Revoke the new rules by GOI where it states that PPF & NSC Account will be closed for NRI
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As per the latest rule by GOI for select small savings schemes including National Savings Certificate (NSC), the government has said such accounts will be closed before their maturity in case status of the holder changes from resident to non-resident Indians (NRIs). Such holders will earn only post office savings account rate of 4% and not the higher rate on those instruments when the status was one of a resident.
In the case of public provident fund (PPF), the account is deemed to be closed the day the status of the account holder changes to NRI.
These rules were amended to the Public Provident Fund Act, 1968 earlier this month.
The changes made to the act strongly disappoints those people who wished to participate in the scheme when such rule was not there. Some people would have invested 2 years ago and some would have invested 10 years ago never assuming such rule can come into force. Government can apply this rule going forward to new entrants in the Scheme but any rule should not affect those who already kept belief on system and invested their hard earned money. Also government has ignored the point that not everybody who becomes an NRI is a rich person, there are many people who have kept their small savings from years and made plans to go back to India some day and use that money. This law is a heartbreak for all those people.
It is my sincere request to the Finance Ministry of Government of India to revisit the amendments again and consider the problem faced by many people who will lose their lifetime savings.
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