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.
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