Section 122 - Establishment of Fund - Finance Act, 2015

PART II ESTABLISHMENT AND ADMINISTRATION OF THE FUND Establishment of Fund 122. (1) The Central Government shall establish a Fund to be called the Senior Citizens Welfare Fund . (2) 1 [Notwithstanding anything contrary contained in any other law for the time being in force, 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:- 1. Substituted vide FINANCE ACT, 2016 , w.e.f. 1st day of June, 2016, before it was read as, Any credit balance