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SENIOR CITIZEN WELFARE FUND

Tax in General + Budget + Finance Acts - By: - Mr. M. GOVINDARAJAN - Dated:- 4-3-2015 - Chapter VIII of the Finance Bill, 2015 provides for the establishment of Senior Citizens Welfare Fund. Clause 143 to Clause 154 of the Bill deals with the provisions of the Fund. The is alike to the Investor Education and Protection Fund to be constituted under the Companies Act, 2013. Chapter VIII of the Bill is applicable to the whole of India. This chapter shall come into force on such date as the Central .....

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three years, if operation on regular basis, or if there is a date of maturity, from the date of maturity, as the case may be) shall be transferred by the respective institution (Clause 144 (1) defines the term institution as any bank, post office or any other institution notified by the Central Government which is holding the inoperative accounts having unclaimed accounts) holding them in the fund: Small savings and other Savings Schemes of the Central Government with Post Offices and Banks au .....

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he administration of the fund the Central Government shall constitute, by notification, an Inter-Ministerial Committee consisting of a Chairperson and such other number of members as the Central Government may appoint. The manner of administration of the Fund, holding of meetings of the Committee, shall be in accordance with such rules as may be prescribed. It shall be competent for the Committee to spend money out of the Fund for carrying out the objects of the Fund. Payment of claims The uncla .....

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any case, within sixty days of the receipt of the application. Any payment made shall discharge the institution from liability in respect of the amount credited to the Fund. The interest payable, if any, on the money transferred to the Fund shall be determined and notified by the Central Government. Obligation of the Institutions The institutions shall publish such information as is necessary and sufficient to give reasonable notice of the existence of the unclaimed amounts before crediting to t .....

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ve an entitlement to the unclaimed amount shall subsist till twenty years and after that period the right shall extinguish. If the Central Government is satisfied that there were genuine reasons which precluded a person from making a claim for refund in time, the Government may, on the recommendations of the Committee based on examination of facts, refund the money escheated to him. The Central Government may keep such escheated amount with the Fund for the purposes of the Fund Accounts and Audi .....

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