Section 4 in Public Debt (Annuity Certificates) Rules, 1954
4.
[(1)] [Renumbered by G.S.R. 1257, dated 29.9.1962] Payment of Annuity.-The amounts due on an annuity certificate may be made payable at any treasury for sub-treasury in India or at the Public Debt Office, subject to compliance by the holder of such formalities as the Public Debt Office may require and the payment shall accordingly be made at such treasury or sub-treasury or at the Public Debt Office on presentation of the annuity certificate. The payee shall give a receipt in Form A. Where, however, the payment is due at a place where a Public Debt Office is located, the annuity certificate shall be presented at the Public Debt Office which shall issue an annuity warrant in favour of the holder payable at the local office of the Bank. Notwithstanding anything contained herein, any payment due at a treasury or sub-treasury may be made by the Public Debt Office by a warrant payable at such treasury or sub-treasury.(2)[ Payment of Commutation value of Annuity Certificates.- [Inserted by G.S.R. 1257, dated 29.9.1962] At the option of the holder, payment of commutation value may be made to him on his applying the writing to the Public Debt Office and surrendering the annuity certificates duly discharged in Form AIII. The Public Debt Office may authorise payment at any treasury or sub-treasury in India or at a branch of the State Bank of India or any of its subsidiary Banks conducting Government treasury business, as may be specified by the holder.]
