GCCI: Allow one-time withdrawal from NSS schemes

Top officials of the department of posts have stated that the directive applies only to those depositors who have NSS 87 and NSS 92 accounts.

By Connect Gujarat Desk 18 Oct 2024 in Gujarat

New Update

GCCI: Allow one-time withdrawal from NSS schemes

Advertisment

The central govt has issued a directive regarding the National Savings Scheme (NSS), mandating that depositors withdraw their funds by Sep 30, with the subsequent cessation of interest payments effective from Oct 1, 2024.

Advertisment

Top officials of the department of posts have stated that the directive applies only to those depositors who have NSS 87 and NSS 92 accounts.

The Gujarat Chamber of Commerce and Industry (GCCI) has demanded that since the withdrawal is taxable, the govt should allow a one-time withdrawal option until March 31, 2025.

A top official from the department of posts in Ahmedabad said, "The NSS 87 was discontinued from Oct 1,1992, and NSS 92 was discontinued from Nov 1, 2002. L

Both these schemes do not see new investments, and many accounts are already closed. So the ministry of finance has issued directives to encourage people to withdraw their funds from these schemes and to invest in other schemes."

Moreover, should a depositor's heirs withdraw the funds following the depositor's death, the entire amount is treated as tax-free. This provision has incentivised many account holders to maintain their accounts over the years, he added.

#Gujarat news #scheme #NSS #GCCI