(1) From the date of commencement of these rules, the subscriptions made by' · the employ...:?es to the Contributory. Providen,t Fund -established 1:..y a _ Panchayat · Samiti or a Zila Parishad, as the case may be, alongwith interest accrued thereoi1 , shall stand converted in the Provident Fund under these rules in the case of the employees, who opt for these rules.
(2) referred .Fund or shall be The subscriptions made by the employees to in sub-rule (1), to Panchayat Samiti a Zila Parishad ;Fund; - as the case may be, · credite:l to the Fund -within a period ~f _ _9_~~ -\. .
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PUNJAB GOVT GAZ., JULY 28, 2000 (SRVN 6, .1922 SAKA) 447 month from the date of commencement of thes1:! rules, failing which, the said Panchayat Samitis or ·Zila _Parishads, as the case may be, shall have to pay ,.an interest at such rate, as may be specified by the ·Director till the date of· credit of the entire amount into the Fund.
(3) The employee, who has opted . for these rules, but had invested his balance in accordance with the provisions of the Punjab Panchayat Samitis and Zila Parishads Provident Fund Rules, 1965, would be required to deposit the amount so invested alongwith the interest accured thereon, within such period after exerc1smg the option, as may be specified by the Director with- the concerned Panchayat Samiti or Zila Parishad, as the case may be. If the employee does not deposit the said amc.unt within the stipulated period, then he would be liable to pay interest on that amount at a rate specified by the Director till the date of deposit of this amount with the Panchayat Sarni ti or Zila Parishad, as the · case may be.
( 4) The Provident . r und account in r~:spect of each employee shall be maintained at the level of each Panchayat Samiti or Zila Parishad, as the case may be , by such Competent Authority as is specified in Appendix 1B 1 and in case of transfer of an employee from one office to another. the amount alongwith interest accrued thereon up to the date of transfer, shall be sent to the Panchayat Samiti or Zila Parishad·, to which such employee is transferred.
{ 5) The advances from the Provident Fund shall be sanctioned by the Compeitent Authority as specified in Appendix 1 B 1 •