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        Section 122 - Establishment of Fund

        Finance Act, 2015
        Chapter VII
        SENIOR CITIZENS’ WELFARE FUND

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        Senior Citizens' Welfare Fund created for transfer of long-unclaimed savings balances to promote senior welfare and accrue interest. Establishes the Senior Citizens' Welfare Fund to receive credit balances from prescribed savings schemes and Public Provident Fund accounts that remain unclaimed and are declared inoperative for seven years; Fund monies are to be used for promoting senior citizens' welfare and other prescribed purposes, and the Central Government will notify the eligible interest rate on funds.
                          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.

                                Senior Citizens' Welfare Fund created for transfer of long-unclaimed savings balances to promote senior welfare and accrue interest.

                                Establishes the Senior Citizens' Welfare Fund to receive credit balances from prescribed savings schemes and Public Provident Fund accounts that remain unclaimed and are declared inoperative for seven years; Fund monies are to be used for promoting senior citizens' welfare and other prescribed purposes, and the Central Government will notify the eligible interest rate on funds.


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