(1) From the date of the commencement of these rules, the subscription made by the employees 4 Punjab Municipal Corp.Empl.Pension &Gen. Prov. Fund Rules,1994, Rule 7 to the Contributory Provident Fund alongwith interest accrued thereon, shall stand converted into the General Provident Fund.
(2) Subject to the provisions of the Act and the rules framed thereunder, the rules contained in Chapter XIII of the Punjab Civil Services Rules, Volume II, shall apply mutatis mutandis to the employees of the Corporations.
(3) The General Provident Fund Account in respect of each employee, shall be maintained at the level of each Corporation by such competent authority as is specified in Appendix ‘B’ and in case of transfer of an employee from one Corporation to another, the amount alongwith interest accrued thereon upto the date of transfer, shall be sent to the Corporation to which the employee is transfered.
The advance and final payment from the Fund shall be sanctioned by the competent authority.
Rule 11 [11. Audit. - The audit of the fund shall be conducted by the Chartered Accountant engaged by the Government for the purpose, from time to time.]1 Rule 12