Will the Minister of FINANCE be pleased to state:-

(a)        whether it is a fact that Karnataka High Court has recently directed the Central Government to amend Rule 3 of the Public Provident Fund (PPF) Scheme, 1968 to raise yearly subscription of Rs. 70,000/- to Rs. 1,00,000/-;

(b)        if so, whether the necessary amendment has since been made; and

(c)        if not, the reasons for delay and by when the same is likely to be made so as to ensure that the benefit thereof under section 80C of the Income Tax Act, 1961, accrues to the subscriptions made during the financial year 2008-09?

ANSWER

MINISTER OF STATE IN THE MINISTRY OF FINANCE

SHRI PAWAN KUMAR BANSAL

(a): Yes, Sir.

(b): No, Sir.

(c):       Government has decided to file a Review Petition in the Karnataka High Court against the order of Hon`ble Karnataka High Court.