Fundtracers Consultancy, a Delhi-based company helps you trace and claim old investments in Indian companies.


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'Enemy' shares to be dematerialised Office of the Custodian of Enemy Property holds both immovable property and securities; dematerialisation is expected to be completed in a few months A shareholder whose physical share certificates arguably constitute some of the longest-held investments on Dalal Street is finally dusting these for dematerialisation, more than 40 years after the wars that resulted in their transfer of ownership. The owner of these certificates, the Office of the Custodian of Enemy Property, is entrusted with properties that include share certificates seized after the 1962 war against China and those against Pakistan in 1965 and 1971. Most of these holdings are said to be of people who were Pakistani nationals at that time. Two people familiar with the matter said dematerialisation of these assets was already underway. While they did not comment on the value of the securities, these are reportedly worth about Rs 10,000 crore. According to a 1971 estimate, the original value of the holdings was only Rs 29.4 crore. No records were available on the exact holdings. A Business Standard report a few years ago mentioned a number of these - Wipro, Tata Steel, Tata Power, Tata Chemical, Tata Coffee, Tata Engineering, Nelco, Unit Trust of India schemes, Shaw Wallace, United Breweries, Birla Corporation, Grasim Industries, ACC, India Cements, Digvijay Cement, Hindustan Lever, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, NEPA Mills, Poddar Mills, Kohinoor Mills, Phoenix Mills, JK Synthetics, Cipla and Ashok Leyland. The Office of the Custodian of Enemy Property, under the Ministry of Home Affairs, has an office in Mumbai and a branch in Kolkata. It is governed by the Enemy Property Act of 1968. One of the people mentioned earlier said dematerialisation of these assets was likely to be completed "in a few months", adding the move might be aimed at preserving these records, considering the fact that physical certificates would have undergone wear and tear since the Enemy Property Act came into effect. The second person said he had seen a communication in this regard. An official at the Office of the Custodian of Enemy Property confirmed the process was underway. He said the move was aimed at maintenance, adding the office wasn't allowed to divest such securities. "The enemy property shall continue to vest in the Custodian till it is divested by the central government…enemy property can be divested only to the owner or his lawful heir," said an October 2010 government statement, amending the laws governing such securities. "The central government is authorised to direct the Custodian to sell or dispose of enemy properties in such manner as may be prescribed." An email sent to the Ministry of Home Affairs did not receive a reply. Fresh news reports in February this year indicated the ministry had notified rules under the Enemy Property Act to identify and take control of such assets. Other than shares and other such securities, the Office of the Custodian of Enemy Property was also in charge of 2,111 immovable properties as of May 5, 2011, according to a reply in the Lok Sabha. In 2011-12, it received about Rs 40 crore, including "dividend on shares/stocks and income on investments made in government securities and treasury bills". For such land and buildings, district authorities are entitled to retain 1/12th of the income for management and maintenance expenses. 'ENEMY' OF THE STATE Office of the Custodian of Enemy Property holds both immovable property and securities These belong to an enemy country, or companies or people belonging to such a nation Assets were vested with the custodian after the wars of 1962 (with China), 1965 and 1971 (both with Pakistan) Process of dematerialisation is underway and is expected to be completed in a few months The government had estimated the value of the share certificates and properties to be Rs 29.4 crore in 1971 They throw up more than Rs 40 crore only in income every year now, including dividends and rents Shares are said to include those of blue-chips, including Tata Steel, Wipro Value of all these shares is estimated to be over Rs 10,000 crore Source - http://www.business-standard.com/article/markets/enemy-shares-to-be-dematerialised-115041700037_1.html

Reserve Bank of India asks banks to label inactive accounts 'dormant'

The other day I logged into one of my old bank accounts. To my surprise, there was nothing there. On enquiry, I was informed that the account has been classified as 'dormant', as I had not operated it for quite some time", this is often-heard today.

If there has been no transaction in your savings bank account for two years, except for interest payments credited by your bank, the bank will classify your account as inoperative or dormant. You will not be able to use your ATM card, issue cheques or transact in the account without reactivating it.

For the purpose of classifying an account as inoperative, both the types of transactions - debit as well as credit transactions - induced at the instance of the account holder as well as a third party should be considered. Recently, the Reserve Bank of India (RBI) asked banks to track dormant accounts, so they can either be revived, or the balance can be transferred to a new account or the legal heirs. According to the RBI, there are 10 million dormant accounts in the banking system. These dormant accounts have unclaimed deposits of around Rs 1,700 crores


Fund Tracers can help the legal heirs with all legal procedures to be followed in India to claim the estate.

In order to contact us, please go to our website www.fundtracers.com and contact through that site. or email at contact@fundtracers.com or fund.tracers@gmail.com

Rs 1,360 crore lying unclaimed in Indian banks

Indian banks have over Rs 1,360 crore unclaimed amount, enough to run Central government hospitals and dispensaries for a year or provide funds to farmers under the National Horticulture Mission. Any bank account, not been operated for a decade, turns inoperative and the money is transferred to the

http://www.hindustantimes.com/images/HTPopups/090311/09_03_pg10a.jpg

bank’s suspense account. There are over one lakh inoperative accounts with Indian banks, each having on average Rs 1,350, the RBI said in a RTI reply. Over 75 % of these accounts are of savings.

Although the Reserve Bank of India has asked banks to issue notices to account holders to take back the money back along with the interest, the banking regulatory is not willing to transfer the money to the government as done in case of unclaimed dividend from the companies.

"There is no scheme under consideration of RBI whereby such unclaimed deposits in banks including those in inoperative accounts may be transferred to some government account after a specified period," said D Mahapatra, RBI’s Central Public Information Officer.

After the RTI applicant Subhash Aggarwal sought information on money in suspense accounts, the RBI woke up and issued a new circular in July 2010 asking the banks to review the accounts where there have been no operations for more than a year and inform the account holder about the same in writing.

"Banks are taking every step to ensure that unclaimed money lying with them is safe and not misused," T M Bhasin, chairman and managing director, Indian Bank told Hindustan Times. Chairman of a public sector bank said in case of any transaction, which may happen after that period, will be monitored closely to ensure that there is no fraudulent activity.

The RBI has admitted that it has received complaints of customers facing problems in operating the accounts termed as inoperative and unwillingness of the banks to pay interest on the money in these accounts.

The country top-banking regulator has asked the banks to make all efforts to locate the customer and in case, it fails to find the person, the bank should contact the person who introduced the account holder. "Banks can consider a special drive to find the whereabouts of the customers," the RBI had said.

The nationalized banks have around Rs 988 crore in inoperative banks followed by State Bank of India and Associate banks, private sector banks and foreign banks.

Article Courtsey - http://epaper.hindustantimes.com/PUBLICATIONS/HT/HD/2011/03/09/ArticleHtmls/R1360-crore-lying-unclaimed-in-banks-09032011010034.shtml?Mode=1

In case you face a problem relating to any bank accounts, We can help you in claiming the same; We can provide you with our services of tracing such assets and initiating the legal procedures in India to claim the same.

In order to contact us, please go to our website www.fundtracers.com and contact through that site. or email at contact@fundtracers.com or fund.tracers@gmail.com

EPFO not sure who own Rs 36K cr

The Employment Provident Fund Organisation (EPFO), which maintains the PF accounts of all formal sector employees, does not know to exactly whom Rs 36,000 crore of its corpus belongs to. The amount, part of its five-lakh-crore-rupee corpus, has been accumulating from 4.7 crore accounts that have not been updated for years. These are separate yearly accounts of individuals who, EPF officials estimate, form 25% of its 5.7-crore subscriber base.

The accounts assume significance when there is a face-off between the labour and finance ministries over the 9.5% interest rate promised to EPF subscribers about five months ago.

Raising objection to the rate for 2010-11, recommended by the Central Board of Trustees in their September meet, the finance ministry wanted an update on these accounts before notifying the higher rate.

Samirendra Chatterjee, central provident fund commissioner, told HT that the unusually long time taken for settling the unattended accounts is mainly because the authorities have to go back and forth to get the full details of subscriptions.

He said EPFO was computerising all its 120 offices and started receiving contribution forms in CDs.

http://www.hindustantimes.com/EPFO-not-sure-who-own-Rs-36K-cr/Article1-662910.aspx


contact@fundtracers.com or fund.tracers@gmail.com

New a/c for 1,400cr lying unclaimed with banks

NEW DELHI: Banks could lose nearly Rs 1,400 crore of cheap funds lying in unclaimed deposits with the government deciding to create a fund to park these moneys and use it for depositor education.

Funds in deposit accounts that have not been operated for more than 10 years will be credited into a “depositor education and awareness fund”, Finance Minister Pranab Mukherjee informed Parliament in a written reply to a question.

“The government is contemplating to amend the Banking Regulation Act, 1949 for creating the Depositor Education and Awareness Fund,” finance minister said adding that the fund was conceived in consultation with the Reserve Bank of India.

The depositors will get their money back if they make a claim later, along with interest at the rate decided by RBI.

Currently, banks treat unclaimed deposits as regular deposits. The total amount outstanding under these deposits as on December 31, 2009 was Rs 1,360 crore.

Canara Bank has over Rs 218 crore lying unclaimed while Punjab National Bank and Union Bank of India have over Rs 160 crore and Rs 100 crore in idle accounts.

The proposed depositor education fund will be run by an authority or committee constituted by RBI.

Banks will have to credit the funds into the account within three months of a dormant account becomes 10 years old.

The move will help clear the administrative burden of unclaimed deposits and also prevent their possible misuse. At the end of December 2009, there were more than one crore such accounts with scheduled commercial banks.

Recently, even the Employees’ Provident Fund Organisation had decided that it will stop paying interest on accounts that had not received any contribution for more than three years.

The organisation hopes this will encourage subscribers to settle the accounts that are clogging the system.

http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/New-a/c-for-1400cr-lying-unclaimed-with-banks/articleshow/7039690.cms

More on the subject at -

http://www.thaindian.com/newsportal/business/rs1360-crore-unclaimed-money-lying-with-banks-mukherjee_100469132.html


We can help you in claiming the Unclamed shares and dormant bank accounts if the holder is deceased and you are a legal heir. We can provide you with our services of tracing such assets and initiating the legal procedures in India to claim the same.

In order to contact us, please go to our website www.fundtracers.com and contact through that site. or email at fund.tracers@gmail.com or contact@fundtracers.com

Unclaimed Provident Fund accounts might be Blocked

As per the latest report by Business Line, close to Rs 10000 Crore lying in approximately 2 Crore inoperative accounts might be blocked. The interest from these inoperative accounts might also get distributed to the live accounts. This proposal and other decisions like Interest Rate for the current fiscal (for EPF accounts) will be decided in a CBT meeting to held in September.
A senior EPFO official told Business Line that the Central Board of Trustees (CBT) of the EPFO is expected to take up this issue at its meeting in September. With many shifting jobs and neither closing their accounts nor transferring them to the new employer, more than 40 per cent of the total accounts has gone inoperative. Moreover, the unclaimed fund has grown over time with the 8.5 per cent interest paid on the principal by the agency.

More at -

http://technofriends.in/2010/08/01/unclaimed-provident-fund-accounts-might-be-blocked-india/


We can help you in claiming the funds lying in bank accounts or shares if the shareholder is deceased and you are a legal heir. We can provide you our services of tracing the assets and initiating the legal procedures in India to claim the same.

In order to contact us, please go to our website www.fundtracers.com and contact through that site. or email at fundtracers@fundtracers.com or fund.tracers@gmail.com