Govt sets up panel on unclaimed PPF, small savings deposits

New Delhi:  Finance Minister Arun Jaitley has set up a committee under RBI Deputy Governor H R Khan to assess the amount of unclaimed deposit in the popular PPF and Post Office saving schemes, and suggest steps for utilisation of funds for the benefit of senior citizens.              The Committee, which has been set up in pursuance of the announcement made by the Minister in his Budget speech, will also suggest whether the unclaimed deposit should come to government or be kept in a separate account.         The members of the Committee would include Secretary (Department of Post), Joint Secretary (Law Ministry and Budget Division in Finance Ministry), SBI Deputy MD and PNB Executive Director, a notification said.  The committee would suggest procedure to bring unclaimed deposits to a common pool, it said, adding that the panel would submit its report by December 31, 2014.  Although there is no official estimate to ascertain the unclaimed amounts in PPF and small saving schemes, it is believed that the amount could run into hundreds of crores of rupees.