Re: [aurangabad_ca] PPF Scheme, 1968- Clarification regarding reckoning of the date of deposit
Dear All,
On primary reading the circular seems to be logical.
How ever in the cases that the circular has referred to, the interest accrues from the date of the deposit.
Where as in the case of PPF the interest accrues on the balance as on 1st April or the minimum balance held during the year only.
Considering this it is unfortunate that RBI has compared two incomparable documents [since PPF and other deposits do not have same terms] and tried to bring on par.
Will some one take up this with RBI?
sivaraman
Till now when a subscriber makes a deposit by local cheque or demand draft in to PPF account, the date of tender of cheque or draft at the Accounting Office is treated as date of deposit, provided the related cheque is honoured on presentation for encashment.
It has now been decided that when a deposit is made in the PPF account by means of a local cheque or demand draft by the subscriber, the date of realization of the amount will be the date of deposit.
Click here for the text of the notification DGBA.CDD. H- 7530/15.02.001/
2009-10 .
Regards
Mihir Hindocha
Blog: mihiral.blogspot.
com
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