(1) All balances in the provident fund on the appointed day held in cash or in time deposits, Government securities, savings certificates, bank accounts, postal savings accounts, debentures or in any other form of financial instrument shall be transferred to the State Government in such manner as may be prescribed:
Provided that the portion or portions of the provident fund invested in time deposits, debentures, Government securities, savings certificates or in any other form of financial instrument shall be endorsed to the State Government or to any agent appointed by the State Government in this behalf in such manner as may be prescribed.
(2) On and from the appointed day no non-Government educational institution or local authority shall deposit any portion of the balance of provident fund or accruals thereto in any postal savings account, bank account or any other agency except the Treasury.
(3) Notwithstanding anything to the contrary contained in any other law for the time being in force, any sum received by a non-Government educational institution or a local authority on account of provident fund of its employees by way of monthly subscription to the provident fund, repayment of advance from the provident fund taken by any such employee or interest on balances in the provident fund shall, with effect from such date as the State Government may by notification appoint, be deposited in a Treasury in such manner as may be prescribed.
(4) While transferring the provident fund balances to the State Government under sub-section (1) a non-Government educational institution or local authority, as the case may be, shall furnish to the State Government a statement showing the total amount standing at the credit of each employee subscribing to the respective provident fund indicating therein the employee's portion and the employer's portion of contributions, the amount of withdrawal outstanding against each employee and such other particulars as may be prescribed.
4. On and from the appointed day payments on account of withdrawal by a subscriber shall be made out of the balances in the provident fund referred to in sub-section (1) of section 3. The procedure for withdrawal by a subscriber shall be such as may be prescribed:
West Ben.
Act XXV of
1981.
West Ben.
Act XXXVI of 1981.
West Ben.
Act XL of
1981.
266 The West Bengal Non-Government Educational Institutions and Local Authorities (Control of Provident Fund of Employees) Act, 1983.
XXXIX of 1983.]
(Sections 5-9.)
Provided that the existing procedure for withdrawal by a subscriber from his provident fund account shall continue until the procedure as aforesaid is prescribed.
5. The powers exercised or the functions performed by any non- Government educational institution or local authority under any law for the time being in force shall continue to be so exercised or performed and the procedure for the management and operation of provident fund (including withdrawals therefrom by the subscribers) and maintenance of accounts thereof shall continue:
Provided that the amount to be deposited in or withdrawn from the provident fund shall be deposited in or withdrawn from the Treasury through challans or bills to be drawn by the institution or the authority as aforesaid.
Existing rules and procedures to continue.
6. The subscriber to the provident fund shall be entitled to interest on the balance in his provident fund account at the same rate at which a State Government employee subscribing to the West Bengal Services Provident Fund is entitled on the balance of his provident fund account.
7. It shall be the duty of every non-Government educational institution or local authority to ensure, while operating the provident fund under its charge, the observance of the provisions of this Act, failing which the State Government may, after giving the institution or the authority, as the case may be, and opportunity of making a representation, take such action against it as may appear to the State Government to be proper and appropriate.
8. The State Government may, from time to time, issue such directions as it may consider necessary for implementation of the provisions of this Act and for making the rules or procedures regulating the provident fund of the employees of the State Government applicable to the employees of the non-Government educational institutions and the local authorities, mutatis mutandis.
Payment of interest.
Non- Government educational institution or local authority to ensure the observance of the provisions of the Act.
Power to issue directions.