Section 14 in Orissa State Financial Corporation Employees' Provident Fund Regulations, 1959
14. Advances from the fund.
(1)A temporary advance may be granted to a subscriber from the amount standing to his/her credit in the fund at the discretion of the Administrators subject to the following conditions-(a)No advance shall be granted unless the Administrators are satisfied that the subscriber's pecuniary circumstances justify it and that it will be expended on the following object or objects and not otherwise-(i)to pay expense incurred in connection with the prolonged illness of the subscriber or any other person actually dependent on him/her;(ii)to pay obligatory expenses on a scale appropriate to the subscriber's status in connection with marriages/funerals or ceremonies which by him/her religion it is incumbent on him/her to perform.(iii)to meet other expenses of liability which, in the opinion of the Administrators, is extraordinary and beyond the ordinary means of the subscriber.(b)An advance shall not, except for special reasons to be recorded in writing by the Administrators exceed three months pay and shall in no case exceed two-thirds amount of subscriber's own subscription to the fund and interest thereon standing to the credit of the subscriber in the fund:Provided that if the reasons are of confidential nature they may be communicated to the Administrators personally and/or confidentially.(c)An advance shall not, except for special reasons to be recorded in writing by the Administrators be granted until at least twelve months after the final repayment of all previous advances together with interest thereon.(2)[(a) An advance shall be recovered from the subscriber in such number of equal monthly instalments as the Administrators may direct, but such number shall not be less than twelve unless the subscriber so elects, and more than 24 months where the advance does not exceed 3 month's pay and more than 36 months, where the advance exceeds 3 month's pay and may be 48 months or more in case of hardship to be decided by the Managing Director where the advance exceed both 3 month's pay and half the amount at the credit of the subscriber. A subscriber may, at his/her option repay more than one instalment in one month. Each instalment shall be a number of whole rupees, the amount of advance being raised or reduced if necessary, to admit the fixation of such instalment.] [Substituted vide Orissa Gazette Extraordinary No.543 dated 23.4.1990.](b)Recoveries shall commence when the subscriber draws his/her pay for the full month for the first time after the advance is made. Recovery shall not be made, except with the subscriber's consent, while he/she is on leave or in receipt of subsistence grant.(c)Recoveries made under this Regulation shall be credited as they are made to the subscriber's Account in the Fund,(d)If more than one advance has been made to a subscriber, each advance shall be treated separately for the purpose of recovery.(3)(a)After the principal of the advance has been fully paid interest shall be paid thereon at the rate of one fifth per cent of the principal for each month or broken portion of a month during the period between the drawal and complete payment of the principal :Provided that Mohammedan subscribers whose deposits in the Fund carry no interest shall not be required to pay into the Fund any additional instalments on account of interest on advances granted to them from the Fund.(b)Interest shall ordinarily be recovered in one instalment in the month after complete repayment of the principal, but if the period referred to in Clause (a) of this Sub-regulation exceeds twenty months, interest may, if the subscriber so desires be recovered in two equal monthly instalments. The method of recovery shall be rounded to the nearest rupee in the manner provided in Regulation 7.
