Section 58: Unclaimed Amount to be Deposited in the Fund

1) In case the concerned contributor, or his/her beneficiary or dependent family, does not come forward to receive any amount the contributor is entitled to from his/her employer, as per the prevailing law, for a period of five years, the employer, institution or authority concerned shall deposit such amount in the Fund within one month.

2) The Fund shall deposit the amount received pursuant to sub-section (1) by setting up a separate account in a class ‘A’ category bank or financial institution licensed for financial transactions under the prevailing law.

3) The amount deposited pursuant to sub-section (1) shall be used as specified.