Banking - Section 45ZA(2) of Banking Regulation Act merely puts nominee in shoes of depositor after his death, but it by no stretch of imagination makes nominee owner of money lying in account of deceased depositor.
The Banking Regulation Act is enacted to consolidate and amend the law relating to banking; it is in no way concerned with the question of succession; all the monies receivable by the nominee by virtue of section 45ZA(2) would, therefore, form part of the estate of the deceased depositor and devolve according to the rule of succession to which the depositor may be governed. - [2010] 8 TAXMANN.COM 222 (SC)
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