The government on Monday said it has no plans to utilise unclaimed money of Employees Provident Fund Organisation, which has accumulated to the tune of Rs 3,837 crore (Rs 38.37 billion), even as EPFO is making efforts to trace those who have not taken their dues.
"As the money, lying in the inoperative accounts belongs to the members or their heirs, and is payable at any time when claims are received. It cannot be utilised for any other purpose," Minister of State for Employment Harish Rawat said in the Lok Sabha.
He said that as of March 31, 2008, money to the tune of Rs 3,837 crore was lying unclaimed in the inoperative accounts of Employees Provident Fund.
In a written reply in the House he said instructions have been issued to all field officers of EPFO to scrutinize the claims of the inoperative account holders and release the amounts only to the rightful claimants.
EPFO on its part is also making efforts to trace out the beneficiaries through advertisements in newspapers and inviting those who have not preferred their claims for more than three years after leaving their job.
The total membership of the provident fund organisation as on March 2009 was 4.49 crore and the Central Board of Trustees of EPF which met last week had recommended a rate of interest of 8.5 per cent on EPF deposited for 2009-10.