The nodal Ministry responsible for welfare of the Senior Citizens is Ministry of Social Justice & Empowerment. Pertaining to the welfare of older persons it has framed the National Policy on Older Persons covering all concerns. The National Policy on Older Persons recognizes a person aged 60 years and above as a senior citizen.
Under the Finance Act 2015, a “Senior Citizens’ Welfare Fund (SCWF)” has been established to be utilized for such schemes for the promotion of the welfare of senior citizens, in line with the National Policy on Older Persons.
Establishment of Fund
For promoting the welfare of the Senior Citizens the Central Government establishes a Fund to be called the Senior Citizens Welfare Fund.
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.
Every institution shall transfer the unclaimed amounts, including those under the following schemes, to the Fund namely
(a) Small savings and other savings schemes of the Central Government including the Post Office Savings Accounts, Post Office Recurring Deposit Accounts, Post Office Time Deposit Accounts, Post Office Monthly Income Accounts, Senior Citizens’ Savings Scheme Accounts, Kisan Vikas Patras, National Savings Certificates (all issues), Sukanya Samriddhi Accounts and discontinued Small Savings Schemes;
(b) Under the Public Provident Fund Scheme 1986, accounts of Public Provident funds maintained by the Institutions concerned and
(c) Accounts of Employees’ Provident Fund under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
A list shall be prepared by every Institution of unclaimed amounts lying as unclaimed deposits in the accounts and notify to the public in the manner provided under rule 7.
All unclaimed amounts, referred to in sub-rule (2), shall be transferred by the institution to the Fund within one year from the date of notification of these rules in the Official Gazette: Provided that the period so specified may be extended by such further period or periods, as the Central Government in the Ministry of Finance may deem fit, on a request for grant of such extension by the institution.
On or before the 1st day of March, each year the institution shall identify the unclaimed amounts on annual basis and make transfers to the fund .
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.
Administration of Fund
The Ministry of Social Justice and Empowerment is the nodal Ministry for the administration of the Fund .
Located in the Ministry of Social Justice and Empowerment the fund shall have its secretariat.
The Fund shall be administered by a Committee consisting of –
(a) The ex-officio Chairperson shall be the Secretary in the Ministry of Social Justice and Empowerment.
(b) By the Department of Financial Services an official not below the rank of a Deputy Secretary to the Government of India, to be nominated as a Member;
(c) By the Ministry of Health and Family Welfare an official not below the rank of a Deputy Secretary to the Government of India, to be nominated as a Member;
(d) By the Ministry of Rural Development an official not below the rank of a Deputy Secretary to the Government of India, to be nominated as a Member
(e) By the Ministry of Housing and Urban Poverty Alleviation an official not below the rank of a Deputy Secretary to the Government of India, to be nominated as a Member;
The Committee shall meet at least twice a year.
For the purposes specified in the rule 6 the Committee shall take decision as to the utilization of the amount in the Fund.
To the Central Government in the Ministry of Finance the Committee shall provide Ministry-wise details of budgetary allocation required for the following financial year: 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.
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.
Rate of interest
On an annual basis 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 124 of the Act.
