The amounts due on an annuity certificate may be made payable at any treasury for sub-treasury in India or at the Public Debt Office, subject to compliance by the holder of such formalities as the Public Debt Office may require and the payment shall accordingly be made at such treasury or sub-treasury or at the Public Debt Office on presentation of the annuity certificate. The payee shall give a receipt in Form A. Where, however, the payment is due at a place where a Public Debt Office is located, the annuity certificate shall be presented at the Public Debt Office which shall issue an annuity warrant in favour of the holder payable at the local office of the Bank. Notwithstanding anything contained herein, any payment due at a treasury or sub-treasury may be made by the Public Debt Office by a warrant payable at such treasury or sub-treasury.
[(2) Payment of Commutation value of Annuity Certificates.- At the option of the holder, payment of commutation value may be made to him on his applying the writing to the Public Debt Office and surrendering the annuity certificates duly discharged in Form AIII. The Public Debt Office may authorise payment at any treasury or sub-treasury in India or at a branch of the State Bank of India or any of its subsidiary Banks conducting Government treasury business, as may be specified by the holder.]
[4A. Nomination in respect of an Annuity Certificate.- (1) A sole holder or a sole surviving holder of a Government security issued in the form of annuity certificate whether before or after the commencement of the Public Debt (Annuity Certificates) Amendment Rules, 1960 who is not a minor, may nominate a person or persons who shall be entitled to the certificate and to payment thereon in the event of the death of the holder:
Provided that-
(a) the person or each of the persons nominated is himself competent to hold an annuity certificate; and
(b) some part at least of the amount payable under the certificate has not become payable.
(2) Every nomination under sub-rule (1), whether in substitution of a nomination already made or not, shall be made in Form Al.
(3) A nomination made under this rule may, on a subsequent date, be cancelled in writing in form All.
(4) As soon as possible after a nomination is made or a nomination already made is cancelled, and person making or cancelling the nomination shall send to the Public Debt Office the form of nomination or cancellation, as the case maybe, together with the certificate to which it relates and the fee prescribed in sub-rule(5); and thereupon the Public Debt Office shall register the nomination or, as the case may be, the cancellation in its books and return the certificate with an endorsement thereon that a nomination has been made in respect of the certificate or that the nomination already made has been cancelled.
(5) The fee for the registration of a nomination or any cancellation thereof shall be Re.1 per certificate, provided that no fee shall be charged for the registration of the first nomination in respect of any certificate.
(6) No nomination or cancellation of a nomination shall take effect unless and until it has been registered in the Public Debt Office in accordance with this rule.