PPF Subscription Limit increased to Rs. 1.5 lakh – Department of Posts issues orders citing Finance Ministry’s Order
Consequent on increase in savings limit under Section 80 C of Income Tax Act for getting rebate / exemption on Income Tax to Rs. 1,50,000/-in the recent budget 2014-15, PPF Subscription Limit has been increased Rs. 1,50,000 by Finance Ministry. Communication in this connection from Department of Posts citing Finance Ministry’s Notification for increase in PPF Subscription Limit is as follows
No. F.No. 113-01/2011-SBGovernment of IndiaMinistry of Communications & ITDepartment of PostsDak Bhawan, Sansad Marg,New Delhi-110001,Dated: 21.08.2014
All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.
Subject:- Revision of maximum limit of subscription in a financial year of PPF Account.
Sir / Madam,The undersigned is directed to convey the decision of the Min. of Finance (DEA) for revision of existing maximum limit of subscription in a financial year in the existing PPF accounts as well as new PPF account to be opened on or after 13.08.2014. Now the subscription in a financial year shall be Rs 1,50,000/- in “place of Rs 1,00,000/- in PPF accounts. The copy of Gazette Notification No. G.S.R. 588 (E) dated 13.08.2014 issued by MOP (DEA) is enclosed.2. it is requested to circulate this instruction to all field units and ensure that the instruction is strictly followed.
3. This issues with the approval of Competent Authority.