Deputy Finance Minister Says There Is RM11 Billion In Unclaimed Money
A large portion of the RM11 billion has been invested by the government in fixed deposits in accordance with the Financial Procedure Act 1957.
By Parvinsivam Thirunamakarasu — 14 Apr 2023, 01:00 PM
Deputy Finance Minister Datuk Seri Ahmad Maslan has shared that there is approximately RM11 billion in Unclaimed Money (WTD) belonging to the public as of March this year
According to Bernama, he said the amount was out of the RM14.1 billion received by the Accountant-General's Department (AGD) from companies or firms from 1977 until last month, in accordance with Section 8 of the Unclaimed Act (Act 370).
He added that, from the total amount, about RM3.2 billion, such as in saving accounts, insurance, and deposits, have been refunded to their respective owners.
Ahmad explained that a large portion of the RM11 billion in WTD has been invested by the government in fixed deposits, in accordance with the Financial Procedure Act 1957, and the interest earned is accounted for in the Consolidated Revenue Account.
"From that fixed deposit, we get RM250 million in interest and we use that money for the people," he told Bernama.
Ahmad said WTD is defined as:
2. Money standing to the credit of an account that has not been operated in whatever manner by the owner for a period of not less than seven years.
3. Money to the credit of a trade account that has remained dormant for a period of not less than two years.
According to the Pontian member of parliament (MP), owners of the unclaimed money can claim their money
They can either submit an application via the eGUMIS portal, at AGD counters nationwide, or by sending a direct mail to the WTD Putrajaya office.
According to Bernama, he said that the eGUMIS portal, which was launched in 2020, received about 17.2 million visitors last month, with the number of registered users reaching almost 4.4 million.
He was quoted saying that during that period, a total of 354,912 online WTD claim applications were received, and of that amount, a total of RM199 million in claim amounts was processed.
He also added that AGD was developing an eGUMIS mobile application which can be accessed by the public in the fourth quarter of this year.
Ahmad said that the government intends to amend Act 370, involving the period of transfer to the Consolidated Revenue Account from 15 years to 10 years, to redefine WTD according to Sections 8(a) and 8(c) of Act 370.
He was cited saying that the act has not been amended in a long time, and the government expects to table the proposed amendments at the end of 2023.
