Section 45ZC of BRA : Section 45Zc: Nomination For Return Of Articles Kept In Safe Custody With Banking Company
BRA
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Explanation using Example
Imagine that Mrs. Sharma, an elderly widow, has a valuable family heirloom—a diamond necklace—which she wishes to keep secure. She opts to leave this necklace in safe custody with her bank. Understanding that she may not live forever, she decides to use the provisions of Section 45ZC of the Banking Regulation Act, 1949 to ensure that the necklace is passed on smoothly after her death.
Under Section 45ZC(1), Mrs. Sharma nominates her daughter, Priya, as the person entitled to receive the necklace in the event of her demise. Since Priya...
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