{"act":{"id":"finance-act-2015","short_title":"The Finance Act, 2015","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2015-2016.","act_number":"20","act_year":2015,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":165,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2015/"},"unit":"section","section":{"number":"122","heading":"Establishment of Fund","text":"PART II ESTABLISHMENT AND ADMINISTRATION OF THE FUND Establishment of Fund 122. (1) The Central Government shall establish a Fund to be called the \"Senior Citizens' Welfare Fund\". (2) Any credit balance in any of the accounts under the following schemes remaining unclaimed for a period of seven years from the date of its declaration as an inoperative account shall be transferred by the respective Institutions holding them to the Fund. (a) | Small Savings and other Savings Schemes of the Central Government with Post Offices and Banks authorised to operate such Schemes; (b) | Accounts of Public Provident Fund under the Public Provident Fund Scheme, 1968 maintained by Institution; and (c) | such other amounts, in any accounts or schemes as may be prescribed. (3) The Fund shall be utilised for promoting welfare of senior citizens and for such other purposes as may be prescribed. (4) The Central Government shall, from time to time, notify the eligible rate of interest for money lying in the Fund.","html":"<p>PART II</p><p><b>ESTABLISHMENT AND ADMINISTRATION OF THE FUND</b></p><p><b>Establishment of Fund</b></p><p><b>122.</b> (<i>1</i>) The Central Government shall establish a Fund to be called the \"Senior Citizens' Welfare Fund\".</p><p>(<i>2</i>) Any credit balance in any of the accounts under the following schemes remaining unclaimed for a period of seven years from the date of its declaration as an inoperative account shall be transferred by the respective Institutions holding them to the Fund.</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>Small Savings and other Savings Schemes of the Central Government with Post Offices and Banks authorised to operate such Schemes;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>Accounts of Public Provident Fund under the Public Provident Fund Scheme, 1968 maintained by Institution; and</td></tr><tr><td>(<i>c</i>)</td><td></td><td>such other amounts, in any accounts or schemes as may be prescribed.</td></tr></table></div><p>(<i>3</i>) The Fund shall be utilised for promoting welfare of senior citizens and for such other purposes as may be prescribed.</p><p>(<i>4</i>) The Central Government shall, from time to time, notify the eligible rate of interest for money lying in the Fund.</p>","words":167,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2015/section/122/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}