Section 16B(1)(iv) in The M.P. General Provident Fund Rules, 1955

[Cites 0, Cited by 0] [Section 16B(1)] [Section 16B] [Entire Act]

State of Madhya Pradesh - Subsection

Section 16B(1)(iv) in The M.P. General Provident Fund Rules, 1955

(iv)The officer concerned should satisfy the sanctioning authority within a period of six months from the date of drawing the money that it has been utilised for the purpose for which it was intended, otherwise the whole amount of withdrawal will be liable to recovery in one lump-sum. In cases where a portion of the money withdrawn is not likely to be spent within six months of the date of withdrawal and the officer contemplates making a further withdrawal during the following half year, he may by notifying in writing to the sanctioning authority before the expiry of the period of six months adjust the excess amount in the proposed withdrawal provided that such excess amount is not more than 10 per cent of the amount utilized and action to withdraw the further amount is taken within one month of the expiry of the six months' period, and if no further withdrawal is contemplated, the excess amount should be deposited forthwith in the provident fund; any amount withdrawn from the fund which is found to be in excess of that actually required by the officer for the purpose should be redeposited forthwith into the fund :

Legal Document View

Unlock Advanced Research with PRISMAI

State of Madhya Pradesh - Subsection

Section 16B(1)(iv) in The M.P. General Provident Fund Rules, 1955