Section 23 of The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986
Undisbursed or unclaimed amount to be deposited with the general revenue account.
Any money paid to the Commissioner which remains undisbursed or unclaimed on the date immediately preceding the date on which the office of the Commissioner is finally wound up, shall be transferred by the Commissioner before his office is finally wound up, to the general revenue account of the Central Government, but a claim to any money so transferred may be preferred to the Central Government by the person entitled to such payment and shall be dealt with as if such transfer had not been made, and the order, if any, for payment of the claim being treated as an order for the refund of revenue.
Summary
- Sometimes money stays with the Commissioner because a claimant never picked it up, or it simply wasn't disbursed before the Commissioner's job is finished.
- Right before the Commissioner's office shuts down permanently, they must move all this leftover money to the Central Government's general revenue account.
- If your money was sent to the government this way, you do not lose it permanently.
- You can still claim your money directly from the Central Government.
- When the government pays you this delayed money, they treat it administratively as a refund of revenue.
Practical examples
FAQ
1. What happens if I don't collect my approved payment before the Commissioner's office closes?
The Commissioner will transfer your undisbursed money to the general revenue account of the Central Government.
2. Does this mean the government gets to keep my money forever?
No, you still have the right to request your payment directly from the Central Government.
3. How does the government process my late payment?
They treat the payment of your claim as an order for the refund of revenue.
Test yourself
Q1.Under Section 23 of The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986, where must the Commissioner transfer undisbursed money before their office is wound up?
Q2.Under Section 23 of The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986, when exactly is the undisbursed money transferred?
Q3.Under Section 23 of The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986, if a person realizes their money was transferred to the government, who must they prefer their claim to?
Q4.Under Section 23 of The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986, how is an order for payment treated by the government when paying out previously transferred unclaimed money?