Section 124 - Payment of Claims - Finance Act, 2015

Payment of Claims 124. (1) Any person claiming to be entitled to the unclaimed amount transferred to the Fund may apply to the respective Institution with which the amount due was originally lying or deposited, at any time before the right to the amount is extinguished as provided in section 126. (2) The person making the application shall bear the onus of establishing his right to receive the amount to which the application relates. (3) The Institution shall consider the application as expeditiously as possible, and make payment along with the eligible interest, in any case, within sixty days of the receipt of the application. (4) Any payment under this section shall discharge the Institution from liability in respect of the amount credited to the Fund. 1 [***] ******************** Notes:- 1. Omitted vide FINANCE ACT 2016 , w.e.f. 1st day of June, 2016 , before it was read as, (5) The interest payable, if any, on the money transferred to the Fund shall be determined and notified by the Central Government.