1563. Banks instructed for making refunds to depositor who attained age of 65 years before 1-4-1983

Under section 59 of the Finance Act, 1983, the balance standing to the credit of a depositor under the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, who attained the age of 65 years before April 1, 1983, is refundable at his option on June 1, 1983. The Ministry of Finance have advised the Reserve Bank of India to instruct the banks to make the refunds wherever preferred. In respect of depositors who attained the age of 65 years on or after April 1, 1983, refunds can be had at their option on April 1 of the financial year following the year in which they attained the age of 65 years.

Press Note : Dated 9-6-1983, issued by the Ministry of Finance.

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