BB issues guidelines on unclaimed fund, valuables management

Staff Correspondent | Updated at 12:24am on September 13, 2018

Bangladesh Bank on Wednesday issued guidelines on confiscating in favour of the government unclaimed fund and valuables kept in banks.
The BB’s guidelines stated that deposits and valuables in bank would be considered as unclaimed if the fund, payable cheque, draft and valuables remained untraced by the depositors for more than 10 years.
The central bank issued the guidelines under the section 35 of the Bank Company Act, 1991 (amended in 2013).
Under the guidelines, banks are instructed to issue three-month notice through mail to the owners of the fund or valuables.
Banks will have to deposit or send the valuables to the central bank in April of each year if no acknowledgement of the notice is received by them.
Banks will have to publish notice of the unclaimed assets on two national dailies in three months’ interval after handing over the assets to the central bank.
The same notice that would contain the list of unclaimed assets will have to be kept posted on the banks’ web sites.
Banks will have to submit detail of such claims regularly to the central bank for keeping those on the BB’s web site for one year.
The owner or his/her nominee or inheritor, however, will be allowed to claim the fund or valuables to the bank concerned within two years of transfer of the assets to the central bank.
The central bank after verifying the claim will take measures to return the fund or valuables to the owner or to his/her nominee or inheritor.
Otherwise, the central bank would transfer the assets in favour of the government and none including the owner, nominee or owner’s inheritors would get any chance to get back the fund.
The central bank’s guidelines also asked banks to submit list of such unclaimed fund and valuables within 30 days after the completion of a calendar year.