Union Finance Minister Arun Jaitley today approved setting-up of Committee under the Chairmanship of Deputy Governor of RBI to examine un-claimed amount lying with PPF, Post Office, Savings Schemes etc and how this amount can be used to protect and further the financial interest of the senior citizens. This is following his Budget Speech, wherein, he talked about unclaimed amounts with institutions and his intent to use it wisely.
The Committee comprises of Deputy Governor-RBI, Secretary and Joint Secretary (Law), M/o Law and Justice, Dy. MD-S.B.I, Executive Director-PNB, Joint Secretary (Budget)-DEA, Joint Director-National Savings Institute
Broad parameter defined for the Committee are:
1. Estimation of amount lying unclaimed under various scheme
2. 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.
3. 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.