Section 33 in First Statutes of the Jai Narayan Vyas University Jodhpur
33.
(1)There shall be a Provident Fund for the benefit of the permanent employees of the University.(2)The management of the Provident Fund shall vest in the Syndicate which may, from time to time, make regulations or issue such general or special directions as may be consistent with the Statutes as to (a) the conduct of business of the Fund and (b) any matter relating to the Fund or its management or the Privileges of the depositors not herein expressly provided for, or vary or cancel any regulations made or directions given.(3)(i)Every wholetime employee of the University holding a permanent substantive appointment, or appointed for a fixed period of not less than three years; shall be entitled and required to subscribe to the Provident Fund.(ii)Persons appointed on probation to substantive appointments will be entitled to subscribe to the Provident Fund, but if their services terminate before their confirmation they shall not be entitled to receive any portion of the University contribution or the interest accruing thereon.(iii)No employee of the University shall be entitled to the benefits of the Provident Fund whose services in the University entitled him to a pension or on whose account the University contributes to his pension or who has been appointed by the University on special terms.(4)(i)Every employee of the University entitled to the benefits of the Provident Fund shall be required to sign a written declaration in the prescribed form that he has read this Statute and agrees to abide by it, and shall hand in for registration in the University office the names of the persons or person to whom he/she wished the balances at his/her credit to be paid in the event of his/her death.(ii)The subscriber may from time to time, add or change his/her nominee by written application to the Registrar.(iii)A register of such nominees shall be kept in the University office:Provided that, if at the time of making nomination the subscriber has a family, the nomination shall not be in favour of any person other than the members or persons of his/her family.(iv)If a subscriber nominates more than one person under Statute 33(4) he/she shall specify in the nomination the amount of share payable to each of the nominees in such manner as to cover the whole of the amount in the event any time.(v)Every nomination made and every notice of cancellation given, by a subscriber shall to the extent that it is valid, take effect on the date on which it is received by the Registrar.(vi)That the nomination shall become invalid in the event of the happening of a contingency specified therein:(i)Provided that if at the time of making the nomination the subscriber has no family he shall provide in the nomination that it shall become invalid in the event of his subsequently acquiring a family;(ii)Provided further that if at the time of making the nomination the subscriber has only one member of the family, he shall provide in the nomination that the right conferred upon the alternate nominee under clause (a) shall become invalid in the event of his subsequently acquiring other member or members of his family.(4)(a)Family for the purpose of Jai Narayan Vyas University, Jodhpur Contributory Provident means:-(i)in the case of male subscriber, the wife or wives and children of a subscriber and the widows and children of a deceased son of the subscriber:Provided that if a subscriber proves his wife has been judicially separated from him or has ceased under the customary law of the community to which she belongs to be entitled to maintenance, she shall henceforth be deemed to be no longer a member of the subscriber's family in matters to which these rules relate, unless the subscriber subsequently intimates in writing to the Registrar that she shall continue to be so regarded.(ii)The University will not be bound by nor will recognise any assignment or encumbrance executed or attempted to be created which effects the disposal of the amount standing to the credit of the subscriber who dies before the amount becomes payable.(5)The minimum rate of subscription shall be 8 per cent of the subscriber's monthly pay including dearness pay. A subscriber may however at his option subscribe at a rate higher than the minimum rate. The fraction in the amount calculated on this basis shall be rounded off to the nearest rupee and be deducted from the monthly pay of each subscriber. The subscriber may have the choice to revise the amount of extra subscription twice a year.Note.- (i) If during the period of study leave one subscribes the full amount to his Provident Fund account, the University will also contribute its full share irrespective of the fact what he actually draws as his salary.(6)The University shall in the case of each subscriber make a monthly contribution at the rate of 10 percent of his salary provided that in the case of employees who draw a salary of more than Rs. 500/ per month the University contribution shall be at the rate of 8-1/3%.Note: The fraction in the amount calculated on this basis shall be rounded off to the nearest 5 Paise.(7)(i)The amount of subscription deducted from the monthly pay of each employees together with the contribution by the University shall be deposited in an account named Jai Narayan Vyas University, Jodhpur Provident Fund Account" within two days of the receipt of the money as far as possible. The amount shall be deposited in a Savings Bank account opened in 'A' Class Scheduled Bank at Jodhpur as may be decided by the Syndicate from time to time. The account shall be operated in such manner as the Syndicate may direct. The balance of the fund, after keeping in reserve a suitable amount for current needs shall be invested in Small Savings Securities, Fixed Deposits in Scheduled Banks and or other Government Securities or investments covered by Section 20 of the Indian Trust Act of 1882 on the basis of the recommendation of a P.F. Investment Committee as soon as possible, after the accounts are credited, but not later than 7 days from the date of its deposit in the Jai Narayan Vyas University, Jodhpur Contributory Provident Fund Account.(ii)The Provident Fund Investment Committee referred to in Statute 33(7)(i) above shall consist of the following:-(a)(1) the Vice-Chancellor;(2)three representatives of the Subscribers to be nominated by the Vice-Chancellor, one of them shall be from the non-teaching staff;(3)one member of the Syndicate to be nominated by the Registrar;(4)the Registrar;(5)the Finance Officer of the University who shall be non-member Secretary of the Committee;(6)one representative of the non-teaching staff nominated by the Vice-Chancellor.(b)The term of the nominated members of the Committee shall be 3 years.(iii)The subscription paid by the subscriber and the contribution paid by the University shall be entered monthly in a separate account for each subscriber.(iv)As soon as possible, after the 31st March of each year the Registrar shall send to each subscriber a statement of his/her account. showing the opening balance on the 1st of April of the year, the total amount credited and debited during the year, the total amount of interest accrued as on the 31st March of the year and closing balance on that date. The Registrar shall attach to the statement account, an enquiry whether the subscriber:(a)desires to make any alteration in any nomination made by the subscriber;(b)has acquired a family (in case where the subscriber had made no nomination in favour of the family under the rules);(c)the subscribers should satisfy themselves as to the correctness of the annual statement of account. Errors, if any, should be brought to the notice of the Registrar within 6 months from the date of receipt of the statement;(d)the Registrar shall if required by subscriber once, but not more than once in an year, inform the subscriber of the total amount standing to his/her credit in the Fund at the end of the last month for which his/her account has been written up.(v)At the end of a financial year the account of each subscriber shall be credited with an amount of interest accrued to him/her at the rate, proposed by the Provident Fund Investment Committee, after taking into consideration, the total interest earned, on the deposit and investments made out of the fund. The interest will be distributed pro-rata to subscribers' accounts.(vi)The Syndicate may, under such condition, as may be laid down in the Ordinances, permit the payment of premium on life insurance policy or policies on the life of a subscriber who is in receipt of a salary not exceeding Rs. 500/- p.m. out of his personal subscription to the Provident Fund account under Statute 33(5) above.(8)A subscriber at the termination of his/her service shall be entitled to receive the amount which accumulates to his credit.(9)On a subscriber's death, the amount at his/her credit shall be paid to the person or persons duly nominated by him/her or, when no such nomination is made to his/her legal heir or heirs.(10)The amount at the credit of a subscriber shall not be subject to any deduction even to cover loss or damage sustained by the University through the subscriber's misconduct or negligence.(11)(i)The payment of an advance from the Provident Fund may be sanctioned by the Vice-Chancellor on a prescribed form to a subscriber from the amount of his/her subscription standing to his/her credit for the following purposes:-(a)meeting the cost of higher education education including where necessary the traveling expenses of his/her own self or of children actually dependent on him/her.(b)meeting the expenditure in connection with the marriage of a son or a daughter or a real brother or a sister dependent on him/her,(c)meeting the expenses in connection with the illness, including where necessary, the traveling expenses of the subscriber or any person actually dependent on him/her,(d)building or acquiring a suitable house for his/her residence including the cost of the site or repaying any outstanding amount on account of the loan expressly taken for this purpose or reconstructing, or making additions or alterations to a house already owned or acquired by a subscriber,(e)to purchase a conveyance for the subscriber's personal use,(f)for one's own marriage or for such other purposes as may be determined by the Vice-Chancellor to be of urgent necessity.(2)An advance shall in no case exceed the amount of the member's own subscription standing to his/her credit in the Provident Fund:Provided that for purposes of purchase of land under schemes approved by the P.F. Investment Committee, the subscriber may be granted a loan upto Rs. 6000 or the total balance available in his account, inclusive of employee's own subscription and the University contribution whichever is less, repayable is not more than 60 installments. The unadjusted balance if any, in such cases, may be adjusted when final payment of P.F. money is made to him. Such a loan may run concurrently with any other loan previously granted to the subscriber for any other purposes, provided the total amount does not exceed the limits specified above.(ii)Recoveries towards the amount advanced shall be made in monthly installments not exceeding sixty as may be decided by the Syndicate commencing at the first payment of a full month's salary after the advance is granted, but no recovery shall be made from a subscriber when he is on leave otherwise than on full pay.(iii)An advance shall not be granted to any subscriber till a period of six months has elapsed after repayment of the last installment of a previous advance if any, provided that in case of urgent necessity the sanctioning authority may, after satisfying itself, grant an advance before the expiry of six months from the date of the repayment of the last installment of the previous advance.(a)The interest on advance shall be charged at a rate one per cent higher than the interest rate last paid by the University to the account of a subscriber. The interest on the advance sanctioned under Statute 33(1 l)(i) would be payable in not more than 12 monthly installments (the monthly payment being rounded to the nearest whole rupee 50 paise and above counting as the next higher rupee). Recoveries of interest made under this clause shall be credited to the "Jai Narayan Vyas University, Jodhpur Contributory Provident Fund".(b)Notwithstanding anything contained under these Statutes, if the Vice-Chancellor is satisfied that money withdrawn as an advance from the fund has been utilised for a purpose other than that for which sanction was given, the amount of advance shall, with a penal interest calculated at a rate two per cent over and above the rate provided under Statute 33(11)(iii)(a) be repaid by the subscriber to the Fund:Note. - In these Statutes 'subscription' means the amount paid by the subscriber and 'contribution' means the amount contributed by the University.(3)A permanent employee of the University, who is a subscriber to the provident fund, shall be allowed an advance for construction of a house on a land standing in his name or on which he has acquired a legal title. The advance so granted shall not exceed Rs. 25,000/- or the total balance standing to his credit in the Provident Fund whichever is less. The recoveries of the advance shall be made in monthly installments not exceeding 100. The first recovery shall commence from the pay to be drawn in the next month of the withdrawal of the advance. The interest on such advance shall be charged at a rate one percent higher than the interest rate payable by the Bank if invested in the F.D.R. for an equivalent period.The house so constructed shall have to be insured and mortgaged in favour of the University as security against the advance.(12)Final withdrawals from P.F. amount (non-refundable) may be sanctioned by the Vice-Chancellor to a subscriber at any time after completion of ten years of service by the subscriber or when the employee is due to retire on account of superannuation within 10 years. The amount shall be paid out of the amount standing at the credit of the subscriber to the extent of 12 months pay or balance of his own contribution, whichever is less. Such withdrawals are, however, admissible under the following two considerations:(i)Building or acquiring a suitable house for his residence (including the cost of site), or(ii)Meeting the expenditure in connection with the marriage of the subscriber's daughter.Note. - (1) The outstanding balance of the amount of advance taken for the purpose specified at (i) and (ii) above may be converted into non-refundable withdrawal at the request of the subscriber.(2)In case of subscribers, who were contributing to the P.F. while in State Services, and the amount so contributed has been received by the University from the Government of Rajasthan and credited to their account, the period spent in State Service shall cover for the purpose of this clause.
