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.
- 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.
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