Deposits are classified as unclaimed by RBI if the customer doesn’t make any transaction in the account for 10 years or more.
The development comes in the backdrop of various complaints by domestic traders’ body like CAIT against e-commerce giants such as Amazon, Flipkart and others.
The statement assumes significance as the minister recently stated that many large online firms have come into India and "very" blatantly flouted the laws.
Officials claimed that the move was initiated on the suggestion of the petroleum ministry.
Lockdowns caused by COVID-19 around the world slowed down existing investment projects, and prospects of a recession led multinational enterprises to reassess new projects.
According to a press note issued by the department, the decision will take effect from the date of FEMA notification.
The government is privatising BPCL and is selling its entire 52.98 per cent stake in the company.
Total FDI including equity, re-invested earnings and capital, rose 10 per cent to the highest ever at USD 81.72 billion during the last fiscal year.
In terms of top investor countries, Singapore is at the top with 29 per cent share. It was followed by the US (23 per cent) and Mauritius (9 per cent) during the last fiscal.
Looking beyond the Reliance deals, we need to ask whether FDI inflows during April to Dec 2020-21 are in sync with development priorities set by GoI.
The Insurance Act, 1938 was last amended in 2015 which raised FDI limit to 49 per cent, resulting in foreign capital inflow of Rs 26,000 crore in the last 5 years.
Yadav completed his master’s in Finance Management from M.S. Ramaiah Institute of Management, Bengaluru and established FDI in 2015.
Written and directed by Kelly Fremon Craig, the movie will also feature Ant-Man star Abby Ryder Fortson and Oscar winner Kathy Bates.
Policyholders, they say, will get a wider choice, access to more innovative products, and a better customer service and claims settlement experience.