Economy News

pil: SC asks Ministry of Finance to respond to PIL’s research mechanism on unclaimed deposits – Mintpaisa

The Supreme Court on Thursday asked the Union Finance Ministry to file its response in three weeks to a PIL requesting a mechanism to notify the legal heirs of deceased depositors of dormant unclaimed deposits in bank accounts. A bench consisting of Chief Justice DY Chandrachud and Justice JB Pardiwala took note of the submissions of a lawyer, representing the Centre, that a response to the PIL has been filed by the Department of Corporate Affairs and further time may be due. granted to the Ministry of Finance.

“The Department of Finance has three weeks to file the counter affidavit (response),” the bench said.

The bench heard a PIL filed by Sucheta Dalal, journalist.

He had previously issued opinions to the two union ministries, market regulator SEBI and the RBI.

The PIL has sought instructions from the Center and others to ensure that unclaimed deposits from the public that are transferred to government-owned funds are returned to the legal heirs of the depositors. He said a mechanism should be developed to notify legal heirs of unclaimed deposits in dormant bank accounts.

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