TMI BlogSenior Citizens’ Welfare Fund Rules, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... s,- (a) Act means the Finance Act, 2015 . (b) Government means the Government of India. (2) Words and expressions used in these rules and not defined but defined in the Act shall have the meanings respectively assigned to them in the Act . 3. Establishment of Fund. - (1) The Central Government hereby establishes a Fund to be called the Senior Citizens Welfare Fund for promoting the welfare of the Senior Citizens and for such other purposes as specified in Chapter VII of the Act . (2) The Senior Citizens Welfare Fund shall be an interest bearing account in the Public Account of the Union of India and shall be administered by the Committee. (3) Every institution shall transfer the unclaimed amounts, including th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e made on a net basis, namely, the unclaimed deposits minus the claims accepted in accordance with the law for the time being in force, of the accounts whose balances have already been transferred to the Fund. 4. Administration of Fund.- (1) The nodal Ministry for the administration of the Fund shall be the Ministry of Social Justice and Empowerment. (2) The Fund shall have its secretariat located in the Ministry of Social Justice and Empowerment. (3) The Fund shall be administered by a Committee consisting of- (a) The Secretary in the Ministry of Social Justice and Empowerment who shall be the ex-officio Chairperson; (b) An official not below the rank of a Deputy Secretary to the Government of India, to be nominated by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the allocations shall be made by the Ministry of Finance, keeping in view the estimated and absorptive capacity for the authorised purpose and to ensure the perpetuity of the Fund. (7) The Committee may regulate its rules of business, in addition to, and without prejudice to anything provided under these rules, for the conduct of its business. 5. Rate of interest.- The eligible rate of interest for the money lying in the Fund shall be determined and notified by the Central Government in the Ministry of Finance under sub-section (5) of the section 124 of the Act , on an annual basis. 6. Utilisation of Fund.- (1) The Fund Shall be utilised for such schemes for the promotion of the welfare of Senior citizens in lin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. Publication of Information.- (1) Each institution shall, before crediting the unclaimed amount to the Fund, publish the information relating to accounts in which unclaimed deposits are lying, in the manner provided under this rule. (2) The Institution shall identify the unclaimed amounts and prepare a list of the accounts containing details of the unclaimed amount by the 30th day of September of each financial year. (3) The Institution shall try to contact each of the account holder of the unclaimed amount, by all reasonable means of communication, including written notice, e-mail and telephone, on at least two occasions, within a span of a period of sixty days. (4) The Institution shall display the list prepared under sub ..... X X X X Extracts X X X X X X X X Extracts X X X X
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