TaxTMI 
TaxTMI 
Senior Citizens’ Welfare Fund Rules, 2016
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....equires,- (a) "Act" means the Finance Act, 2015. (b) "Government" means the Government of India. (2) Words and expressions used in these rules and not defined but defined in the Act shall have the meanings respectively assigned to them in the Act. 3. Establishment of Fund.- (1) The Central Government hereby establishes a Fund to be called the Senior Citizens Welfare Fund for promoting the welfare of the Senior Citizens and for such other purposes as specified in Chapter VII of the Act. (2) The Senior Citizens Welfare Fund shall be an interest bearing account in the Public Account of the Union of India and shall be administered by the Committee. (3) Every institution shall transfer the....
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.... day of March, each year. (7) The transfers by the Institutions shall be made on a net basis, namely, the unclaimed deposits minus the claims accepted in accordance with the law for the time being in force, of the accounts whose balances have already been transferred to the Fund. 4. Administration of Fund.- (1) The nodal Ministry for the administration of the Fund shall be the Ministry of Social Justice and Empowerment. (2) The Fund shall have its secretariat located in the Ministry of Social Justice and Empowerment. (3) The Fund shall be administered by a Committee consisting of- (a) The Secretary in the Ministry of Social Justice and Empowerment who shall be the ex-officio Chairperson; ....
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....ee shall provide Ministry-wise details of budgetary allocation required for the following financial year, to the Central Government in the Ministry of Finance: Provided that the allocations shall be made by the Ministry of Finance, keeping in view the estimated and absorptive capacity for the authorised purpose and to ensure the perpetuity of the Fund. (7) The Committee may regulate its rules of business, in addition to, and without prejudice to anything provided under these rules, for the conduct of its business. 5. Rate of interest.- The eligible rate of interest for the money lying in the Fund shall be determined and notified by the Central Government in the Ministry of Finance under sub-section (5) of the section....
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.... towards the benefit of Senior Citizens only shall be funded from the proceeds of the Fund. (4) The Committee may issue detailed guidelines for the implementation of any scheme for the welfare of the Senior Citizens under these rules. 7. Publication of Information.- (1) Each institution shall, before crediting the unclaimed amount to the Fund, publish the information relating to accounts in which unclaimed deposits are lying, in the manner provided under this rule. (2) The Institution shall identify the unclaimed amounts and prepare a list of the accounts containing details of the unclaimed amount by the 30th day of September of each financial year. (3) The Institution shall try to contact each of the ....