 bill no 56 of 1985 the compulek>ry deposit scheme (income-tax payers) amendment bill, 1985 a billfurther to amend the compulsory deposit scheme (income-tax payers) act, 1974 81: it enacted by parliament in the tbirty-slxthyear of the republic of india as followa:-l this act may be called the q)1npulsory deposit scheme (income-tax payers) &ort title amendment act, 1985 5 l in section 8 of the qunpulsory deposit scheme (income-tax payers) act, of 1974 1974, in sub-section lll-a  of aectioa 8 la) 10 the proviso, for the words ''provided that",the worda "provided further that" shall be substituted; ( b j before the proviso as so amended, the following proviso shall be 10 inserted, namely:-- plovided daat do c!eposi_tor sball be ~dtitled to withdr", before tbe 'expiry of the fidaci ye 1985-86 uy bmol which, id accordace "llh tbe foregoillg provisions of thta  b-sectioll, ts repayable or payable during that fln  cial ye  d tbe pluviaions of su  ection (2 j aball apply id 15 relation to such amoudt 88 tbey apply in reladod to y _oudt referred to id lb sub-seelio •• •• the eo,wsory deposit scheme (income-tax payers) act, 1974 was enacted to provide, in the idterest of national economic development, for compulsory deposit by certain classes of income-tax pa,era the act, 88 ortglnally enacted, provided for the making of compulsory deposits in two financial years, namely, 1974-75 and 1975-76 the act has been amended from time to time to provide for l1abntty for making compulsory deposits in subsequent years, up to and including the financial year 1984-85 under the act, the compulsory deposit made or recovered in a financial year is repayable in five equal annual instalments commencing from the ejq)lry of two years from the end of that financial year'together with interest 2 government has decid~d to abolish the scheme of making compulsory deposits under the act with effect from the 1st april, 1985 there would, therefore, be no uabuity to make obmpulsory deposits in the financial year 1985-86 and subsequent years at the same time, in view of the overall ways and means position, it is propos~d to postpone, by one year only, the amounts repayable or pa,able by w81 of'insta1ments of compulsory deposit and interest during the financial year 1985-86 and for this purpose the bui seeks to make a suitable amendment to section 8 of the act the amendment also provides for p-eat-of idterest on such amounts 3 the bm seeks to achieve the above objective nn diud; v1shwanath pratap singh de 16ih marda, 1985  presjdent's reooidibndation under article 117 of the constittrl'laf of indial-copy of letter no f 19/fb!85-tpl, dated tbe 16th march, 1985 from fil1'i vllbwanath pratap sidih, midi  of li'idaaoe, to the seoretarrgeneral, lok 8abha,&7 the pre81dedt, iaavidl baa idtdrmed of the "'jeat matter, of the propoaed bill,  readjllmeads uikier clauaes (1) u4 (3) of artlole 117 of the coutltutlon of 1ddla, tile tdtrodaottod of the collqllrlory deposit scmeme (ldoom~tax payerl) amendment bill, 185 to the lok 8abu add al80 reoommead8 to the lok 8abba the ooiliilderatton of the bdl - 2 the bm wnt be introduced in the lok 8abha immediately after the ldtroduotlod of the finance bill, 185 clause 2 of the bill seeks to insert a new proviso to sub-section (1) of section 8 of the compulsory deposit scheme (income-tax payers) act, 1974, to the effect that no depositor wlll be entitled to withdraw, during the financial year 1985-86, any amount otherwise due for repayment or payment during that financial year it is also being provided that the provisions of sub-section (2) of the said sectlon relating to payment of lnterest &hall apply in relation to such amount in the same manner as they apply in relation to the amount referred to in that sub-sectlon the provisions of the clause thus involve additional expenditure by way of payment of such interest the additional expenditure (which wl11 be of a non-recurring nature as the payment or repayment of the amount is being postponed only by one year) is expected to be of the order of rs26 crores 2 the provisions of the b111 do not involve any other expenditure of a recurring or non-recurring nature  a billfurther to amend the compulsory deposit scheme (income-tax payers) act, 19'14 \shili vuluawlath pmt4p sagh, m~ 06 fin«nee) 