Those interested can take a look at the report on Moneylife Foundation’s website here: www.mlfoundation.in/memorandum/challenges-in-transmission-of-assets-to-nominees-and-legal-heirs/389.html
You can send us a WhatsApp message on our office mobile number at 7045156415 to request the report, and we will send you the PDF. You can also become a member of Moneylife Foundation by following this link, to stay updated on other important issues that we cover: www.mlfoundation.in/register.html
My father passed away in July 2015. He forgot to appoint a nominee. When I went to the SBI branch to close the account and claim the amount (Rs 2500/-) SBI gave me some 20 page form to fill up and a long list of procedures to be completed to formally close the account. I just dropped the idea.
SBI is notorious for making people go in circles. It has become a behemoth with all it's government accounts and cares a damn about small retail customers like you and me.😠
Hdfc just took 21 days for re-kyc when there was no change with original kyc. You are right , anyone with authority WILL harass because HE can . They will never let people like you , get to seat of power sucheta ji .
@kaddu2178 “Hdfc just took 21 days [...] seat of power sucheta ji .” ====================== This shows that the malaise is not only with governmental organisations, but is present in private, supposedly customer-friendly private organisations as well.
You have experienced what many have experienced with HDFC Bank i.e. they function like a govt bank while claiming to be a private bank. SImply awful. I have experienced the worst of them from their lousy Imperia RMs, horrid cashiers to their pathetic loans dept. I closed my account with them two years ago and haven't looked back since.
Thankful to you madam. You are raising important issues of middle class senior citizens. I remember you had raised the issue of delisted shares. Kindly update on this issue again.
I have been trying to recover the dividends of my grandfather from IEPF with total silence from the MCA despite my Company Secretary raising various tickets. The company tells me to forget recovering the money as people are waiting over 5 years. This after I have spent thousands of rupees on getting a Succession Certificate and various affidavits.
You are the only person / organization who has been vocal about this issue since several years. People, like me, who have had to spent enormous amount of time and money to get money rightfully belonging to me and my brother(And still we have around 1%-2% left to be claimed), after my parents passed away in 2006 and 2011 respectively, can so much relate to this. Very sad state of affairs in India.
Thank you for your thoughtful feedback! We're thrilled to hear that you found the overview valuable and insightful. . Your support means a lot to us! ..Please subscribe to our channel for more such content.
This is a monumental work carried out by Moneylife foundation. The figures are staggering and shows to what extent the people belonging to middle and lower middle class are affected. Typically it is those people who suffer in matters like this. How can this be arrested for future so that the problem does not accumulate further and only the past baggage to be cleared? More associations should jump into this initiative
Cool Report . Thanks for the upload !! I have been postponing unclaimed FD's of my deceased father since 2015 because of the tedious procedure involved in claiming the ones which had no nominee.
Thanks so Much Sucheta. This is the need of the hour. We keep getting communication from private parties who offer to get the securities transferred to our name for 10% of the MARKET VALUE of the securities. So for a forgotten 100 shares of, for example MRF, the value works out to 10 LAKH!!!
You have raised an important issue. The fault is of the institutions and also of auditors who should point out that inordinate delays take place in settling issues. The claimants are helpless . I have been fighting a battle my UTI and Axis bank for a paltry sum of about Rs 15000. UTI says that it had transferred the amount in 2008.. The bankers say they didn’t receive it. UTI refuses to share with me the instrument by which funds were transferred. The battle has been going on without any result. It is not for want of trying or not contacting all the relevant institutions. The money would have grown many time by now. Now at 86 don’t have the stamina to approach courts. Similar must be the case with many individuals or companies.
Very enlightening. Until the Government makes the necessary structure, it will be advisable for individuals to make nominations in all accounts, keep the nominees name up to date and inform family about all their investments. Your video is a wake up call. If this warning is not heeded by us, our hard earned money will be eventually added to that 2 lac crores 🙏
Ms.Dalal you have certainly done a great service to all those silent sufferers. As you have said the fear of fraud and the fear of being blamed for it could be one reason just as lack of knowledge among those who work in these departments. I think another reason could be the government has two lakh crores of interest free funds. That's an incentive for any government to drag it's feet. But we look up to people like you to take up the issues. Just as another person commented I too certainly wish and hope that you are made a Rajya sabha member which will give a better platform for you to continue this commendable work.
Thank you for your insightful comment! It's true that fear and lack of knowledge play significant roles in preventing people from speaking out about fraud. We appreciate your support and hope that together we can push for the necessary changes. Your encouragement means a lot to us.
Mam i think you had done a video a long time back, explaining the steps to be taken so that heirs would not face difficult situation in future. If possible and convenient could you please share it again. Thank you
Extremely useful information. Thanks for educating me. Hope the government responds to your proposal. Unclaimed money lying with govt is of no use. If it comes into peoples hands they will spend and in turn boost the economy.
I worked in private sector which had a PF trust. But after leaving, my PF/company contributions moved to EPFO Govt. I'm struggling to get it back. It is now over 15 years!! Those days, the money was not even attached with PAN number, even though PAN was already available.
Thanks Madam. This subject is the need of the day. There are people simply refuse to accept documents and even look at it. It is not possible to travel one place to other and make various trips.
Make a list of all your investments (open and closed), insurance, PF , etc, and mention the joint holders and nominee names as well so if you suddenly die, your family members know what to do.
Excellent report and it needs to be acted upon by helping / advising the people step by step the process to follow / relevant portal / website / helpline etc etc
Love your work ma'am. Unfortunately india is lurking somewhere lacking well informed people who follow such real good channels. India has pretty long way to go.
Great initiative. Have we made an analysis of % of account having less than Rs. 10k contributing to this kitty. Where legal heirs don't consider it worth taking the pain?
Exactly why I hate pf, ppf , because government is just shit inefficient. Probably intentionally. I have 10L in pf which I have now donated to GoI. Never again.
PPF , in my experience, is not that much of an issue. PF is horrible. I do not know why companies want to deduct PF when employees are not at all intrerested and it is not even mandatory in severl cases.
13:32 - Yes. The fear of 5% is big enough because one wrong approval would mean loss of all the saving, respect and position in the society along with all the legal troubles for that one official that would be made scapegoat.
Very good video. Should be made in Hindi and other languages so that more people are made aware.The government must be encouraged to trace the legal heirs and hand over the unclaimed amounts. This should be regarded as a CSR activity. And must be done atleast once in ten years
Thank you for your thoughtful comment! We completely agree that making this information accessible in multiple languages would help reach a wider audience.
IEPF always through agents Because it's difficult to get one's head around the whole thing And their website is difficult to access, either it's down or something
Well done Once you have tried lots of for company fixed deposit My request pl raise the same on behalf of fd holders The promoter are not thinking seriously
What is the need of the hour is to see that these amounts do not grow more and more. That can happen only through awareness. All persons, who deposit in various avenues, must be told either by informed channels or by the institutions to put in extra documentations at the time of deposit like nominee etc or something more. May be moneylife can recirculate a video on this if this is already there or a new one. That will be great.
Have been trying to download the IEPF 5 form for claiming refunds on bonds for the last one month. No luck. No response from MCA despite several emails.
Even in India it is the same thing, Except, In India, it will take the rightful owners years do get the money. Please understand, the laws of India are copied from the British Laws.
Blaming govt for all has become fashion.Know of two brothers ,one Indian & other NRI in US,who both have jointly inherited stocks having current value @1cr. To get the succession certificate,.no one is ready to make expenses. MH govt recently reduced maximum stamp duty from 75k to a lower amount. Many account holders want money in their account at click of a button.
I am sure there’s a large amount which people are entitled to withdraw, but can’t because of exact same procedural hurdles. For example e.g. epfo in my case. Claims getting denied for no reason. I would call it what it is… theft.
Please make a follow up video when this database is available in future. It will help a lot of legal heirs. Please help us to find out what our baby boomers left without telling their wives or children or nominating due to lack of tenacity in finance in their times.
Money lying in IPEF & DEAF is like Stagnant water lying unused. When Rightful Heirs receive their inheritance they will spend it, & it will boost the Economy
My late father's ITR of 8000 was outrightly rejected by IT department even though I have submitted all relationship documents everything they're too much 😮😮😮
@ukuk179 “In UK, banks and other [...] being given to charities ===================== But UK British people are mlecchas. -Indians- Bharathiyans are the greatestestest, most honestestest Hindutvaist Sanatana Dharmic people of greatestestest Sanatana Dharmic civilisation.
Madam 3 scenarios can arise- will or nominee or intestate. Banks should return to willed and nominee without ado. In intestate they csn st the most take indemnity bond from claimant. At present they are sending 25 page booklet plus affidavit plus surety without application of mind. And no one to check such recklesd actions by bank babus.
Many women are unaware of husbands investment ,insurance ,bank ac . Gov should give them with death certificate ,assets certificate . Asseset in name of dead person. This will help widow. In many case other family members embazele that money
It's common knowledge about EPFO that their processes are cumbersome because then there is opportunity for arbitrage and graft for bureaucrats. One of my family friend's pension got stuck govt employees directly asked for ₹10 lacs to get it out.
I am commenting before watching the video and if this video is about people not claiming money then i am one of them. My dad bought shares in one company before he passed away which he did tell my mom and it was a big amount. And we even had papers and all. We still get correspondence about it saying if we dont claim it, this n that will happen. We have not claimed it once after he passed away. We once consulted a lawyer about it and what he told sounded a little completely so we never did it. Those shares still lie unclaimed. It was around 10L+ 15 years ago. Now i dunno what value it would be.
Yes Bank took senior citizens fdsand fooled them into buying bonds saying they were govt bonds and totally safe.it has been 4years and we have heard nothing.pl help.can we not return to the old system based on human to human trust.
There's a different reason. Because of yearly tax & no exceptions. Isn't it better to put in mf where money can beat inflation & taxed only when you want?
My Rs .5000 blocked in erstwhile Andhra Bank now Union Bank of India. Unable to login and ATM card not working . UBI not helping in Bengaluru. My account is in Hyderabad.
I will bring to your attention the most bizzare case of a bexus between the registrar, the company, and probably the ministry. They have pronunced me dead by sending in my death certificate with a request to transfer the share in a third person's name. And the registrar, in corrospondence with me, refuses to reject my death certificate. Will e mail the details to you seperately.
these funds are used as DEAF by RBI although inefficiently as there is no accountability. I know the process as I am tasked to monitor one such project being implemented by an NGO appointed by Lead District Bank under the scheme. RBI just says that the funds are being used judiciously but in reality it is utter waste because the programs are without a measurable outcome and reporting on the RBI portal is lacklusture as RBI itself doesn’t care to have it running properly. I have raised the issue many times but nothing happens in reality and the wastage goes on…
Madam, you have been reticent about the main reason behind this reluctance of all types of financial institutions to make it easy for the owners/ legal heirs of the owners recover the money lying with them because these financial institutions can make use of the huge amounts of unclimed funds which had been deposited at very low rates of interest to further their own financial interest, viz., invest, lend out etc. The government is the greatest beneficiary in this respect for the amounts of unclimed deposits in post offices and other government owned finanancial institutions are huge. Why should the money be transferred to the Government after it is lying unclaimed for ten years? The legal heir may come to know of the unclimed deposits even after ten years. Maybe they were very minors when their father or mother died or both may have died in a car accident.
My small advise Make your Bank account, DEPOSIT LOCKERS, MF HOLDING,DEMAT ACCOUNT JOINT WITH MODE OF OPERATIONS E OR S., COMPULSORY IF crossed 45/50 YEARS OF AGE. INFORM FAMILY MEMBERS OF THE INVESTMENT MADE CHECK NOMINATIONS,ONCE 6 MONTHS FIND OUT IF BANK ACCOUNTS, MF DEMAT ACCOUNTS ARE ACTIVE/ KYC COMPLIANT, ONCE A YEAR ATLEAST.
Address, mobile no - e-mail address of my wife has changed over time.She has Aadhar Card with correct address correct mobile no, same PAN no but she's not able to redeem her NPS investments inspite of Regd letter to NPS Trust. She's 65 yrs old. What should she do??
🙏. Tat Sat. Its the scavenging free of dead man's / poor Janta Janardhan money, who doesn't have the time, connect, resources to pursue for these stuck money, by politicians to release from this scavenged money to be blow up this hard earned money by allocating it to cultivate their pet media houses and financial institutions through advertisements etc in the name of investors awareness programs etc. so the above Mai baaps are not interested sincerely to revert these back to the rightful owners or their heirs by using their databases available or giving incentives on return to rightful claimants. Hope good sense prevails ji before it is too late.🙏.
It should not be easy to claim unclaimed money as fraud will make sure that it will go to undeserving people. If someone wants unclaimed deposits of their deceased family members let them go to court and fight there. Can't support you on this issue
The banks, govt. and other entity don’t care be asset he money or assets are with them.. They use it for free and even if you prove as rightful owner, they give you the best run around…we will check with head office and get back to you…which will never happen. NRIs can forget all assets in India…call it a donation…no one has time and money chasing these assets. They would lose their savings and jobs doing so….if they have immovable property, Kiss it good bye even if you have a registered Will. The court system in India is most archane using 1862 British law….we are in 2024. India can’t let go of this and Law minister who is supported by lawyers refuses to change because 80% lawyers will be out of work and 90% cases will automatically fall off the list. Those NRI who have property and other assets should sell and move their money legally to where they live. Investing in India is a dream which will give you nightmares.
RS 2lakh cr ie Rs 2 trillion Worth of India new Smart City construction n developers development of which Rs 1.5 trillion worth of directly or indirectly belongs to ownerships of India mp mla parliament n matralaya pm mp's mla's of India RS 2lakh cr ie Rs 2 trillion Worth of India New highway infrastructure projects development of which Rs 1.5 trillion worth of directly or indirectly belongs to ownerships of India mp mla parliament n matralaya pm mp's mla's of India
The last 10 odd years Citizens have totally forgotten (or have been made to forget) what the actual role of media is... Wake up my dear friend and direct your energy in the right direction 😊✌️
@@ghu_makkar_saurabh Again ......nice try ! Individual fault and responsibility is also Govt responsibility. That is why in our nation public property, road etiquette, manners, Qs etc are passe'..........Sarkar sab kuch karna hain. Dammit its your money, you don't know how to handle within the rules of the day and time, when you invested, then why cry ?
@@muravi8167 No one other than you is trying anything, you gave a twist to a simple public awareness video... If we go with your logic then from birth to death the Govt is not needed for anything, literally not needed... So shall we dissolve the present Govt? I would request you to not reply to this comment to save both of us and others some time... No point in unnecessarily stretching an argument ✌️
Those interested can take a look at the report on Moneylife Foundation’s website here: www.mlfoundation.in/memorandum/challenges-in-transmission-of-assets-to-nominees-and-legal-heirs/389.html
Can’ t login in and access the article . I have many unclaimed assets. Can you guide me ?
Can we buy.because am a book reader a retd person.
You can send us a WhatsApp message on our office mobile number at 7045156415 to request the report, and we will send you the PDF. You can also become a member of Moneylife Foundation by following this link, to stay updated on other important issues that we cover: www.mlfoundation.in/register.html
Sucheta Dalal, you have the knack of explaining the most complex issues with clarity and calm.
Your monumental work is laudable!!
Thank You .I'm glad you found the information helpful. Please subscribe to our channel for more such content.
Madam I Really wish you get Nominated to the Rajya Sabha, so that you can voice the Financial concerns of Indian citizens.
“Thank you"
The cost of recovering exceeds the value involved; forget time and effort.
My father passed away in July 2015. He forgot to appoint a nominee. When I went to the SBI branch to close the account and claim the amount (Rs 2500/-) SBI gave me some 20 page form to fill up and a long list of procedures to be completed to formally close the account. I just dropped the idea.
Same thing happened with me.
SBI is notorious for making people go in circles. It has become a behemoth with all it's government accounts and cares a damn about small retail customers like you and me.😠
Hdfc just took 21 days for re-kyc when there was no change with original kyc. You are right , anyone with authority WILL harass because HE can . They will never let people like you , get to seat of power sucheta ji .
@kaddu2178
“Hdfc just took 21 days [...] seat of power sucheta ji .”
======================
This shows that the malaise is not only with governmental organisations,
but is present in private, supposedly customer-friendly private organisations as well.
You have experienced what many have experienced with HDFC Bank i.e. they function like a govt bank while claiming to be a private bank. SImply awful. I have experienced the worst of them from their lousy Imperia RMs, horrid cashiers to their pathetic loans dept. I closed my account with them two years ago and haven't looked back since.
Unlike what most people think HDFC is an arrogant and lethargic bank which is very low on customer service.
Thankful to you madam. You are raising important issues of middle class senior citizens. I remember you had raised the issue of delisted shares. Kindly update on this issue again.
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Superb, Sucheta you are. No parallel
Thank you so much
I have been trying to recover the dividends of my grandfather from IEPF with total silence from the MCA despite my Company Secretary raising various tickets. The company tells me to forget recovering the money as people are waiting over 5 years. This after I have spent thousands of rupees on getting a Succession Certificate and various affidavits.
You are the only person / organization who has been vocal about this issue since several years. People, like me, who have had to spent enormous amount of time and money to get money rightfully belonging to me and my brother(And still we have around 1%-2% left to be claimed), after my parents passed away in 2006 and 2011 respectively, can so much relate to this. Very sad state of affairs in India.
Excellent and insightful video on this significant issue.
Thank you for your thoughtful feedback! We're thrilled to hear that you found the overview valuable and insightful. . Your support means a lot to us! ..Please subscribe to our channel for more such content.
Very informative and affects every family, wonderful that you have pursued the subject
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This is a monumental work carried out by Moneylife foundation. The figures are staggering and shows to what extent the people belonging to middle and lower middle class are affected. Typically it is those people who suffer in matters like this. How can this be arrested for future so that the problem does not accumulate further and only the past baggage to be cleared? More associations should jump into this initiative
This research and publication must have come from RBI not private entities. Kudos to the team to do this exhaustive work.
Sucheta Madam: Good people like you give hope for this country. I say it again: Thank you for being there for us.
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Excellent thought maam, very well put... Thank you...
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Cool Report .
Thanks for the upload !!
I have been postponing unclaimed FD's of my deceased father since 2015 because of the tedious procedure involved in claiming the ones which had no nominee.
Thank you, just added Nominee on Zerodha after seeing you.
Very commendable work. Hats off to you
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Thanks so Much Sucheta. This is the need of the hour. We keep getting communication from private parties who offer to get the securities transferred to our name for 10% of the MARKET VALUE of the securities. So for a forgotten 100 shares of, for example MRF, the value works out to 10 LAKH!!!
You're welcome! I'm glad you found the information helpful. Please subscribe to our channel for more such content.
You have raised an important issue. The fault is of the institutions and also of auditors who should point out that inordinate delays take place in settling issues. The claimants are helpless . I have been fighting a battle my UTI and Axis bank for a paltry sum of about Rs 15000. UTI says that it had transferred the amount in 2008.. The bankers say they didn’t receive it. UTI refuses to share with me the instrument by which funds were transferred. The battle has been going on without any result. It is not for want of trying or not contacting all the relevant institutions. The money would have grown many time by now. Now at 86 don’t have the stamina to approach courts. Similar must be the case with many individuals or companies.
Thanks a ton, Sucheta! Awesome video as always!
Many smiles and much metta.
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Very enlightening. Until the Government makes the necessary structure, it will be advisable for individuals to make nominations in all accounts, keep the nominees name up to date and inform family about all their investments. Your video is a wake up call. If this warning is not heeded by us, our hard earned money will be eventually added to that 2 lac crores 🙏
Really great work. Making people financially aware about the issues they are unaware of. Great work by Ma'am Sucheta Dalal!!!
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A very thought provoking update
Need to have a law on the subject
As always, your videòs are very very informàtive and eye opener. Grateful to u Madam. God bless u.
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Thanks for the information, you may want to have something done about the ambient noise; traffic etc.
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Ms.Dalal you have certainly done a great service to all those silent sufferers. As you have said the fear of fraud and the fear of being blamed for it could be one reason just as lack of knowledge among those who work in these departments. I think another reason could be the government has two lakh crores of interest free funds. That's an incentive for any government to drag it's feet. But we look up to people like you to take up the issues. Just as another person commented I too certainly wish and hope that you are made a Rajya sabha member which will give a better platform for you to continue this commendable work.
Thank you for your insightful comment! It's true that fear and lack of knowledge play significant roles in preventing people from speaking out about fraud. We appreciate your support and hope that together we can push for the necessary changes. Your encouragement means a lot to us.
Mam i think you had done a video a long time back, explaining the steps to be taken so that heirs would not face difficult situation in future.
If possible and convenient could you please share it again.
Thank you
You highlight right problems.
Standard procedures are not the solution. Centralisation is another problem.
Extremely useful information. Thanks for educating me. Hope the government responds to your proposal. Unclaimed money lying with govt is of no use. If it comes into peoples hands they will spend and in turn boost the economy.
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I worked in private sector which had a PF trust. But after leaving, my PF/company contributions moved to EPFO Govt. I'm struggling to get it back. It is now over 15 years!! Those days, the money was not even attached with PAN number, even though PAN was already available.
Excellent report, ma'am 🎉
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Ya,even our money is stuck in FDs like this since 2011.. claiming it is seriously a tedious task
Mam, big fan of your's. Could please recommend some good books related to economy and markets which are underrated/less talked about.
Thanks Madam. This subject is the need of the day. There are people simply refuse to accept documents and even look at it. It is not possible to travel one place to other and make various trips.
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Make a list of all your investments (open and closed), insurance, PF , etc, and mention the joint holders and nominee names as well so if you suddenly die, your family members know what to do.
Excellent report and it needs to be acted upon by helping / advising the people step by step the process to follow / relevant portal / website / helpline etc etc
You're welcome!
Excellent analysis and delivery
Brilliant as ever
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Thank you ma'am
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Excellent video!
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Love your work ma'am.
Unfortunately india is lurking somewhere lacking well informed people who follow such real good channels.
India has pretty long way to go.
Thank You
Great initiative. Have we made an analysis of % of account having less than Rs. 10k contributing to this kitty. Where legal heirs don't consider it worth taking the pain?
Exactly why I hate pf, ppf , because government is just shit inefficient. Probably intentionally. I have 10L in pf which I have now donated to GoI. Never again.
I will go to court and file case if they screw with my pf. It's my only retirement
PPF , in my experience, is not that much of an issue. PF is horrible. I do not know why companies want to deduct PF when employees are not at all intrerested and it is not even mandatory in severl cases.
13:32 - Yes. The fear of 5% is big enough because one wrong approval would mean loss of all the saving, respect and position in the society along with all the legal troubles for that one official that would be made scapegoat.
Maam old EPFs were not linked to Adhaar. Just because of that they don’t allow anything online.
Excellent video
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Very good video. Should be made in Hindi and other languages so that more people are made aware.The government must be encouraged to trace the legal heirs and hand over the unclaimed amounts. This should be regarded as a CSR activity. And must be done atleast once in ten years
Thank you for your thoughtful comment! We completely agree that making this information accessible in multiple languages would help reach a wider audience.
Great job by Moneylife. However, things are going too slow, still. It will take a decade to make a meaningful impact at this rate.
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Excellent
Thank you so much 😀
IEPF always through agents
Because it's difficult to get one's head around the whole thing
And their website is difficult to access, either it's down or something
Well done
Once you have tried lots of for company fixed deposit
My request pl raise the same on behalf of fd holders
The promoter are not thinking seriously
Thank You .
What is the need of the hour is to see that these amounts do not grow more and more. That can happen only through awareness. All persons, who deposit in various avenues, must be told either by informed channels or by the institutions to put in extra documentations at the time of deposit like nominee etc or something more.
May be moneylife can recirculate a video on this if this is already there or a new one. That will be great.
Suchitra Dalal's meticulous research can significantly influence the ethical standards of the finance industry
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Madam when sbi indore does not accept WILL of an Army officer who died you can imagine the trauma that NOK of officer have to go through
Thanks Madame
You are most welcome
Have been trying to download the IEPF 5 form for claiming refunds on bonds for the last one month. No luck. No response from MCA despite several emails.
In UK even after unclaimed transferred, the rightful owner can still make a claim
Even in India it is the same thing, Except, In India, it will take the rightful owners years do get the money. Please understand, the laws of India are copied from the British Laws.
Strick rule should be made to send money to nominees in future 🙏
Blaming govt for all has become fashion.Know of two brothers ,one Indian & other NRI in US,who both have jointly inherited stocks having current value @1cr.
To get the succession certificate,.no one is ready to make expenses.
MH govt recently reduced maximum stamp duty from 75k to a lower amount.
Many account holders want money in their account at click of a button.
I am sure there’s a large amount which people are entitled to withdraw, but can’t because of exact same procedural hurdles. For example e.g. epfo in my case. Claims getting denied for no reason. I would call it what it is… theft.
Places like Australia have claims retrieval agents who take a fee and get the job done . India can look at something similar.
India have Agents as well. For everything.
Please make a follow up video when this database is available in future. It will help a lot of legal heirs. Please help us to find out what our baby boomers left without telling their wives or children or nominating due to lack of tenacity in finance in their times.
Why not distribute it to the below poverty people after consolidation
Money lying in IPEF & DEAF is like Stagnant water lying unused. When Rightful Heirs receive their inheritance they will spend it, & it will boost the Economy
My late father's ITR of 8000 was outrightly rejected by IT department even though I have submitted all relationship documents everything they're too much 😮😮😮
In UK, banks and other organisations have a statutory duty to trace rightful owners before being given to charities
@ukuk179
“In UK, banks and other [...] being given to charities
=====================
But UK British people are mlecchas.
-Indians- Bharathiyans are the greatestestest, most honestestest Hindutvaist Sanatana Dharmic people of greatestestest Sanatana Dharmic civilisation.
Get some treatmenf 😅@@yevodee4024
Madam 3 scenarios can arise- will or nominee or intestate. Banks should return to willed and nominee without ado. In intestate they csn st the most take indemnity bond from claimant. At present they are sending 25 page booklet plus affidavit plus surety without application of mind. And no one to check such recklesd actions by bank babus.
Many women are unaware of husbands investment ,insurance ,bank ac .
Gov should give them with death certificate ,assets certificate . Asseset in name of dead person. This will help widow. In many case other family members embazele that money
It's common knowledge about EPFO that their processes are cumbersome because then there is opportunity for arbitrage and graft for bureaucrats. One of my family friend's pension got stuck govt employees directly asked for ₹10 lacs to get it out.
I am commenting before watching the video and if this video is about people not claiming money then i am one of them.
My dad bought shares in one company before he passed away which he did tell my mom and it was a big amount. And we even had papers and all. We still get correspondence about it saying if we dont claim it, this n that will happen. We have not claimed it once after he passed away. We once consulted a lawyer about it and what he told sounded a little completely so we never did it. Those shares still lie unclaimed. It was around 10L+ 15 years ago. Now i dunno what value it would be.
I request u mam ,plz make videos in हिन्दी also to reach to more people/ investor who does not understand English well
Mam, For those who are alive, can they disburse solely based on the PAN number and DoB and the full name
No wonder why bank deposits aren't't growing 😂
Yes Bank took senior citizens fdsand fooled them into buying bonds saying they were govt bonds and totally safe.it has been 4years and we have heard nothing.pl help.can we not return to the old system based on human to human trust.
There's a different reason. Because of yearly tax & no exceptions.
Isn't it better to put in mf where money can beat inflation & taxed only when you want?
My Rs .5000 blocked in erstwhile Andhra Bank now Union Bank of India. Unable to login and ATM card not working . UBI not helping in Bengaluru. My account is in Hyderabad.
Money for people not for government 😴
Just let Amit Shah know about this and you will see how this amount will disappear.
Banks are going to charge you for safekeeping your own money
I will bring to your attention the most bizzare case of a bexus between the registrar, the company, and probably the ministry. They have pronunced me dead by sending in my death certificate with a request to transfer the share in a third person's name. And the registrar, in corrospondence with me, refuses to reject my death certificate. Will e mail the details to you seperately.
these funds are used as DEAF by RBI although inefficiently as there is no accountability. I know the process as I am tasked to monitor one such project being implemented by an NGO appointed by Lead District Bank under the scheme. RBI just says that the funds are being used judiciously but in reality it is utter waste because the programs are without a measurable outcome and reporting on the RBI portal is lacklusture as RBI itself doesn’t care to have it running properly. I have raised the issue many times but nothing happens in reality and the wastage goes on…
Extraordinary government
Hey wait a minute, arnt you the same lady who exposed the 1992 scam? ❤❤😊😊
Madam, you have been reticent about the main reason behind this reluctance of all types of financial institutions to make it easy for the owners/ legal heirs of the owners recover the money lying with them because these financial institutions can make use of the huge amounts of unclimed funds which had been deposited at very low rates of interest to further their own financial interest, viz., invest, lend out etc. The government is the greatest beneficiary in this respect for the amounts of unclimed deposits in post offices and other government owned finanancial institutions are huge. Why should the money be transferred to the Government after it is lying unclaimed for ten years? The legal heir may come to know of the unclimed deposits even after ten years. Maybe they were very minors when their father or mother died or both may have died in a car accident.
👌👌👌
Thank You
My small advise
Make your Bank account, DEPOSIT LOCKERS, MF HOLDING,DEMAT ACCOUNT JOINT WITH MODE OF OPERATIONS E OR S., COMPULSORY IF crossed 45/50 YEARS OF AGE.
INFORM FAMILY MEMBERS OF THE INVESTMENT MADE
CHECK NOMINATIONS,ONCE 6 MONTHS
FIND OUT IF BANK ACCOUNTS, MF DEMAT ACCOUNTS ARE ACTIVE/ KYC COMPLIANT, ONCE A YEAR ATLEAST.
👍
Thank You
Address, mobile no - e-mail address of my wife has changed over time.She has Aadhar Card with correct address correct mobile no, same PAN no but she's not able to redeem her NPS investments inspite of Regd letter to NPS Trust. She's 65 yrs old. What should she do??
🙏. Tat Sat. Its the scavenging free of dead man's / poor Janta Janardhan money, who doesn't have the time, connect, resources to pursue for these stuck money, by politicians to release from this scavenged money to be blow up this hard earned money by allocating it to cultivate their pet media houses and financial institutions through advertisements etc in the name of investors awareness programs etc. so the above Mai baaps are not interested sincerely to revert these back to the rightful owners or their heirs by using their databases available or giving incentives on return to rightful claimants. Hope good sense prevails ji before it is too late.🙏.
It should not be easy to claim unclaimed money as fraud will make sure that it will go to undeserving people. If someone wants unclaimed deposits of their deceased family members let them go to court and fight there. Can't support you on this issue
Karvy latest news mam
The banks, govt. and other entity don’t care be asset he money or assets are with them..
They use it for free and even if you prove as rightful owner, they give you the best run around…we will check with head office and get back to you…which will never happen.
NRIs can forget all assets in India…call it a donation…no one has time and money chasing these assets.
They would lose their savings and jobs doing so….if they have immovable property, Kiss it good bye even if you have a registered Will.
The court system in India is most archane using 1862 British law….we are in 2024.
India can’t let go of this and Law minister who is supported by lawyers refuses to change because 80% lawyers will be out of work and 90% cases will automatically fall off the list.
Those NRI who have property and other assets should sell and move their money legally to where they live.
Investing in India is a dream which will give you nightmares.
Give that Money to Modiji he will use it to build statues , vande Bharat trains , ports and airports on 40% commission
Tcs = satayam 2 . Scam alert.
RS 2lakh cr ie Rs 2 trillion Worth of India new Smart City construction n developers development of which Rs 1.5 trillion worth of directly or indirectly belongs to ownerships of India mp mla parliament n matralaya pm mp's mla's of India
RS 2lakh cr ie Rs 2 trillion Worth of India New highway infrastructure projects development of which Rs 1.5 trillion worth of directly or indirectly belongs to ownerships of India mp mla parliament n matralaya pm mp's mla's of India
Your name is dalaal😂?
As usual in your vlogs - govt is always at fault but the individuals/heirs/nominees.........NICE TRY !
So the government has no responsibility towards us? They are here to rule or do service for us?
The last 10 odd years Citizens have totally forgotten (or have been made to forget) what the actual role of media is... Wake up my dear friend and direct your energy in the right direction 😊✌️
seems like your head got stuck in some politician's ass which is stopping you from thinking rationally.
@@ghu_makkar_saurabh Again ......nice try ! Individual fault and responsibility is also Govt responsibility. That is why in our nation public property, road etiquette, manners, Qs etc are passe'..........Sarkar sab kuch karna hain. Dammit its your money, you don't know how to handle within the rules of the day and time, when you invested, then why cry ?
@@muravi8167 No one other than you is trying anything, you gave a twist to a simple public awareness video... If we go with your logic then from birth to death the Govt is not needed for anything, literally not needed... So shall we dissolve the present Govt?
I would request you to not reply to this comment to save both of us and others some time... No point in unnecessarily stretching an argument ✌️
nice
You're welcome!
Excellent
Thank You
Thank you ma'am
You're welcome!