RULES

BAHBOOD SAVINGS CERTIFICATES BAHBOOD SAVINGS CERTIFICATES RULES, 2003 (Amendments) [Gazette of Pakistan, Extraordinary, Part II, 2nd August, 2011] S.R.O. 734(I)/2011, dated 1-8-2011.---In exercise of the powers conferred by section 28 of the Public Debt Act, 1944 (XVIII of 1944), the Federal Government is pleased to direct that the following further amendments shall be made in Bahbood Savings Certificates Rules, 2003, the same having been previously published vide Notification No.S.R.O.461(I)/2011, dated the 28th May, 2011, as required by subsection (1) of the said section, namely:-- In the aforesaid Rules,-- (a) in rule 4, for the word "and" a comma shall be substituted and after the figure "500,000" the word, letters and figure "and Rs.1,000,000" shall be added; (b) in rule 5,-- (i) after the word "following" the words "citizens of Pakistan" shall be inserted; and (ii) for clause (a) the following shall be substituted, namely:-- "(a) a senior citizen aged sixty years or above;"; (c) in rule 6, for the full stop, at the end, a colon shall be substituted and thereafter the following proviso shall be added, namely:-- "Provided that none of the holder shall, under any circumstances, hold more than three million rupees, whether held wholly under his own name or jointly with another. For the purpose of calculating the individual holding, when two persons hold jointly, one-half of the holding shall be assumed to belong to each."; (d) for rule 8, the following shall be substituted, namely:-- "(8) Any profit or principal payment which may have been made in contravention of these rules or by mistake shall be refunded to the Government in lump-sum and in the event of failure to refund, the amount shall be deducted from any money payable by the Government to the person who received the profit or principal payment. In case no money is payable by the Government to the person, (in addition to other remedies for the recovery thereof by the Government), the recovery shall be got effected from his estate, or be recovered as arrears of land revenue."; (e) for rule 13, the following shall be substituted, namely:-- "(13) The monthly profit, if not drawn on due date shall not earn any further profit."; (f) for rule 16, the following shall be substituted, namely:- "(16) The certificate shall be non-transferable, provided that the nominee who is eligible in terms of rule 5 shall, on the death of the certificate-holder, be entitled for transfer of certificate in his name subject to the limitation laid down under rule 6."; and (g) for rule 17, the following shall be substituted, namely:-- "(17) The investor may make nomination at the time of purchase, specifying the amount, and to the effect as to whether whole or a part is receivable by the nominee on his death.".