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of <h1>Clause 144 of Finance Bill 2015: Definitions for Senior Citizens' Welfare Fund, including 'Institution,' 'Committee,' and 'Eligible Interest.'</h1> Clause 144 of the Finance Bill, 2015, outlines definitions related to the Senior Citizens' Welfare Fund. Key terms include 'Institution,' referring to banks or other entities holding inoperative accounts with unclaimed amounts; 'Committee,' indicating the Inter-Ministerial Committee under section 146; and 'eligible interest,' which is the interest on principal amounts transferred to the Fund. It defines 'Financial Year' as April 1 to March 31, 'Fund' as established under section 145, and 'inoperative account' as those inactive for three years or past maturity. 'Senior citizen' is defined as an Indian citizen aged sixty or above.
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