Claims to unclaimed funds: institutions must process entitlement applications promptly and pay eligible interest, discharging liability. Persons claiming entitlement to unclaimed amounts transferred to the Senior Citizens' Welfare Fund may apply to the Institution where the amount was originally held before extinguishment; the claimant bears the onus of proof, Institutions must consider applications expeditiously and pay the amount with eligible interest within the statutory timeframe, and such payment discharges the Institution from further liability; the Central Government will determine and notify any interest payable.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Claims to unclaimed funds: institutions must process entitlement applications promptly and pay eligible interest, discharging liability.
Persons claiming entitlement to unclaimed amounts transferred to the Senior Citizens' Welfare Fund may apply to the Institution where the amount was originally held before extinguishment; the claimant bears the onus of proof, Institutions must consider applications expeditiously and pay the amount with eligible interest within the statutory timeframe, and such payment discharges the Institution from further liability; the Central Government will determine and notify any interest payable.
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