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Who gets the unclaimed PPF & Post Office Savings?!
Posted on: 04/Sep/2014 3:22:32 PM
Central Finance Minister Mr. Arun Jaitley has formed a committee to analyse & decide on the issue of unclaimed funds in PPF (Public Provident Fund) & Post Office Savings and how to utilise the same.
Deputy Governor of reserve Bank of India, Mr. H. R. Khanna, has been appointed as the head of this committee. The secretaries of the Postal Department, Law Department, the Finance Department, DGM of State Bank of India, and the Managing Director of Punjab National Bank are members of this committee. This has been informed in press release.
Many people who invest in PPF & Post Office Savings fail claim the same.
There is a large unclaimed amount primarily due to the absence of required certificates/proofs, death, etc. The committee will find the total amount lying in this case and either will transfer the unclaimed amount to Government Funds or opening a new account & maintaining it. In his speech during the budget presentation, the finance minister has indicated that this fund may be used for the welfare schemes for senior citizens.
The committee was formed accordingly and is expected to submit their recommendations before 31st December. There is no authoritative figure available on the unclaimed PPF & Post Office savings accounts. It is estimated to be well over 1000’s of Crores of Rupees.
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