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Union of India - Section

Section 26 in The Banking Regulation Act, 1949

26. Return of unclaimed deposits.

Every banking company shall, within thirty days after the close of each calendar year, submit a return in the prescribed form and manner to the Reserve Bank as at the end of such calendar year of all accounts [in India] [Substituted by Act 20 of 1950, Section 3, for " in the States" .] which have not been operated upon for ten years [* * *] [Certain words omitted by Act 55 of 1963, Section 14 (w.e.f. 1.2.1964).]:Provided that in the case of money deposited for a fixed period the said term of ten years shall be reckoned from the date of the expiry of such fixed period:[Provided further that every regional rural bank shall also furnish a copy of the said return to the National Bank.] [Inserted by Act 61 of 1981, Section 61 and Sch. II (w.e.f. 1.5.1982).]