Section 61 in The Coal Mines Provident Fund Scheme
61. Interest.
(1)The Commissioner shall credit to the account of each member interest at such rate as may be determined by the Central Government in consultation with the Board in respect of the periods of currency of the cards expiring in each financial year.(2)Interest for the period of currency of the card shall be credited with effect from the last day of the period on the opening balance at the credit of the member on the first day thereof;[Provided that when the amount standing at the credit of the member has become payable, interest shall thereupon be credited under this sub-paragraph for the period upto the end of the month preceding the date of the tender of payment] [Reconstituted under S.R.O. 424 dated 22.1.58 (published and effective from 1st February 1958.)].[Provided further that the rate of interest to be allowed on claims for refund for the broken period of currency of cards shall be the rate fixed for the financial year in which [[+] [Inserted by Government of India, Ministry of Labour Notification No. PF 5(21)/51 dated the 18th January, 1952.] the claim becomes payable],(3)The aggregate amount of interest credited to the accounts of the members shall be debited to "Interest Suspense Account".(4)[ Interest shall not be credited to the account of a member if he informs in writing to the Commissioner, or, where so authorised by the Commissioner, to any officer subordinate to him, that he does not wish to receive it If, however, the member subsequently asks for interest, it shall be credited to his account with effect from the first day of the period of currency, in which he makes a request therefor.] [Sub-para (4) added vide G.S.R. 1577 dated 5.10.66.]
