Section 1491 in Compulsory Deposit Scheme Act, 1963
1491.
Object and Reason.- The object of the Bill is to augment the resources of the nation for national development. With this object in view the Bill requires certain categories of persons to deposit a portion of their income in accordance with the scheme to be framed for the purpose. Subject to the maximum rates of deposit specified in the Bill itself, the scheme will lay down the actual rates at the which the deposits shall be made. The schemes will also make detailed provisions in relation to the deposits. The deposits will bear interest at the rate four per cent per annum and will be repayable at the end of five years.[22nd May, 1963]An Act to provide in the interest of national economic development for compulsory deposit and for the framing of a scheme in relation thereto.BE it enacted by Parliament in the Fourteenth Year of the Republic of India as follows:-
