Ministry of Finance, Department of Economic Affairs (Budget Division), New Delhi vide its O.M. No. 1/4/2015-NS dated 09.09.2016 has conveyed following decisions which shall be effective from 01.10.2016:-
(a) The Public Provident Fund (PPF) Agency Scheme which was introduced on 16.03.1979 through National Savings Commissioner Nagpur letter No. 11257- 307 Agy (46)78 will be discontinued with effect from 01.10.2016.
(b) The Pay Roll Savings Schemes (PRSS) was introduced on 30.05.1962 through the Minister; s O.M. No. F.3(19)/NS/61. The commission under Pay Roll Savings Scheme (PRSS) will be discontinued with effect from 01.10.2016.
(c) The Sanchayika Savings Scheme which was introduced by the Government of India, Ministry of Finance (DEA) vide letter no. F.3(@@)/NS/68 dated 22.06.1970 has been discontinued with effect from 01.10.20I6.
2. lt is therefore requested to take following steps immediately: –
(i) No PPF deposit should be accepted through any agent from 1.10.2016 (commission has already been discontinued).
(ii) All PRSG Leaders should be conveyed that any Deposit if made in PPF, RD,TD, Savings Certificate will not earn any commission from 1.10.2016.
The original order shown below
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