.........During the hearing Agrawal claimed that the postal department in its reply had said that unclaimed balance of Rs 752.44 crore are lying in 2.49 crore accounts. He claimed postal authorities have taken no steps to return the money to the legitimate claimants. During his arguments, Agrawal said that unclaimed balances are prone to fraud. He claimed Reserve Bank of India has now directed banks to transfer dormant balances to the government of India after a period of 10 years as is being done in case of unpaid dividends which are required to be transferred to the government after three years..........
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