AMENDMENTS TO THE GOVERNMENT SAVINGS PROMOTION ACT, 1873
Commencement of this Part.
145. The provisions of this Part shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
Notes on Clauses:
Clauses 145 and 146 seek to amend the Government Savings Promotion Act, 1873.
It is proposed to substitute sub-section (4) of section 4A of the said Act to make a provision for payment of eligible balance to the legal heir in case of death of the depositor without nomination. It is, inter alia, proposed to include legal heir certificate also to be a valid proof for payment of eligible balance to the person legally entitled. This is to simplify and facilitate the process of payment of claim where no nomination had been made by the depositor in the account exceeding such balance as may be provided in the rules.
It is further proposed to consequentially substitute clause (i) of sub-section (2) of section 15 of the said Act.
It is also proposed to amend the Schedule to incorporate new Savings Schemes notified on or after 12th December, 2019.