Using unclaimed monies for scholarships can be considered, says Finance Ministry

KUALA LUMPUR: Proposals to use unclaimed monies for scholarships can be considered, says the Finance Ministry.

Deputy Finance Minister I Datuk Seri Ahmad Maslan said the money is currently used to provide financial aid to the people as well as for development purposes.

“We can consider this based on the RM250mil interest earned annually,” he told the Dewan Rakyat on Wednesday (May 24).

Ahmad had earlier said that RM10bil of the unclaimed money was put into a fixed deposit, earning RM250mil annually, with the amount used for the rakyat.

He was responding to a supplementary question by Fong Kui Lun (PH-Bukit Bintang), who had asked if unclaimed monies would be used to offer scholarships.

Ahmad added that there was RM11.2bil in unclaimed monies as of April 21, with the amount handled by the Accountant-General’s Department.

He said there were three definitions to unclaimed money, with the first being money that is legally payable to the owner but has remained unpaid for one year or more, including salaries and bonuses.

“The next would be money in credit on a trade account that has remained dormant for a period of two years or more,” he said.

He added that the monies in bank accounts not operated by owners for a period of seven years or more made up the bulk of the unclaimed monies at 70%.

“For example, if an account has RM1,000 and left unattended over a period of seven years, the money will be defined as unclaimed and sent to the Accountant-General’s Department,” he explained.

The government has also returned RM3.3bil worth of unclaimed monies as of May 23, Ahmad said.

Those intending to claim their money can visit www.janm.gov.my or eGUMIS portal, he added.