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


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Unknown to many people, there are huge unclaimed funds in India that are locked up in Shares and securities of listed Indian companies, bank accounts & deposit accounts, insurance policies, properties etc. It is not just the resident Indians but even foreign nationals including nationals from Nepal, Burma, South Africa, England, Mainland Europe that are entitled to missing, unclaimed or forgotten fortunes in India

Lots of foreigners find it difficult to trace assets in India that were acquired by their family elders and ancestors. As already mentioned, Lots of people from Nepal, Burma, Africa, England, Europe, USA, Canada etc., are holding equity shares in Indian companies. These were acquired during the initial years of the 20th century till probably the mid sixties. British invested in the shares of Indian companies as well as property during the period of the British Raj – when the British were running the government, Armed forces, business houses and companies in India. Likewise, people from Nepal, Burma, Sri Lanka. Mainland Europe and Africa who had business interests in India also invested in shares, lands and buildings. Most of them may be deceased or they may have changed address and lost contact with the company but the shares still exist in their names.

Shares may become untraceable for a variety of reasons – the company may change its name, it may have been merged with another, or it may have become sick and / or gone into liquidation. Or simply the person who bought the shares or operated the bank account forgot to inform their family or records were misplaced and the family may not be aware of the same.

The person who opened and operated the account may have forgotten to tell his/her family members about the account; or may be the person moved address and forgot about the bank account. There have been instances where people moved overseas from India and lost track of their lands etc.

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