Effective date of deposit: realisation or receipt of cheque, draft or electronic payment determines exemption entitlement. Depositors must apply to open Account A, Account B or both using the prescribed form and tender payment in cash, by crossed cheque, draft or electronic mode. For Account B the depositor must elect cumulative or non cumulative status. The effective date for claiming exemption and for interest purposes is the date of cash deposit or, where payment is by cheque, draft or electronic mode, the date on which the cheque, draft or electronic payment is received and, subject to realisation or receipt, treated as the date of deposit. Account A receives a passbook; Account B receives a deposit receipt.
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Provisions expressly mentioned in the judgment/order text.
Effective date of deposit: realisation or receipt of cheque, draft or electronic payment determines exemption entitlement.
Depositors must apply to open Account A, Account B or both using the prescribed form and tender payment in cash, by crossed cheque, draft or electronic mode. For Account B the depositor must elect cumulative or non cumulative status. The effective date for claiming exemption and for interest purposes is the date of cash deposit or, where payment is by cheque, draft or electronic mode, the date on which the cheque, draft or electronic payment is received and, subject to realisation or receipt, treated as the date of deposit. Account A receives a passbook; Account B receives a deposit receipt.
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