PART XV
AMENDMENT TO THE FINANCE ACT, 2015
Amendment of Act 20 of 2015
235. In the Finance Act, 2015 (20 of 2015),––
(a) in section 4, clause (ii) shall be omitted with effect from the 1st day of April, 2016;
(b) with effect from the 1st day of June, 2016,––
(i) in section 122, in sub-section (2), for the words “Any credit balance”, the words “Notwithstanding anything contrary contained in any other law for the time being in force, any credit balance” shall be substituted;
(ii) in section 124, sub-section (5) shall be omitted;
(iii) in section 128, in sub-section (2), clause (c) shall be omitted.
Notes on Clauses:
Clause 235 of the Bill inter alia, provides for establishment, utilisation and notifying the eligible rate of interest money lying in the Senior Citizens’ Welfare Fund.
This clause further seeks to omit clause (ii) of section 4 of the Finance Act, 2015 with effect from 1st April, 2016.
This clause also seeks to amend section 122 relating to establishment of Fund, section 124 relating to payment of claims and section 128 relating to power of the Central Government to make rules.
It is also proposed to amend sub-section (2) of the said section so as to provide overriding effect for the provisions of Chapter VII of the said Act over other laws for the time being in force in respect of Senior Citizens’ Welfare Fund. Further, section 124, inter alia, provides for payment of claims to any person claiming to be entitled to the unclaimed amount transferred to the Senior Citizens’ Welfare Fund. It is proposed to omit sub-section (5) of the said section. Also, section 128, inter alia, provides for rule making provisions in respect of various provisions of Chapter VII of the said Act relating to Senior Citizens’ Welfare Fund. It is proposed to omit clause (c) of sub-section (2) of the said section. These amendments will take effect from 1st June, 2016.
