Section 53(8) in First Statutes of the University of Udaipur
(8)(i)The subscription paid by a subscriber and the contribution paid by the University shall be entered monthly in a separate account for each subscriber.(ii)The investment of the amount to the credit of subscriber shall be permissible in Government Securities or Unit Trust Certificates or in a fixed deposit with a scheduled bank approved by the Executive Committee. The F.D. Receipt and the securities purchased shall be in the joint names of the Comptroller and the [Registrar] [Substituted vide Resolution No. 5, dated 5-5-1974 approved by the Chancellor vide No. F. 1 (68) Gnl. GSR. 74/2985. dated 10-6-1974.] and shall be kept in the custody of the Comptroller.(iii)The balance of the P.F. Account at the credit of the subscribers shall be deposited by the University in the Post Office Savings Bank or Scheduled Banks, or invested in Government Securities as may be approved from time to time by the Provident Fund Committee.(iv)Interest at the rates determined for the purpose by the Provident Fund Committee, from time to time shall be credited to each subscriber's account, at the close of the financial year. Total interest earned shall be so distributed.(v)A statement of the total amount at the credit of each subscriber shall be furnished to him once at the beginning of each year.(vi)The P.F. Committee may on conditions hereinafter enumerated, permit the payment of premium on life insurance policy or policies on the life of a subscriber out of the Provident Fund account.
