A Cross-Country Analysis of the Institutional Framework of Unclaimed Financial Assets with Special Reference to India

Chandra Sekhar Mohapatra, Mannu Prathap and Depannita Ghosh
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Chandra Sekhar Mohapatra: National Council of Applied Economic Research
Mannu Prathap: National Council of Applied Economic Research
Depannita Ghosh: National Council of Applied Economic Research

No 184, NCAER Working Papers from National Council of Applied Economic Research

Abstract: Unclaimed property (UP), including dormant financial and tangible assets, remains an overlooked area in global financial systems due to weak enforcement, fragmented regulations, and low public awareness. However, its growing volume and economic implications have prompted many countries to reform legal frameworks to enhance transparency and recovery. This cross-country study investigates the administrative and legal structures governing UP across selected systemically important jurisdictions, including India, the US, Canada, the UK, Australia, and emerging economies. The research examines dormancy periods, statutory provisions, post-dormancy procedures, and claim settlement processes, revealing a stark contrast between centralised, digital frameworks in developed economies and fragmented, often manual systems in developing ones. Unclaimed assets represent significant idle capital, which if reintegrated, could boost economic productivity and individual financial well-being. The study highlights the urgent need for harmonised legal standards, proactive due diligence, digital claim infrastructure, and targeted awareness campaigns. These steps are essential not only for efficient asset recovery but also for reducing financial opacity, improving institutional accountability, and fostering inclusive economic growth.

Keywords: Dormancy Period; Escheatment; Financial Regulation; Claim Settlement; Digital Infrastructure; Institutional Framework; Financial Inclusion; Asset Recovery; Public Finance. (search for similar items in EconPapers)
JEL-codes: G18 G21 H26 H55 K23 O57 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2025-07-03
New Economics Papers: this item is included in nep-ifn
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