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Home  ❯  Fillable Forms  ❯  CGAS 1988  ❯  CGAS 1988 Scheme


[GSR 724(E), DATED 22-6-1988]

In exercise of the powers conferred by sub-section (2) of section 54, sub-section (2) of section 54B, sub-section (2) of section 54D, sub-section (4) of section 54F and sub-section (2) of section 54G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby frames the following Scheme, namely :-

1. Short title, commencement and application.

2. Definitions.

In this Scheme, unless the context otherwise requires,-

3. Deposits how to be made.

A deposit or deposits may be made under the provisions of section 54 or section 54B or section 54D or section 54F or section 54G of the Act by any depositor intending to avail of the benefit under the said section or sections of the Act, as the case may be, in accordance with the provisions of this Scheme.

4. Types of deposits.

5. Application for opening account.

6. Issue of duplicate pass book or receipt.

In the event of loss or destruction of the pass book receipt referred to in sub- paragraph (8) or sub-paragraph (9) of paragraph 5, the deposit office may, on an application made to it in this behalf, issue a duplicate thereof.

7. Transfer and conversion of the account.

8. Interest.

9. Withdrawal from the account.

10. Utilisation of the amount of withdrawal.

11. Nomination by the depositor.

12. Charge or alienation.

The amount standing to the credit of any depositor in any account shall not be placed or offered by him as security for any loan or guarantee and shall not be charged or alienated in any manner whatsoever.

13. Closure of the account.

Updated : Mar 08, 2021