Disclose details of 100 dormant accounts: CIC to Postal Department

The Central Information Commission has directed postal department authorities to make public details of 100 biggest unclaimed accounts with them along with amount and dates since they are lying dormant.

The instructions were given on an RTI application filed by Subhash Agrawal who sought these details.

During the hearing Agrawal claimed that the postal department in its reply had said that unclaimed balance of Rs 752.44 crore are lying in 2.49 crore accounts.

He claimed postal authorities have taken no steps to return the money to the legitimate claimants. During his arguments, Agrawal said that unclaimed balances are prone to fraud.

He claimed Reserve Bank of India has now directed banks to transfer dormant balances to the government of India after a period of 10 years as is being done in case of unpaid dividends which are required to be transferred to the government after three years.

After hearing the arguments, Information Commissioner Basant Seth said as pointed out by the appellant, the RBI and the Ministry of Corporate Affairs have issued appropriate guidelines for monitoring and taking proactive steps to refund unclaimed balances to legitimate claimants or their heirs and to transfer the balances lying in dormant accounts to the government after a specified period.

"The CPIO should provide the information as above, free of cost, to the appellant within 45 days from the date of receipt of this order," he said.

Source : http://economictimes.indiatimes.com