Act gives 20% of abandoned education accounts

Do have someone idea of how much money left depositors abandoned in inactive savings accounts and current in commercial banks and savings and loans associations? do you know the common Dominican what should be the fate of those resources and its usefulness in the development of important sectors of the economy? The monetary authorities and the Superintendency of banks (SB) must have information from at least the amount of money that has been transferred by concept of inactive accounts to the Central Bank (CB), but does not have access to those data.

The Monetary Board issued in August 2007 a resolution laying down inactive and/or abandoned accounts balances should be transferred to BC, in accordance with article 56, paragraph (c), of the law on monetary and financial 183-02

Up the above all seems normal. However, the Education Act, marked with the 66-97, establishing in its article 201 of the National Fund u000abuilding education, which will be constituted by the contributions made by the State, private donations and by resources arising from the substance or that according to the law corresponds.

La Coalition education Digna, claiming 4% of the gross domestic product (GDP) for education, has timidly exploited the content of the article 201.

Where is this Fund benefit? Among other sources, of 20% of the total amount of inactive accounts in banks and associations of savings and loans whose claim deadlines have outdated according to law.

Law 183-02, which was broadcast five years later that the education (66-97) does not specify or concerned in any of his articles that 20% of funds left abandoned on current accounts and savings in banks or savings and loan associations must go to the Fund of development to the education.

Monetary authorities, who receive money from these u000ainactive accounts, with ten years or more without activity, have not yielded any report on the fate of the resource.

To education also should be transferred resources by concept of all seizures customs, tax authorities or the police, for evasion, smuggling or other cause. In any case you have information regarding what amount of money raised by these concepts.

Income
other income, according to the Education Act, will be the legacies that have not been claimed by legitimate heirs in the time frame stipulated by the laws on the subject, or which, having been reclaimed in this period, may be vacant for lack of law who claim, following the decision by a decision of the judicial authority competent.

For education must also allocate 5% of all existing succession taxes and equal percentage of any property sold the u000aState. There is no record that education has received a single penny for State-owned immovable or movable assets which have been sold.

According to the Education Act, all exemptions, exemptions and deductions, and other sources that nourish it, will be required by the National Fund for promotion of education, in coordination with the authorities collecting relevant.

Article 204 provides that the Fund for promotion of education will allocate their resources through district and boards together in schools of education and culture for development of special projects presented by these.

Of other sources of revenue for education, established by the law, nor have data regarding the amount, for example, let the seizures that makes customs, whose products or articles have been tender or traded through the Dominican Agroempresarial bag.

( )
Public spending in education annual
what u000aHe should spend
annual education spending should reach over a period of two years, after the enactment of law 66-97, a minimum of 16% of total public expenditure or 4 per cent of the gross domestic product (GDP) estimate for the current year, choosing whichever is higher of the two.

Settings
from the end of that period, these values should be adjusted annually in one proportion of not less than the annual inflation rate, undiminished for progressive increases in terms of percentage of public expenditure or the gross domestic product (GDP).

Supporting PROPORTIONAL
article 198 establishes that annual spending will keep a proportion of up to 80% for expenses and at least one 20% cost of capital.

. In case of educational development of the country plans require greater investment capital the State may have recourse to funding.

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