Section 16 of The Government Savings Promotion Act, 1873
1[16. Repeal and savings.--(1) The Government Savings Certificates Act, 1959 (46 of 1959) and the the Public Provident Fund Act, 1968 (23 of 1968) are hereby repealed.
- (2)Notwithstanding such repeal and without prejudice to the provisions contained in the General Clauses Act, 1897 (10 of 1897), with respect to repeals--
- (a)anything done or any action taken or purported to have been done or taken, including any rule, notification, order or notice made or issued or any direction given under the repealed enactments shall be deemed to have been done or taken under the corresponding provisions of this Act;
- (b)subject to the provisions of clause (a), any instrument executed or certificate issued, or anything done under or in pursuance of any repealed enactment shall, if is in force at the commencement of Part I of Chapter VIII of the Finance Act, 2018, continue to be in force in so far as it could have been executed, or issued or done under or in pursuance of such Part, shall have effect as if the same has been executed, issued or done under or in pursuance of the provisions contained in the aforesaid Part;
- (c)all deposits made or accounts or certificates held under the repealed enactments shall be deemed to be deposits or holdings in the Savings Scheme made under the corresponding provisions of this Act; and
- (d)any proceeding under the repealed enactments pending immediately before the commencement of Part I of Chapter VIII of the Finance Act, 2018 before any court shall, subject to the provisions of this Act, continue to be heard and disposed of by the said court.
- (3)The repeal shall not prejudicially affect the interest of depositors who, before the commencement of Part I of Chapter VIII of the Finance Act, 2018, made deposits or were issued certificates or made contribution to any scheme under the repealed enactments.]
Summary
- This section officially cancels two older laws regarding savings and provident funds.
- It guarantees that anything already done under those old laws remains completely valid.
- Old savings certificates and accounts automatically become part of the new system under this Act.
- Any court cases related to the old laws that were already happening will continue normally.
- Depositors who invested their money before these changes took place in 2018 will not lose any of their rights or money.
Practical examples
FAQ
1. What older laws were cancelled by this section?
The Government Savings Certificates Act of 1959 and the Public Provident Fund Act of 1968 were repealed.
2. Will I lose my old savings certificates because the old law is gone?
No, the law specifically protects older deposits and treats them as if they were made under the current law.
3. What happens to pending court cases under the old laws?
They will continue to be heard and disposed of by the court just as before.
Test yourself
Q1.Under Section 16 of The Government Savings Promotion Act, 1873, which of these Acts is explicitly repealed?
Q2.Under Section 16 of The Government Savings Promotion Act, 1873, what happens to accounts held under the repealed enactments?
Q3.Under Section 16 of The Government Savings Promotion Act, 1873, which Act's provisions regarding repeals are referenced to support the savings clause?
Q4.Under Section 16 of The Government Savings Promotion Act, 1873, the rights of depositors are protected if they made deposits before the commencement of which specific law?
Q5.Under Section 16 of The Government Savings Promotion Act, 1873, what happens to notifications issued under the repealed enactments?