160. Investment of Provident Fund deductions and contributions from the Market Committee in securities.
(1)The amount deducted from the pay bill as Provident Fund deductions and other sums relating to the Provident Fund shall be lodged in the banks authorised and a separate cash book shall be maintained. The whole or any portion of such deductions, and other sums relating to the Provident Fund may be withdrawn from the bank at such intervals as may be necessary for investment in interest bearing securities or deposits.(2)The sums required for the payment of temporary advances and Life Insurance premium during the month may be withdrawn from the account lodged in the banks at the beginning of the month, out of the deposit made therein till the end of the previous month.
