Section 8 in The Mumbai Port Trust (Pension Fund) Regulations, 2004
8. Investment of the Fund.
- All monies contributed to the fund or received or accrued by way of interest or otherwise to the Pension Fund shall, within 15 days from the date of contribution receipt of accrual as the case may be, be deposited in a scheduled bank excluding the requirement from time to time which may be kept as cash for meeting the expenses of the Trust. All monies that are not immediately required for the purpose of the fund shall from time to time, be invested in accordance with Rule 85 read with Sub-rule (2) of Rule 67 and Rule 89 of Income Tax Rules, 1962, as may be amended from time to time, provided that the principal so invested and the interest thereon are payable in India.
