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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2023: Section 4A Allows Easier Distribution of Small Balances Without Probate; Updates Savings Schemes.</h1> The Finance Act, 2023 amends the Government Savings Promotion Act, 1873. Section 4A is revised to allow an Authorized Officer to distribute a deceased depositor's eligible balance, without a nomination or probate, if the balance is below a prescribed limit and no legal documents are presented within six months. Section 15 updates the procedure and limit for such distributions. The Schedule in PART A replaces serial numbers 7 and 8 with updated entries, including the Public Provident Fund Scheme, National Savings Certificates (VIII Issue) Scheme, 2019, Kisan Vikas Patra Scheme, 2019, and PM CARES for Children Scheme, 2021.
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