Rs. 35,000 crore lying in banks, with no claimants
Many People in India are still not aware about the importance of having a properly drafted Will, and then their family members suffer in locating and claiming the assets
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Money that could be yours
• An account, which remains non-operational for a period more than 10 years in a bank, becomes unclaimed deposit
• Lack of awareness and a complex system make it challenging for individuals to reclaim their assets, resulting in complex and lengthy legal processes and frustrating experiences.
• By increasing awareness and implementing effective systems, govt can facilitate the reclamation of these forgotten fortunes, preventing their loss
Mumbai: India holds billions of rupees in unclaimed deposits, with forgotten bank accounts, investments, Mutual Funds, shares, dividends and real estate contributing to this substantial wealth.
As per an estimate, a sum amounting to Rs 35,000 crore remains stuck in the banks and other financial institutions in over 10.24 crore accounts. This information was shared by Union Minister of State for Finance, Bhagwant Karad in reply to a query in Parliament recently.
An account, which remains non-operational for a period more than 10 years in a bank, becomes unclaimed deposit. Lack of awareness and a complex system make it challenging for individuals to reclaim their assets, resulting in complex and lengthy legal processes and frustrating experiences. However, recent initiatives, including the proposal to set up a centralized web portal by the Reserve Bank of India, aim to simplify the retrieval process.
Talking to Bizz Buzz, Abhishek Aneja, a tax expert from New Delhi said, “I have noticed this with many people, when they switch their jobs or relocate to a new city, they often open new bank accounts and forget about the money left behind in their old accounts and do not keep a track of their investments. Many People in India are still not aware about the importance of having a properly drafted Will, and then their family members suffer in locating and claiming the assets.” I have helped several families in locating the assets of their family members when they leave without a properly drafted Will and the process is really time consuming, he said.
By increasing awareness and implementing effective systems, the Indian government can facilitate the reclamation of these forgotten fortunes, preventing their loss.
