Whether there has been any simplification in the process/documentation for recognition of title to Government security of deceased sole holder or joint holders?
Yes. The title to Government security can now be recognised not only on the basis of a succession certificate issued under Part X of the Indian Succession Act, 1925 but also on the basis of a decree, order or direction passed by a competent court or on the basis of a certificate issued or order passed by any other authority who might have been empowered under any statute to confer on any such person a title to the Government security. Further, the title to Government security of deceased sole or joint holders may also be recognised, by the RBI/Agency Banks on the basis of any one of the following six documents as prescribed in the G S Regulations: (a) a “will” executed by the deceased holder of the Government security bequeathing thereby the security in favour of the person claiming title thereto, provided the probate issued in respect of such will has been submitted to the Bank by the claimant; or (b) a registered deed of family settlement, wherein the Government security claimed has
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