Section 3(7) in The Maharashtra Educational Institutions (Transfer of Management) Rules, 1972
(7)The Education Officer shall then request the Bank concerned to return one copy of the Statement to the educational institution and another copy to the Education Officer, after transferring the amount and crediting it to the individual accounts of the employees as indicated in the Statement,Explanation. - For the purpose of this rule "quarter" means the quarter commencing on the 1st day of April, 1st day of July, 1st day of October and the 1st day of January of any year.
