Finmin sets up panel on unclaimed PPF, small deposits

Sep 04 2014, 01:25 IST
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SummaryThe government has approved setting-up of a committee under RBI deputy governor...

The government has approved setting-up of a committee under RBI deputy governor HR Khan to look into unclaimed amount 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 committee willl submit its report by December 31. It has to make an estimation of such amount lying unclaimed and suggest the procedure for bringing such unclaimed deposits to a common pool as well as changes required to be made in the legal framework. It should also recommend if such a pool should be placed within the government account or outside it.

Finance minister Arun Jaitley in his Budget Speech 2014-15 had announced "a large amount of money was estimated to be lying as unclaimed amounts with PPF, Post Office and Savings Schemes.

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