Banking Regulation Act,1949

Act No : 10

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Section : Return of unclaimed deposits.

26. Return of unclaimed deposits.- Every banking company shall, within thirty days after the close of each calendar year, submit a return in the prescribed form and manner to the Reserve Bank as at the end of such calendar year ---------------------------------------------------------------------- 1. Subs. by Act 33 of 1959 s. 16, for sub-sections (1) and (2) (w.e.f. 1-10-1959). 2. Added by Act 61 of 1981, s. 61 and Sch. II (w.e.f. 12-7-1982). 3. Subs. by Act 20 of 1950, s. 7, for the former clause. 4. Ins. by Act 33 of 1959, s. 16 (w.e.f. 1-10-1959). 5. Cl. (b) relettered as cl. (c) by s. 16, ibid. (w.e.f. 1-10-1959). 72 of all accounts 1*[in India] which have not been operated upon for ten years, 2***: Provided that in the case of money deposited for a fixed period the said term of ten years shall be reckoned from the date of the expiry of such fixed period: 3*[Provided further that every regional rural bank shall also furnish a copy of the said return to the National Bank.]

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