On Wednesday, Prime Minister Narendra Modi shared a post on his LinkedIn account. He urged people to claim their abandoned and unclaimed monetary assets. He termed this initiative as “Your Money… Your Right”.
The Prime Minister described the extent of unclaimed finances in India:
- Rs. 78,000 crore in banks
- Rs. 14,000 crore in insurance companies
- Rs. 3,000 crore in mutual fund companies
- Rs. 9,000 crore as dividends
He also shared links of official websites where citizens can check for their unclaimed assets. PM Modi wrote that this endeavour enabled every citizen to reclaim his money. He said, “Turn forgotten assets into a new opportunity. Be a part of this moment.” He added that these unclaimed assets include hard-earned savings and investments of many families. Already, this year in October and November, financial assets of Rs 2,000 crore have been transferred to the eligible beneficiaries.
The programme, Your Money, Your Right, was launched on October 4 across the country. The programme aims to distribute unclaimed financial assets relating to bank deposits, insurance, dividends, shares, mutual funds, and pensions to their rightful beneficiaries and legal heirs. For this, special awareness camps were organised in 477 districts from October onwards till December 5, according to information provided by Union Minister of State for Finance, Pankaj Chaudhary, in the Rajya Sabha.
The government has outlined step-by-step procedures to reclaim financial assets. In addition, guidelines have been prepared in major regional languages. Short video messages were also used during the awareness campaign. Major financial regulators involved in this program include RBI, SEBI, IRDAI, PFRDA, and IEPFA. The initiative leverages RBI’s Udgam, IRDAI’s Bima Bharosa, and SEBI’s Mitra platforms to assist citizens in locating their unclaimed financial assets.
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