# The Finance Act, 2015, Section 121: Definitions

- Act: The Finance Act, 2015 (Act 20 of 2015)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2015/section/121/

## Text

Definitions 121. In this Chapter, unless the context otherwise requires,— (1) | "Committee" means the Inter-Ministerial Committee constituted under section 123; (2) | "eligible interest" means an interest on the principal transferred to the Fund at the rate notified by the Central Government; (3) | "Financial Year" means the period commencing on the 1st day of April and ending on the 31st day of March every year; (4) | "Fund" means the Fund established under section 122; (5) | "inoperative account" means an account under any of the schemes specified by or under sub-section (2) of section 122 and not operated upon for a period of three years if operable on regular basis, or if there is a date of maturity, from the date of maturity, as the case may be; (6) | "Institution" means any bank, Post Office or any other institution notified by the Central Government which is holding the inoperative accounts having unclaimed amounts; (7) | "notification" means a notification published in the Official Gazette; (8) | "prescribed" means prescribed by rules made by the Central Government under this Chapter; (9) | "senior citizen" means a citizen of India who has attained the age of sixty years or above; (10) | "unclaimed amount" means the amount as referred to in sub-section (2) of section 122.

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