COMMITTEE TO EXAMINE
UN-CLAIMED AMOUNT REMAINED IN PPF, POST OFFICE AND SAVINGS SCHEMES
Press
Information Bureau
Government of India
Ministry of Finance
Government of India
Ministry of Finance
03-September-2014
18:01 IST
Finance Minister Approves Setting-up
of A Committee to Examine un-Claimed Amount Remained in PPF, Post Office and
Savings Schemes and Recommend how this Amount can be Used to Protect and
Further the Financial Interest of the Senior Citizens.
The Union Finance Minister Shri Arun Jaitley has approved the setting-up of a
Committee under the Chairmanship of Deputy Governor, Reserve Bank of India(RBI)
to examine un-claimed amount remained in PPF, Post Office, Savings Schemes etc
and recommend how this amount can be used to protect and further the financial
interest of the senior citizens.
The Finance Minister, vide para 39 of his Budget Speech
2014-15, had announced that "a large amount of money is estimated to be
lying as unclaimed amounts with PPF, Post Office, Savings Schemes etc. these
are mostly out of investments belonging to the senior citizens and on
their demise, remain unclaimed for want of relevant payment instructions"
and has proposed to set-up a Committee to examine and recommend how this amount
can be used to protect and further financial interest of the senior citizens.
Accordingly,
with the approval of the Union Finance Minister, a Committee has been set-up
with the following composition:
1)
Deputy Governor, RBI -
Chairman
2)
Secretary, Department of Posts
- Member
3)
Joint Secretary (Law), M/o Law and Justice - Member
4)
Dy. Managing Director of
S.B.I
- Member
5)
Executive Director, Punjab National Bank - Member
6)
Joint Secretary (Budget), DEA
-
Member
7)
Joint Director,
-
Member Secretary
National Savings
Institute
The Terms of Reference
(TOR) of the Committee would be:
·
Based on defined scope, by Reserve Bank of India, estimation of amount lying
unclaimed under various scheme's (Small Savings and other Savings Schemes of
banks) with Post Offices/ Public Sector Banks;
·
Procedure for bringing such unclaimed deposits to a common pool to be suggested
by the Committee. Changes, if any, required to be made in the legal framework
may be suggested. Committee to also suggest if such a pool should be placed
within Government account or outside it.
·
Committee to recommend how this unclaimed amount can be used to protect and
further financial interests of the senior citizens.
The Committee will submit its Report by 31st December 2014.