Section 121 - Definitions - Finance Act, 2015

Definitions 121. In this Chapter, unless the context otherwise requires,- (1) Committee means the Inter-Ministerial Committee constituted under section 123; (2) eligible interest means an interest on the principal transferred to the Fund at the rate notified by the Central Government; (3) Financial Year means the period commencing on the 1st day of April and ending on the 31st day of March every year; (4) Fund means the Fund established under section 122; (5) inoperative account means an account under any of the schemes specified by or under sub-section (2) of section 122 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; (6) Institution means any bank, Post Office or any other institution notified by the Central Government which is holding the inoperative accounts having unclaimed amounts; (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 122.