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What proposed banking law amendments mean for you

Summary by TheSpuzz
Source: Live Mint The bill, passed by the Lok Sabha on 3 December, says that nominees are only custodians and safekeepers representing the beneficiaries (if there is a testamentary document, e.g., Will/Trust deed) and heirs (in the absence of a testamentary document). They are not owners. However, nomination is important as it aids the process of inheritance. Rajat Dutta, founder of Inheritance Needs, said this change is aimed at providing op…
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