Section 12 in Reserve Bank of India (Note Refund) Rules, 2009
12. Payment to Legal heirs or nominees.
(1)If a claimant who has submitted a claim under these rules, is dead, his legal representatives shall be eligible to receive the payment due to the claimant subject to the determination of the claim by the Prescribed Officer.(2)The legal representatives shall be entitled to receive the payment due to the claimant, if any, upon furnishing to the Prescribed Officer an indemnity bond executed by the legal representative in favour of the branch or office of the Bank or any other institution or entity as designated by the Bank for this purpose;Provided payment upto an amount of rupees five hundred may be made to the legal heir of the claimant on a declaration for this purpose.(3)In case of mutilated note presented at the Bank through Triple Lock Receptacle (TLR) cover, the tenderer shall indicate his name and address alongwith other details, such as, bank account number, etc. as specified on the cover, and the individual tenderers, may, at their option, in addition, also indicate on the cover, the name and address of the nominee who may receive the amount that is determined to be due on the claim without production of indemnity, subject to proper identification.
