Consumer Benefit: Government will give ‘lost money’ back, Finance Minister gave instructions, camps will be held at district level

News India Live, Digital Desk: Consumer Benefit: It often happens that we forget some money in the bank, or a family member has deposited money in his FD, insurance or any account and we do not reach that information. Crores of rupees are lying in various banks and financial institutions of the country ‘unclaimed’. This money belongs to some common citizen, who should get his successor or heir. Now the Government of India has suggested a very big and important step to solve this problem!

Union Finance Minister Nirmala Sitharaman has clearly said that the government will have to work on ‘war footing’ to bring their ‘forgotten money’ to the people. He has suggested setting up ‘special camps’ to banks and concerned ministries at the district level to help the right owners or their heirs to claim these ‘unclaimed’ money.

Why were such camps needed?

• Heavy unclaimed money: Thousands of crores of rupees are lying in the country’s banks, post offices, insurance companies and PF accounts, which are not claiming any claim. This is the money of those who are probably no longer in the world, or they do not know about this property.

• To make the process easier: Currently, the process of claiming these money may be a bit complicated, causing problems to the common man. By setting up camps at the district level, people will be able to apply easily and get help.

• public awareness: Through these camps, the government and banks will be able to make people aware of ‘unclaimed money’ and will be able to tell them about the claim process.

What are these sources of ‘unclaimed funds’?

This money comes from many sources, such as:

• SAVING ACCOUNTS in banks for years.

• Matured but claimed deposits (FD).

• Life Insurance Policies, whose maturity amount or claim was raised by anyone.

• Mutual funds and unclaimed investment in the stock market.

• Unclaimed money lying in EPF accounts.

This initiative will definitely benefit millions of families. When they get back this ‘forgotten’ money, this will improve their financial condition and some money will be circulated again in the economy. This is a very practical and public-focused suggestion of the Finance Minister, which people are eagerly waiting for. So, start searching your bank passbook or older documents, maybe you may also be included in this ‘unclaimed money’!

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