Legal Question in Banking Law in Pakistan
The State Bank of Pakistan vide CPD Circular Letter # 1 of 2012 issued directives that banks can release funds upto Rs.100,000/- lying in deceased account to legal heirs against Bond of Indemnity (without obtaining Court�s Succession Certificate) provided by the legal heirs of the deceased account holders/beneficiaries of instrument along with two personal guarantees. It is further directed that this will also be accompanied by application from all the legal heirs.
The question is that in most of the cases legal heirs of deceased nominate any one of legal heir and issues NOC in his/her favour so that he/she could receive entire deceased's amount from bank then as to how application to release funds can be obtained from all legal heirs? Isn�t application should be obtained from a particular heir authorized by all the remaining legal heirs to collect funds from bank?
1 Answer from Attorneys
is it ur suggestion .. then submit it to state bank directorate... otherwise ask ur question straight away...
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