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Section122
The Finance Act, 2015

Establishment of Fund

In force Act 20 of 2015 As on 06 Oct 2026

Act 20 of 2015 Ministry Finance Cited by 3 provisions

Section 122 of the Finance Act, 2015 deals with establishment of Fund. PART II ESTABLISHMENT AND ADMINISTRATION OF THE FUND Establishment of Fund 122.

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.

Section 122, The Finance Act, 2015 (Act 20 of 2015).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

Referred to by 3

  1. s. 121 Definitions
  2. s. 123 Constitution of a Committee for administration of fund
  3. s. 128 Power of Central Government to make rules

Questions about Section 122

What does Section 122 of the Finance Act deal with?

Section 122 of the Finance Act is headed "Establishment of Fund". PART II ESTABLISHMENT AND ADMINISTRATION OF THE FUND Establishment of Fund 122.

How do I find court cases under Section 122 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2015 122, section 122 Finance Act 2015, section 122 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 122 of the Finance Act, and has it changed?

3 other provisions in this corpus refer back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2015 as Act 20 of 2015. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.