I have a doubt regarding contributions to the PPF accounts opened in the name of self and minor children.The accounts were opened in 1991 and contributions of Rs.60,000 were made to each account.As per notification GSR 291(E) of government of India dated 6/12/2000, the ceiling on the aggregate contributions to accounts of self and all minor children of whom the individual is a guardian is Rs.70,000 (at present).Whether this notification is effective from prospective date 6/12/2000 or it is with retrospective effect.
It cannot be given effect from retrospectively because already contributions have been made from past so many years.
What are the latest government of India rulings in PPF accounts in such cases?
PS
lease reply as soon as possible.