Section 10 of The Dadra and Nagar Haveli and Daman and Diu (Merger of Union territories) Act, 2019
The total of the cash balances in all treasuries, the Reserve Bank of India, the State Bank of India and any nationalised bank, of the existing Union territories immediately before the appointed day shall be merged in the Union territory of Dadra and Nagar Haveli and Daman and Diu.
Summary
- All cash balances from the old territories are combined into the new merged territory.
- This includes money kept in government treasuries.
- It also includes money held in the Reserve Bank of India (RBI).
- Funds in the State Bank of India (SBI) and any nationalised bank are part of this merger.
- The total amount of these balances is moved on the "appointed day."
Practical examples
FAQ
1. What happens to the money the old territories had in the bank?
It is all merged into the new Union territory of Dadra and Nagar Haveli and Daman and Diu.
2. Does this include money in private banks?
The law specifically mentions treasuries, the RBI, the SBI, and nationalised banks.
3. When exactly is the cash merged?
It happens immediately before the appointed day so that it belongs to the new territory from the start.
Test yourself
Q1.Under Section 10 of The Dadra and Nagar Haveli and Daman and Diu (Merger of Union territories) Act, 2019, which of the following is NOT specifically listed as a place where cash balances are held?
Q2.What happens to the total cash balances under Section 10 of The Dadra and Nagar Haveli and Daman and Diu (Merger of Union territories) Act, 2019?
Q3.When are the cash balances calculated for the merger under Section 10 of The Dadra and Nagar Haveli and Daman and Diu (Merger of Union territories) Act, 2019?
Q4.Under Section 10 of The Dadra and Nagar Haveli and Daman and Diu (Merger of Union territories) Act, 2019, which type of bank is specifically mentioned?
Q5.Does Section 10 of The Dadra and Nagar Haveli and Daman and Diu (Merger of Union territories) Act, 2019, apply to "treasuries"?