Clause 146 - Amendment of Act 5 of 1873. - Finance Bill, 2023

Amendment of Act 5 of 1873. 146. In the Government Savings Promotion Act, 1873, (a) in section 4A, for sub-section (4), the following subsection shall be substituted, namely: (4) If a depositor dies and no nomination is in force at the time of his death, and the probate of his will or letters of administration of estate or a succession certificate granted under the Indian Succession Act, 1925 (39 of 1925), or legal heir certificate issued by the revenue authority not below the rank of Tahsildar having jurisdiction, is not produced within six months from the date of death of the depositor to the Authorised Officer, then, where the eligible balance does not exceed such limit as may be prescribed, the Authorised Officer may, for reasons to be recorded in writing, pay the eligible balance to the person legally entitled to receive it or to administer the estate of the deceased in accordance with such procedure and manner as may be prescribed. ; (b) in section 15, in sub-section (2), for clause (i), the following clause shall be substituted, namely: (i) the limit, procedure and manner under sub-section (4) of section 4A; ; (c) in the Schedule, in PART A, for serial numbers 7 and 8 and the entries relating thereto, the following shall be substituted, namely: 7. Public Provident Fund Scheme 8. National Savings Certificates (VIII Issue) Scheme, 2019 9. Kisan Vikas Patra Scheme, 2019 10. PM CARES for Children Scheme, 2021 .