Key amendments introduced by the Ministry of Finance through the Public Provident Fund (Amendment) Scheme, 2023.

An official government notification (G.S.R. 831(E)) outlining an amendment to the Public Provident Fund (PPF) Scheme, 2019. Let’s break down the key points:

Legal Authority:

The changes are made under the authority granted by section 3A of the Government Savings Promotion Act, 1873 (Act number 5 of 1873).

Specific Amendment:

The focus of the amendment is on paragraph 13 of the Public Provident Fund Scheme, 2019.The
change occurs in the second proviso of paragraph 13. The words “or the date of extension of the account” are being replaced with “or from the date of commencement of the current block period of five years.”

The Central Government is introducing a scheme to further amend the existing Public Provident Fund Scheme, 2019. The amended scheme is named the “Public Provident Fund (Amendment) Scheme, 2023.”

Effective Date:

The amendment comes into force on the date it is officially published in the Official Gazette.

Simplified Summary:

The government, utilizing its authority under the Government Savings Promotion Act of 1873, has introduced an amendment to the Public Provident Fund Scheme, 2019. This amendment is part of the “Public Provident Fund (Amendment) Scheme, 2023,” effective from the date of its official publication in the Official Gazette.

The specific change involves adjusting the language in paragraph 13 of the PPF Scheme, particularly in the second proviso. Instead of referring to the date of extending the account, the amendment now considers the date of commencement of the current block period of five years. This change is designed to provide more clarity in the rules governing the extension of PPF accounts.

 

 

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