Finance Ministry issued a notice: Now it will be mandatory for investing in these scheme including SCSS, PPF, SSY
Contents News/Article Date: 3rd August 2023
Relating to which Act: Public Provident Fund Act, 1968.
Penalty under the Act: PPF- make a minimum deposit of Rs.500 per financial year to keep the account active. If you fail to make this deposit, the account will be discontinued. You will have to pay a penalty of Rs.50 along with a minimum deposit of Rs.500 to reactivate the account.
Applicable to which State: Whole of India
Type: Discountwalas news report
Pertains to: All potential investors desiring to create long term portfolio
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And in the current instance: PPF-SSY Rule Change: The government has changed the rules for those investing in Public Provident Fund (PPF), Senior Citizen Saving Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), Mahila Samman Yojana and Post Office. Now those investing in these schemes must have PAN and Aadhaar (AADHAAR) card. This change has come into effect from April 1, 2023. If you have also invested in these government savings schemes and do not have PAN or Aadhaar card, then you should get it done as soon as possible.
Subject: Finance Ministry issued a notice: Now it will be mandatory for investing in these scheme including SCSS, PPF, SSY
Appended is the complete news item
Finance Ministry issued a notice: Now it will be mandatory for investing in these scheme including SCSS, PPF, SSY
PPF-SSY Rule Change: The Finance Ministry issued a notice last day saying that Aadhaar and PAN will be mandatory for investing in small savings schemes issued by the government.
PPF-SSY Rule Change: The government has changed the rules for those investing in Public Provident Fund (PPF), Senior Citizen Saving Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), Mahila Samman Yojana and Post Office. Now those investing in these schemes must have PAN and Aadhaar (AADHAAR) card. This change has come into effect from April 1, 2023. If you have also invested in these government savings schemes and do not have PAN or Aadhaar card, then you should get it done as soon as possible.
Changed to make it transparent
If you do not do this, you will not be allowed to invest in these schemes. This change has been made by the government with the aim of making investment in these schemes more transparent and easy. This change has also been made to protect the rights of investors in these schemes. Recently, the Finance Ministry issued a notice saying that Aadhaar and PAN will be mandatory for investing in small savings schemes issued by the government. Earlier, one could invest in these schemes even without an Aadhaar number.
It is necessary to show PAN card to invest
It has been said in the notice that investors will have to submit Aadhaar number before making any kind of investment. Also, to invest beyond a limit, PAN card has to be shown. This change has been done to make investment in government-run schemes more transparent and easy. If you do not have Aadhaar card, then you have to submit Aadhaar number within six months after opening the account. If you are investing more than a certain limit, then you will also have to submit PAN card. You will need these documents to open a Small Savings Scheme account-
- Passport size photo
- Aadhaar number or Aadhaar enrolment slip
- PAN number, if existing investors do not submit PAN card and Aadhaar card by 30 September 2023, then their account will be banned from 1 October 2023.