act, 1873, which of the following is a matter the rules can specifically provide for?
5.Under Section 15 of The Government Savings Promotion Act, 1873, rules explain how to appoint a person under Section 4. According to Section 4 of The Government Savings Promotion Act, 1873, in what specific situation is it lawful for a depositor to appoint someone to receive funds?
6.Under Section 15 of The Government Savings Promotion Act, 1873, rules outline limits and procedures for Section 4A. Under Section 4A of The Government Savings Promotion Act, 1873, what time frame is given for producing a probate or succession certificate before an officer can pay a claim without one?
7.Under Section 15 of The Government Savings Promotion Act, 1873, the government sets limits related to court fees under Section 8. According to Section 8 of The Government Savings Promotion Act, 1873, what must a person show the court to prove the deposit amount and get a fee exclusion?
8.Under Section 15 of The Government Savings Promotion Act, 1873, what happens if both Houses of Parliament agree that a proposed rule should not be made?