Amendment to Public Provident Fund Scheme, 1968 (PPF, 1968) and Senior Citizens Savings Scheme, 2004 (SCSS, 2004) - Payment of commission to the agents - আরবিআই - Reserve Bank of India
Amendment to Public Provident Fund Scheme, 1968 (PPF, 1968) and Senior Citizens Savings Scheme, 2004 (SCSS, 2004) - Payment of commission to the agents
RBI/2011-12/299 December 15, 2011 The Chairman and Managing Director/Managing Director Dear Sir/Madam, Amendment to Public Provident Fund Scheme, 1968 (PPF, 1968) and We forward herewith a copy of Government of India Notification No. F.1/12/2011-NS-II dated November 25, 2011, on the captioned subject. The contents of the same are self-explicit. 2. In this regard, we advise that the contents of the Notification may be brought to the notice of the branches of your bank operating the PPF, 1968 and SCSS, 2004 Scheme. These should also be displayed on the notice boards of your branches for the information of the PPF, 1968 & SCSS, 2004 subscribers and agents. Yours faithfully (Shrikant Hamine) Encls: One [TO BE PUBLISHED IN THE GAZETTE OF INDIA: EXTRAORDINARY, PART I- SEC.1] New Delhi, the 25th November 2011 MINISTRY OF FINANCE NOTIFICATION No. F. 1/12/2011-NS-II – The Central Government hereby notifies that the authorised Standardised Agency System (SAS) and Mahila Pradhan Kshetriya Bachat Yojana (MPKBY) agents for canvassing/securing investments in the small savings schemes as per the terms of agreement executed by them under the Standardised Agency System (SAS) and Mahila Pradhan Kshetriya Bachat Yojana (MPKBY) will be paid commission at the rate indicated below: (A) MAHILA PRADHAN KSHETRIYA BACHAT YOJANA (MPKBY) Rate (B) STANDARDISED AGENCY SYSTEM (SAS) (i) One-Year Time Deposit - 0.5% 2. Payment of commission on Public Provident Fund Scheme (1%) and Senior Citizens Savings Scheme (0.5%) shall be discontinued. 3. Incentive, if any, paid by State/Union Territory Governments shall be reduced from commission paid by the Central Government. 4. These instructions shall take effect from the 1st day of December, 2011. M.A.Khan, Under Secretary |