Pension body to invest ₹6,000 cr in exchange-traded fund this year | Business Line

Pension body to invest ₹6,000 cr in exchange-traded fund this year | Business Line

My VIEW:

Government should encourage statutory bodies managing huge funds to build
in-house expertise for fund management and allow drawing external support where
necessary paving the way for top managements of such organisations decide what
is best in the interest of the mandate of the organisation. Every decision
being imposed from the above, finance ministry pretending itself as the omniscient
owner of nation’s resources will damage the international reputation of the
Indian financial system.
Rs27,000 crore lying
inactive in over 8 crore inoperative accounts of EPFO is no small amount. Add
to this the ‘unclaimed’ premiums and maturity proceeds of policies lying with
LIC and the balances in the ‘inoperative’ accounts with banks and several
financial institutions which are not banks. GOI should consider freezing these balances
with strict instructions to the institutions to track the right account-holders
or their nominees/heirs and make payments within a pre-decided timeframe.
Further accretion to ‘unclaimed
deposits’, inoperative accounts’ or whatever pockets depositors’ money is kept ‘unaccounted’
should be prevented by ensuring proper maintenance of database of depositors
and timely action when an account remains inoperative or unclaimed for six
months or more.
M
G Warrier, Thiruvananthapuram



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