Notification No. [F.No. 1/12/2011-NS-II]

small savings schemes - Notified rate of commission for canvassing/securing investment in

What this is

Notification No. [F.No. 1/12/2011-NS-II] was published on 25 November 2011. Its subject is small savings schemes - Notified rate of commission for canvassing/securing investment in.

This notifies a named person, body, fund or instrument for the purpose of a provision. Nothing in it changes the provision itself.

The instrument, as the Board published it

The words below are the department’s own, reproduced from its published text. Where the department’s copy carried a publisher’s notes after the instrument, those are not reproduced.

small savings schemes - Notified rate of commission for canvassing/securing investment in
NOTIFICATION [F.No. 1/12/2011-NS-II], dated 25-11-2011
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

(i) Five-Year Recurring Deposit Account

4%

(B) STANDARDISED AGENCY SYSTEM (SAS)

(i) One-Year Time Deposit

0.5%

(ii) Two-Year and 3-Year Time Deposit

0.5%

(iii) Five-Year Time Deposit

0.5%

(iv) Monthly Income Account Scheme

0.5%

(v) Five/Six-Year National Savings Certificate (VIII-Issue)

0.5%

(vi) Ten-Year National Savings Certificate (IX-lssue)

0.5%

2. Payment of commission on Public Provident 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.
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← G.S.R. 843(E) · G.S.R. 845(E) →

What a notification is. A notification is made under a power the Act itself gives, and within that power it is law — unlike a circular, which only binds the department. Its reach is the reach of the enabling provision and no wider, and the date it carries decides from when it works.

Source: the Income Tax Department’s own published text — its page for this instrument.