Definition of Unclaimed Money

  1. Moneys which are legally payable to the owner but have remained unpaid for a period of not less than one year. 

Examples under this category are:

 

  •  Salaries, wages, bonuses, commissions and other payments due to employees;
  •  Dividend;
  •  Profits declared for distributions;
  •  Insurance claims which have been approved for payment;
  •  Bank draft, cashier's order and other documents of similar nature which validity period have lapsed;
  •  Fixed deposits (without automatic renewal instructions ) which have matured;
  •  Tender deposits for which the intended purpose has been fulfilled;
  •  Sundry creditors or sundry debtors with credit balance.

  1. Moneys standing to the credit of an account that has not been operated in whatever manner by the owner for a period of not less than seven years

Examples under this category are:

 

  •  Saving account;
  •  Current account;
  •  Fixed deposit (with automatic renewal instructions).

  1. Moneys to the credit of a trade account that has remained dormant for a period of not less than two years.

Examples under this category are:

 

  •  Trade creditors account
  •  Trade debtors account with credit balance.

Who Should Comply With the Provision of The Act

  •  Company incorporated under the provisions of The Companies Act 1965 (or Foreign companies as specified under Division 2 of Part XI of the same Act ) and includes;
  •  Boards established to manage funds relating to retirement benefits;
  •  All registered societies and cooperative societies;
  •  Corporations, public authorities and trade unions;
  •  Firms (i.e unincorporated body of persons associated together to carry out business)

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