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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE BILL, 2015 Chapters List Chapter VIII SENIOR CITIZENS’ WELFARE FUND This

Clause 145 - Establishment of Fund - FINANCE BILL, 2015

FINANCE BILL, 2015
Chapter VIII
SENIOR CITIZENS’ WELFARE FUND
  • Contents

PART II

ESTABLISHMENT AND ADMINISTRATION OF THE FUND

Establishment of Fund

145. (1) The Central Government shall establish a Fund to be called the “Senior Citizens’ Welfare Fund”.

(2) Any credit balance in any of the accounts under the following schemes remaining unclaimed for a period of seven years from the date of its declaration as an inoperative account shall be transferred by the respective Institutions holding them to the Fund:

(a) Small Savings and other Savings Schemes of the Central Government with Post Offices and Banks authorised to operate such Schemes;

(b) Accounts of Public Provident Fund under the Public Provident Fund Scheme, 1968 maintained by Institution; and

(c) such other amounts, in any accounts or schemes as may be prescribed.

(3) The Fund shall be utilised for promoting welfare of senior citizens and for such other purposes as may be prescribed.

(4) The Central Government shall, from time to time, notify the eligible rate of interest for money lying in the Fund.

 



 

Notes on Clauses:

Clause 145 of the Bill provides for the establishment of a Fund known as “the Senior Citizens’ Welfare Fund”.

 
 
 
 

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