The Finance Minister of India has announced, during the Budget Session of 2023, the setting up of an integrated IT portal for reclaiming unclaimed shares and dividends in the latest Union Budget speech. The portal’s goal is to provide a convenient and efficient means for investors to retrieve their unclaimed assets, enhancing investor protection.
- The Union Budget 2023, presented by Finance Minister Nirmala Sitharaman, proposes the establishment of an integrated IT portal to help investors reclaim unclaimed shares and dividends, which will boost investor protection.
- The capital expenditure for 2023-24 has been increased by 33% to ₹10 lakh crore for infrastructure development, and the Indian economy has increased in size from being the tenth largest to the fifth largest in the past nine years, with an estimated growth rate of 7.0% this year, the highest among major economies.
- The per capita income has increased up to ₹1.97 lakhs, and the Centre will spend ₹2 lakh crore on free food grains for priority households under the PM Garib Kalyan Yojana.
The Indian Finance Minister announced in the 2023-24 Union Budget the establishment of an integrated IT portal to reclaim unclaimed shares and unpaid dividends. The KYC process will also be simplified and made more risk-based. A one-stop solution for reconciliation and updating of identity and address information will be set up using DigiLocker and Aadhaar. A Unified Filing Process will also be established to avoid separate submissions of the same information to different government agencies. The CEO and Founder of MUDS Management, Shweta Gupta, welcomed these changes as steps towards simplifying investment, taxation, and better financial inclusion.
In summary, the 2023 Union Budget presented by Finance Minister Nirmala Sitharaman proposes the establishment of an IT portal to help investors reclaim unclaimed shares and dividends to boost investor protection. The fiscal deficit target for the next fiscal year has been set at 5.9% of GDP, a reduction from this year’s target, and will be financed through net market borrowing of ₹11.8 lakh crore from dated securities.