Finance Ministry Okays Panel On Unclaimed PPF And Other Deposits

The Finance Ministry has given nod to constitute a committee under RBI Deputy Governor HR Khan to look into unclaimed amounts in PPF, post office and savings schemes. The committee will recommend how this money can be used for the financial welfare of the senior citizens.

The committee will submit its report by the end of this year. It will value the amount lying unclaimed and also giver its recommendation whether that amount should be placed within the government account or not.

Finance Minister Arun Jaitley had announced in the Budget that "a large amount of money was estimated to be lying as unclaimed amounts with PPF, post office and savings schemes.”