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Laws of nomination a proper implementation of law is being avoided by Banks in Bangladesh

  • Update Time : Sunday, March 8, 2020
  • 102 Time View
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The High Court conveyed a new precedent, a landmark decision, on April 3 2016, the with the aims to build up right of the legitimate beneficiaries over the invested or deposited money against the candidates and nominees.

 As it is indicated by Section 103 (3) of the Bank Companies Act, 1991, the chosen candidate will be provided with prime concern over any other individual and every other individual will be denied of such privileges and property upon the passing of the investor or record and account holder. Thus, this legitimate arrangement of legal provisions outweighs any other law (law of inheritance). The laws identifying with financial balances and bank accounts of an individual, who has passed away in Bangladesh, are basically regulated by the legal precedent of the Bank Companies Act 1991, which came into power and practice on February 14, 1991.

 

Section 8 of the Pensioner Policy, 2004 and Section 10 of the Family Savings Policy, additionally expressed about nominee, nomination and their privileges. Under the warning of Sanchayapatra Rules, 1977 (Amended on June 30, 2015), a candidate included individual or potentially legitimate or juristic individual and might be at least one or more. The Public Debt Act, 1944 additionally set out the privileges of chosen one. In this way, by the legal provisions mentioned above, the law has given supreme right to the candidate over the wealth that has been deposited against the successors or beneficiaries or heirs.

 

The High Court conveyed a new precedent, a landmark decision, on April 3 2016, the with the aims to build up right of the legitimate beneficiaries over the invested or deposited money against the candidates and nominees. As indicated by the verdict of the High Court the candidate would just hold the cash as trustee and along these lines must disperse the cash among the lawful beneficiaries of the deceased person. The judgment of the High Court was in this way been remained by the Appellate Division. In addition, the Bangladesh Bank has issued and given a roundabout circular (DFIM Circular No. 2) dated June 15, 2017 rehashing the first position reflected in Section 103 of the Bank Companies Act 1991.

In 2019, the High Court Division conveyed the full judgment and verdict, which expressed that only the chosen individuals or nominees are approved with the permission to withdraw cash from ledgers of deceased individual and disperse it among the legitimate beneficiaries according to the premise of the particular strict religious laws of inheritance.

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In spite of the fact that the law is unclear about the issue, majority of the banks are not maintaining the laws reflected in the judgment.

The chosen candidate and legitimate beneficiaries are consequently confronting various issues because of the predominant confounding practices by various banks. All things considered, it is seen that various banks or even various parts of a similar bank and shockingly a similar branch with various customers are having various practices. The best possible usage of laws and moral practice, and with a proper

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