Definitions.
144. In this Chapter, unless the context otherwise requires,-
(1) “Institution” means any bank, Post Office or any other institution notified by the Central Government which is holding the inoperative accounts having unclaimed amounts;
(2) “Committee” means the Inter-Ministerial Committee constituted under section 146;
(3) “eligible interest” means an interest on the principal transferred to the Fund at the rate notified by the Central Government;
(4) “Financial Year” means the period commencing on the 1st day of April and ending on the 31st day of March every year;
(5) “Fund” means the Fund established under section 145;
(6) “inoperative account” means an account under any of the schemes specified by or under subsection (2) of section 145 and not operated upon for a period of three years if operable on regular basis, or if there is a date of maturity, from the date of maturity, as the case may be;
(7) “notification” means a notification published in the Official Gazette;
(8) “prescribed” means prescribed by rules made by the Central Government under this Chapter;
(9) “senior citizen” means a citizen of India who has attained the age of sixty years or above;
(10) “unclaimed amount” means the amount as referred to in sub-section (2) of section 145.
Notes on Clauses:
Clause 144 of the Bill defines certain terms and expressions.
