If you forget to deposit money in banks, you will have to go to RBI. The new system on unclaimed amount is going to be implemented from April 1 in the coming financial year.
If any deposit amount is lying unclaimed in banks for more than 10 years, it will be transferred to the Reserve Bank of India. Even after the deposit amount is transferred to the Reserve Bank, the depositor or the depositor’s family member will be able to claim with authorized documents. After transfer to the Reserve Bank of India, claimants for withdrawal of funds will have to file a claim in the RBI itself. The new system on the amount lying unclaimed in lakhs of accounts of the country for more than 10 years is going to be implemented from April 1 in the coming financial year. An order in this regard has been issued by RBI Chief Manager Sunil TS Nair on January 1. According to the order, after transfer from bank branches to RBI, the unclaimed amount will be kept safe in Depositor Education and Awareness (DEA).
Dr. Pawan Jaiswal, Tax and Finance Advisor to the Central Government, said that at present the unclaimed deposits remain in normal banks. Its claimants claim withdrawal in the bank where the deposited amount is made with valid documents. In the new system, after 10 years the unclaimed amount will be transferred to the DEA account of RBI. The claimant of the amount will now have to file a claim with RBI. Now the documents of the person withdrawing the amount will be seriously scrutinized.
According to Dr. Jaiswal, even after transfer to RBI, the local bank management will have to continue searching for the account holder and his relatives of the unclaimed amount. When no claimant for the unclaimed amount is found, this amount will be spent on awareness raising of bank customers under the DEA scheme. Regarding this, ALDM Belal Ahmed of Prayagraj said that changes have been made in the system of unclaimed amount deposited in the banks of the country for more than 10 years.
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