Where a Government security stands in the name of a minor or a person who is insane and incapable of managing his affairs, the interest accruing on such securities or the capital sum thereof shall be paid in such manner as may be prescribed; Provided that in the case of interest the aggregate amount of original securities does not exceed five thousand rupees and in the case of capital sum payable, the sum payable does not exceed five thousand rupees. When the payment of interest or capital sum is made in the aforesaid manner, the Government shall, not withstanding anything in any law, be discharged from all liability in respect thereof.
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More sections of this act
Section 1 · Short title, commencement and extent.Section 2 · Definition of Government securities.Section 3 · Notice of trust not receivable.Section 4 · Rights of survivors of joint payees.Section 5 · Prohibition to make endorsement except on Government promissory note.Section 6 · Transfer of Government securities to any person in his ex-officio capacity.Section 7 · Endorser of Government security not liable for amount thereof.Section 8 · Signature or impression of signature on Government securities.India Code, Government of India. Text fetched 10 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.