KUALA LUMPUR, Nov 6 — A total of RM6.93 billion unclaimed cash currently sits under the custody of the Accountant General’s Department (AGD), the Parliament was told today.
Deputy Finance Minister Datuk Amiruddin Hamzah noted how RM2.08 billion has already been paid out, with the government handed RM10.86 billion in unclaimed monies by several institutions as of Oct 31 this year.
Amiruddin then explained how the AGD has already developed software for individuals to check on the status of unclaimed monies, with the program now undergoing stress tests before it is released either later this year or early 2020.
“Malaysians can easily access the software to find out how of much money there is, as we are looking to simplify the methods that are involved with checking unclaimed money,” he said during his winding-up speech debating the Budget 2020 at the committee stage at the Dewan Rakyat today.
Amiruddin explained how money that remained unclaimed for longer than 15 years would then be moved from unclaimed funds into a consolidated account.
“But after 15 years, if you decide to check and then claim the money, you still can do so,” he added.
The deputy minister also touched on the government’s current efforts to boost foreign and local investments to trigger economic growth and towards achieving its fiscal deficit target.
He explained that investment proposals are currently being scrutinised by officials at the Finance and International Trade and Industry Ministries before they are presented to the respective ministers.
“What we are hoping for is for these projects to not only be approved but for them to also be realised which will, in turn, get the economy moving,” he said without elaborating.