The massive amount of over Rs2 lakh crore of unclaimed money belonging to ordinary Indians that is trapped with the government, poorly accounted for and difficult to reclaim.
This unclaimed money is in various forms like bank deposits, insurance policies, provident funds, post-office savings, shares, bonds and corporate fixed deposits. The article highlights the lack of seriousness from the government and regulators in easing the struggle of rightful claimants to reclaim their money. It suggests that a modern India needs a central repository for birth and death registrations, along with a unified database covering financial assets, to create a transparent and efficient claims process.
Why the government’s own data on individuals’ income, expenditures, assets, and liabilities is not used to help legal heirs claim their inheritance.
