118. Amendment of section 4A.
In section 4A of the principal Act,––
(a) after sub-section (3), the following sub-section shall be inserted, namely:––
“(3A) Where the deposit belongs to a minor or to a person of unsound mind who dies and there is no nominee immediately before the date of commencement of Part I of Chapter VIII of the Finance Act, 2018, the deposit shall be paid to the guardian.”;
(b) in sub-section (4),––
(i) in clause (a), for the words “deceased; and”, the words “deceased in accordance with such procedure as may be prescribed.” shall be substituted;
(ii) clause (b) shall be omitted;
(c) sub-section (5) shall be omitted.
Notes on Clauses:
Clause 118 of the Bill seeks to amend section 4A of the Act so as to insert a new sub-section (3A) to make a provision for payment of the amount due to the guardian in case of death of a depositor who is minor or of unsound mind and no nomination has been made in this regard before the commencement of Part I of Chapter VIII of the Finance Act, 2018.
