Define Lapsed Deposit?
In lapsed deposit, at the close of march every year
(a) deposit not exceeding twenty five rupees unclaimed for one whole account year, or residuary balances not exceeding the said amount of deposits partly repaid during the year then closing, and;
(b) all deposits or balances in excess of the aforesaid amount, unclaimed for more than 3 complete account years, shall be credited to the government under the consolidated fund, keeping necessary note in the register of deposits of deposits and balances thus lapsing, the Treasury officer will submit to the Accountant General immediately after 31st march a list prepared in accordance with the directions contained in the Account Code, Volume-II.
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