Consider the following about the Senior Citizens Welfare Fund It was established along with the Cent...........

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Consider the following about the Senior Citizens Welfare Fund.

It was established along with the Central Social Welfare Board (CSWB).
It will be administered by an Inter-Ministerial Committee.
The fund shall not be audited by the CAG due to its fundamental character as a welfare fund.

Select the correct answer using the codes below.

2 only

1 and 3 only

1 and 2 only

2 and 3 only

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Explanation:

Statement 1: CSWF was established in the 1950s, so 1 is wrong. You can read about CSWB here http://www.cswb.gov.in/index1.asp?linkid=230&langid=1 The Centre brought in Senior Citizens’ Welfare Fund Act, 2015 (SCWF) as part of the Finance Act, 2015, which mandates transfer of unclaimed amounts of policyholders to the fund (SCWF) after a period of 10 years.

Statement 2: The fund will be administered by an Inter-Ministerial Committee, headed by a Chairperson. The Committee will be competent to spend money from the fund for satisfying various objectives.

Statement 3: The accounts of the fund will be open to audit by CAG, regularly. The Central Government will present the annual report and the one furnished by CAG to be laid before the Parliament.