Same as otherwise provided, the Corporation shall contribute to the fund every month @ 10% of the pay of each subscriber as employer’s contribution to the fund provided that no such contribution shall be made by the Corporation in respect of subscriber who has been permitted to subscribe under provision to Regulation 7.
(2) Not-withstanding anything contained in Regulation 7, an employee who immediately before his entry into the Corporation was an employee under the Govt. or under a body corporate owned or controlled by the Govt. shall be allowed employer's contribution at the rate specified in sub-regulation (i) from the date of his entry in such service, if,
(75) . ’ Scanned by CamScanner () Before the date of such entry into the service he was a subscriber to any provident fund recognised under the Income Tax Act, 1961 (43 of 1961);
(i) the amount payable to him from the provident fund account of the previoyg ’ employer has been transferred to his Provident Fund Account in the Corporation in a request made in his behalf by the Corporation; and
(iii) he subscribes to the fund at the rate specified in regulation 8 for the period commencing from the date of his entry into such servicg; provided that on the acceptance of transfer, the provident fund of the subscriber shall be governed by these regulations. (As amended vide no. PWC/COML./C-5/98/53032 dated 1.4.1994) 11, INTEREST :- All money contributed to the fund (whether by the employer or by the employees) or accruing by way of interest or otherwise to the fund shall be wholly invested in securities of the nature specified in clauses (a), (b), (c), (d) or (e) of section 20 of the India Trust Act, 1882 (2 of 1882) orin a post office Savings Bank Account India in accordance with the provision under Rule 67 of the Income Tax Rules, 1962, as amended from time to time (Appendix ).
12(1) At the discretion of the Committee an advance not exceeding in any case the total of the accumulation of the subscriber’s own contribution and interest thereon contained in the balance to his credit, may be granted to a subscriber on application, out of the amount standing to his credit in the fund subject to the following cenditions;
(@) No advance/shall be granted unless applicant’s peculiar circumstancesjustify itand undertaking is given that itwill be expanded on the following object or objects and nct otherwise:-
(i) topay expenses incurred in connectio or a member of his family;
the committee is satisfied that the n with the iliness of the subscriber
(i) to pay for the passage over- sea of a subscriber, or any member of his family,
(i) to pay, gxpensu_ss incurred in connection with marriage, funerals or ceremonies, which by the religion of subscriber, it is obligatory upon him to perform;
poration in respect of any Y the Corporation. (As amended 2 (a) Scanned by CamScanner
(b) Recoveries shall commence when the subscriber draws his pay for the full month for the first time after the advance is made. Recovery shall not be made except with the subscriber's consent while he is on leave other than earned leave on fyl| average pay or while he is in receipt of subsistence grant.
(c) Recoveries made under this re gulation shall be credited as they are made to the subscriber's amount in the fund :- After the principle of the advance has been fully repaid, interest shall be recovered in accordance with provisions under Rule 71 (4) of the incometax Rules, 1962 as amended from time to time (Appendix lIl).
Whole of interest shall ordinarily be recovered in the month after complete repayment of the principle, but if the period of repayment of advance exceeds 20 months, interest may, if the subscriber so desires, be recovered in two equal monthly instalments.