NOTIFICATION NO. 289/2007
DATED 13-12-2007
In exercise of the powers conferred by clause
(xxi) of sub-section (2) of section 80C of the Income-tax Act,
1961 (43 of 1961), the Central Government hereby makes the following Scheme,
further to amend the Bank Term Deposit Scheme, 2006, namely :
1. (1) This Scheme may be called the Bank Term
Deposit (Amendment) Scheme, 2007.
(2) It shall come
into force on the date of its publication in the Official Gazette.
2. In the
Bank Term Deposit Scheme, 2006, in paragraph 11, after sub-paragraph (2), the
following proviso shall be inserted, namely :
Provided that in the event of the
death of the first holder of the deposit in a case of a joint holder type
deposit, the other holder of the deposit shall be entitled to encash the term
deposit before its maturity by making an application to the branch manager of
the bank, supported by proof of death of the first holder of the deposit.
[F. No. 142/26/2006-TPL]
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Aisha
Published in Income Tax