Section 7(1) in The Punjab State Agricultural Marketing Board and Market Committees Employees Provident Fund and Gratuity Rules, 1965
(1)The competent authority shall open a Provident Fund Account in the name of each subscriber through its Administrator in any Scheduled Bank or Co-operative Bank, approved by the State Agricultural Marketing Board.Note :- Though the accounts shall be in the name of the subscribers they shall not be competent to operate upon them as these accounts are not in the nature of deposit or current accounts. Withdrawal shall be permitted only under these rules on orders of the competent authority.
