Tuesday, 30 March 2010

IMPORTANT CHANGE IN PPF : PPF DEPOSIT DATE FROM CHEQUE CLEARING DATE NEW RULE


One very important change regarding Deposit in PPF(Public Provident Fund FAQ) has been notified on 29.03.2010.Its Normally assumed that whenever we deposit a Local cheque or demand draft to a tax saving scheme and cheque is cleared then saving date is counted from the tender Date (submission of the cheque).But this is not as simple as it looks.All the schemes has its own rules regarding date of deposit in case of cheque and demand draft.

At present when a subscriber makes a deposit in to PPF through cheque /demand draft then date of tender of cheque is considered as date of deposit subject to cheque/demand draft is realised (not dishonoured) .but from 29.03.2010 the rules has been changed and now date of realisation of cheque/draft will be deemed date of deposit of PPF.

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