Escheat to the Central Government.
149. (1) Where no request or claim as specified in section 147 of this Chapter is made within a period of twenty-five years from the date of the credit of the unclaimed amount into the Fund, then, notwithstanding anything contrary contained in any other law for the time being in force, unless a Court otherwise orders, it shall escheat to the Central Government.
(2) The right of any person claiming to have an entitlement to the unclaimed amount shall subsist till the period specified under sub-sections (1), and shall extinguish thereafter.
(3) Notwithstanding anything contained in sub-section (2), if, in any case, the Central Government is satisfied that there were genuine reasons which precluded a person from making a claim for refund in time, it may, on the recommendation of the Committee based on examination of facts, refund the money escheated to him.
(4) The Central Government may keep such escheated amount with the Fund for the purposes of the Fund.
Notes on Clauses:
Clause 149 of the Bill provides that if no request is made with respect to such unclaimed amount within a period of twenty-five years, the same escheat to the Central Government.
