Government Schemes

Senior Citizen Welfare Fund

Senior Citizen Welfare Fund
Mukesh Jindal
Written by Mukesh Jindal

Senior Citizen Welfare Fund – Government of India has suggested creating of Old Citizen Welfare Fund using welfare of citizens’ motive. Finance Minister Mr. Arun Jaitley has declared the setting from this finance with the Aid of Earning residue of General Public Provident Fund PPF and also Worker Provident Fund EPF. The residue has been projected for the song of Rs. 3,000 Crores beneath PPF and also Rs. 6,000 Crores beneath EPF. The statement has attracted mixed answers from other areas of employees and the taxpayers.
Senior Citizen Welfare Fund


Chapter VIII of This Finance Bill, ” 2015 Points out the Institution of the Senior Welfare Fund.

Similarities could be drawn among the Old Welfare Fund and also Investor Education and Defense Fund, included under the Corporations Act.

The Central govt suggests to provide the finance against your unclaimed deposits in just about any one of these strategies for more than seven years following the accounts was announced inoperative. (An inoperative account is a free account that hasn’t been worked for a span of years according to cent 145 (two) of this Finance expenses or an account that includes spanned its existence of adulthood also has also been moved to both associations that manage this sort of inoperative accounts. These associations are banking institutions, post offices etc., informed from the Central authorities.

The finance Is Going to Be managed by an Inter-Ministerial Committee, led by a Chair Person. The Committee is going to have the ability to shell out less for satisfying goals out of the finance.

Any other individual introducing a claim to some sum that was at first lying with almost any association or has been experienced deposited any number with all the association previous to the statement of dividing the directly to assert has been made will have the obligation to furnish prerequisite signs and fill out a software for precisely the exact same. The organization is likely to create the payment that is worthy of interest.

The associations will timely print advice about these kinds of unclaimed levels before moving exactly the exact same into this finance.

Senior Citizen Welfare Fund

The total sum that was imputed to this finance from assorted institutions will likely soon be available for asserts for an interval of twenty-five years afterward the proper will likely sabotage as well as the amount of money is going to undoubtedly be escheated for us government. If there are causes provided by the claimant the money might be refunded by us government.

The reports for this finance will probably be available for audit by CAG, routinely. The Central authorities will exhibit usually the sole supplied by CAG to become placed before the Parliament and also the report.

Senior Citizen Welfare Fund Scheme

Central government itself will have the following powers in relation to the fund:

  • Amount to be maintained
  • Fund utilization
  • Composition of the Committee
  • Administration of Fund
  • Procedural directives to hold the meetings
  • It may reject inclusion of any unclaimed amount, institution, class of institutions from the provisions of the fund.

Therefore, it is going to function like a massive advantage for the beneficiaries whilst the total amount is going to be utilized to subsidize the rates of elderly pensioners, BPL people, and marginal farmers. Therefore, the Central federal government doesn’t have any assert around EPF or even PPF S O that the changes might need to be forced to quite a few legislation such as Indian Trusts Act, workers’ Provident Fund Act etc., for its own successful and easy-to-use execution.

Senior Citizen Welfare Fund

Eligibility and Conditions

The establishment will take to get in touch with every one of those accounts holders of the level, for example, written note, telephone, and e-mail on 2 occasions of the period of time of times, by all way of communicating. The establishment will exhibit the checklist prepared beneath sub-rule (two) for your overall advice of this community, to the Noticeboards of their offices that are applicable and also about the site of this Institution involved no less than an interval of forty times, encouraging asserts, whether any. Each organization will, previous to multiplying the amount print the advice concerning reports at which deposits are currently still lying within the mode provided below this rule. The establishment will determine the figures that are unclaimed and organize a set of those balances comprising information on this number that is unclaimed from the 30th day of September of each calendar year.

Contact Details

  • Address IE Online Media Services (P) Limited, The Express Building, B-1/B, Sector-10, Noida-201 301, Uttar Pradesh, India
  • Email Us At- [email protected]

Senior Citizen Welfare Fund PDF

Some Important links


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About the author

Mukesh Jindal

Mukesh Jindal

My name is Mukesh Jindal, and I am from New Delhi, India. I am an engineer by profession. I am employed by an IT company in which I work. My topics of interest include technology, mobile, and apps.

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