If an individual who has a domicile in Japan and who falls under the category of an elderly person or similar person as of April 1, 1988 holds deposits and similar savings (excluding ordinary deposits and similar deposits) for which the individual made a placement before that date and which, on the day before that date, satisfy the requirements prescribed in Article 10 of the former Income Tax Act, and, during the period from April 1, 1988 to the day on which the individual, on or after that date, first receives payment of interest or distributions of proceeds on those deposits and similar savings (limited to those to be received on or after that date) (or to March 31, 1989, if that day is after March 31, 1989, or, if on or after April 1, 1988 and before either of these days the individual makes a placement of Deposits and Savings, a Jointly Managed Trust, or Securities for which the individual seeks to apply the provisions of Article 10, paragraph (1) of the new Income Tax Act at the business office of a financial institution or other such place prescribed in that paragraph, to the day on which the individual first makes such a placement), submits the statement of tax-exempt savings prescribed in Article 10, paragraph (3) of the new Income Tax Act to the district director prescribed in that paragraph via the business office of the financial institution or other such place, and the application to exempt savings from taxation prescribed in paragraph (1) of that Article relating to those deposits and similar savings to the business office of the financial institution or other such place, respectively, and, at the time of that submission, presents the documents prescribed in paragraph (5) of that Article, gives notice in a manner equivalent to that provided for in that paragraph, and receives a seal of verification (if those deposits and similar savings are a Loan Trust relating to bearer beneficiary certificates prescribed in paragraph (1), item (ii) of that Article or Securities prescribed in item (iii) of that paragraph, this is limited to when the entrustment of custody or the registration prescribed in those provisions is made at the time of that submission), then, with respect to that interest or those distributions of proceeds, the provisions of that Article apply by deeming those deposits and similar savings to have been placed at the business office of the financial institution or other such place on April 1, 1988, deeming that statement and that application to have been submitted on that date, and deeming that entrustment of custody or registration to have been made on that date, respectively.