The Deputy Finance Minister, Datuk Seri Ahmad Maslan has recently revealed that there is an outstanding amount of approximately RM11 billion in unclaimed money belonging to the public.
This money has been accumulated from various sources, such as saving accounts, insurance policies, and deposits, among others.
Photo via The Star
The Accountant-General's Department (AGD) has received RM14.1 billion from companies and firms from 1977 until last month, in accordance with Section 8 of the Unclaimed Act (Act 370), out of which about RM3.2 billion has been refunded to their respective owners.
The remaining RM11 billion has been invested in fixed deposits by the government, and the interest earned from it is accounted for in the Consolidated Revenue Account.
Ahmad Maslan explained that the owners of the unclaimed money can claim their money through the eGUMIS portal, AGD counters nationwide, or by sending a direct mail to the WTD Putrajaya office.
The eGUMIS portal received about 17.2 million visitors last month, with almost 4.4 million registered users. During that period, a total of 354,912 online WTD claim applications were received, and a total of RM199 million in claim amounts was processed.
AGD is also developing an eGUMIS mobile application which can be accessed by the public in the fourth quarter of this year.
The government also intends to amend Act 370 to redefine WTD according to Sections 8(a) and 8(c) of the Act, and transfer the period of transfer to the Consolidated Revenue Account from 15 years to 10 years. The proposed amendments are expected to be tabled at the end of 2023.
All in all, this significant amount of unclaimed money highlights the importance of keeping track of one's finances and accounts…
The government's efforts to make it easier for the rightful owners to claim their unclaimed money through online portals and mobile applications is commendable, and individuals should take advantage of these platforms to claim their money!
