Payment to guardian for deposits of deceased minors or mentally unsound depositors where no nomination exists, with prescribed procedure. The amendment inserts a new sub section providing that where a deposit of a minor or of a person of unsound mind who dies has no nominee immediately before the commencement of Part I of Chapter VIII of the Finance Act, 2018, the deposit shall be paid to the guardian; it also substitutes clause (a) of sub section (4) to require payment in accordance with prescribed procedure, omits clause (b) of sub section (4), and omits sub section (5).
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Payment to guardian for deposits of deceased minors or mentally unsound depositors where no nomination exists, with prescribed procedure.
The amendment inserts a new sub section providing that where a deposit of a minor or of a person of unsound mind who dies has no nominee immediately before the commencement of Part I of Chapter VIII of the Finance Act, 2018, the deposit shall be paid to the guardian; it also substitutes clause (a) of sub section (4) to require payment in accordance with prescribed procedure, omits clause (b) of sub section (4), and omits sub section (5).
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