No restrictions for queer community to open joint bank accounts: FinMin

The government on Thursday issued an advisory, saying that there was no restriction for  people of the queer community to open a joint bank account, and that they can also propose a person in queer relationship as a nominee.

The notification from the Union Finance Ministry came in connection with the Supreme Court’s October 17, 2023 judgement, in the case of Supriya Chakraborty and another Vs. Union of India (Writ Petition Civil No. 1011/2022). 

“This is to clarify that there are no restrictions for persons of the queer community to open a joint bank account and also to nominate a person in queer relationship as a nominee to receive the balance in the account, in the event of death of the account holder,” said the advisory issued by MOF’s department of financial services.

The ministry also said that a clarification in this regard has also been issued by the Reserve Bank of India (RBI) to all the scheduled commercial banks on August 21, 2024. 

In the 2023 case of Supriyo Chakraborty and Anr. v. Union of India, the Supreme Court recommended that queer partners be allowed to open joint bank accounts and name their partner as a nominee to receive the balance if they die.

The court also recommended other considerations, such as treating queer partners as part of the same family for ration cards and allowing them to visit their partner in jail. The court also mentioned other legal entitlements, including succession rights, maintenance, financial benefits, and rights related to employment. 

The five-judge bench of the Supreme Court had, however, on October 17, 2023, refused to grant legal recognition for same-sex marriages, observing that it was a matter for the Parliament to decide.

LIC gives Rs 3.6K cr dividend cheque to Sitharaman

State-owned Life Insurance Corporation (LIC) on Thursday handed over a dividend cheque of Rs 3,662.17 crore to Finance Minister Nirmala Sitharaman.
 

The cheque was presented by Siddhartha Mohanty, Chief Executive Officer & Managing Director of LIC to the finance minister in the presence of M P Tangirala, Additional Secretary, Ministry of Finance.
 

LIC also paid an interim dividend of Rs 2,441.45 crore on March 1, 2024, thus totaling Rs 6,103.62 crore dividend paid to the Centre for the year 2023-24.

(With inputs from PTI)