Govt to seize money from long-idle bank accounts

Govt to seize money from long-idle bank accounts

The Finance Ministry's Fiscal Policy Office (FPO) has drafted a bill providing for the transfer of money from people's bank accounts left idle for 10 years or longer to the government coffers.

A source at the FPO said the draft is complete and the office is gathering public opinions, as required by the constitution.

The bill was aimed at making use for the public interest of money left idle in accounts with banks and specialised financial institutions for a long time, at least 10 years. It would cover deposits in savings and current accounts, money in Thai and other currencies, held in the names of people living in the country and abroad.

If passed, the legislation would require financial institutions to look for long idle accounts three months before the end of each calendar year and warn the owners or their heirs to reactivate the account by the end of the year.

If the money is not claimed, financial institutions will be required to transfer it to an account of the Comptroller-General's Department. Account owners or their heirs would be able to reclaim the money later on presentation of appropriate identification.


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