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of <h1>Finance Bill 2015: Clause 145 mandates transfer of unclaimed credit balances to 'Senior Citizens' Welfare Fund' for senior welfare.</h1> Clause 145 of the Finance Bill, 2015 mandates the creation of the 'Senior Citizens' Welfare Fund' by the Central Government. Unclaimed credit balances from specified schemes, such as Small Savings, Public Provident Fund accounts, and other prescribed accounts, that remain inactive for seven years will be transferred to this Fund. The Fund's resources are designated for the welfare of senior citizens and other prescribed purposes. The Central Government will periodically announce the applicable interest rate for the funds deposited.
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