Section 12(2) in Reserve Bank of India (Note Refund) Rules, 2009
(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.
