Clause 118 - Amendment of section 4A. - Finance Bill, 2018

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.