FM nod for committee to secure financial interest of senior citizens
Updated: Sep 04, 2014 12:05:16pm
New Delhi, Sept 4 (KNN) With a view to securing financial interest of senior citizens of the country, the government has approved the setting up of a committee to examine un-claimed amount remaining in PPF, post office, savings scheme etc.
“The Union Finance Minister 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,” Finance Ministry said in a release.
In his budget speech, Jaitley had announced that a large amount of money is estimated to be lying as unclaimed amounts with PPF, Post Office, Savings Schemes etc which are mostly out of investments belonging to the senior citizens and have remained unclaimed after their demise .
Finance Ministry 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 which includes - Deputy Governor, RBI as Chairman; and the other members of the Committee are - Secretary, Department of Posts; Joint Secretary (Law), M/o Law and Justice; Deputy Managing Director of SBI etc.
Meanwhile, the Terms of Reference (TOR) of the Committee would be - based on defined scope, by RBI, 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.
The other terms are that the Committee will suggest if such a pool should be placed within Government account or outside it and 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 December 31, 2014. (KNN/SD)
“The Union Finance Minister 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,” Finance Ministry said in a release.
In his budget speech, Jaitley had announced that a large amount of money is estimated to be lying as unclaimed amounts with PPF, Post Office, Savings Schemes etc which are mostly out of investments belonging to the senior citizens and have remained unclaimed after their demise .
Finance Ministry 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 which includes - Deputy Governor, RBI as Chairman; and the other members of the Committee are - Secretary, Department of Posts; Joint Secretary (Law), M/o Law and Justice; Deputy Managing Director of SBI etc.
Meanwhile, the Terms of Reference (TOR) of the Committee would be - based on defined scope, by RBI, 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.
The other terms are that the Committee will suggest if such a pool should be placed within Government account or outside it and 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 December 31, 2014. (KNN/SD)
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