After budget 2018 announcement about Finance Bill 2018-19, a provision has been made to repeal the Public Provident Fund Act, 1968. This accelerate the fears of losing benefits under the Public Provident Fund (PPF) schemes. Clarifying the doubt Economic Affairs Secretary S C Garg said existing and new PPF deposits would continue to have protection from being attached. Further, he also revealed that “PPF deposits enjoy protection from being attached.
All existing protections have been saved while consolidating PPF Act under proposed Government Savings Promotion Act”.With new finance bill 2018 tabled in the parliament, all small savings schemes i.e. Banks or Post offices including PPF will now be covered under the Government Savings Banks Act, 1873. The schemes include Post Office Savings Account, National Savings Monthly Income (Account), National Savings Recurring Deposit and Sukanya Samriddhi Account.