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of <h1>Finance Bill 2023 amends Government Savings Promotion Act: Legal heir payments, updated savings schemes, simplified claims.</h1> Clauses 145 and 146 of the Finance Bill, 2023, propose amendments to the Government Savings Promotion Act, 1873. These amendments include a substitution in sub-section (4) of section 4A to allow payment of the eligible balance to a legal heir if a depositor dies without a nomination. A legal heir certificate will be accepted as valid proof for such payments. Additionally, clause (i) of sub-section (2) of section 15 will be substituted, and the Schedule will be updated to include new Savings Schemes notified after December 12, 2019. These changes aim to simplify the claims process.
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