Section 17(1A) in Employees Provident Funds Miscellaneous Provisions Act, 1952
(1A)Where an exemption has been granted to an establishment under clause (a) of sub-section (1),(a)the provisions of sections 6, 7A, 8 and 14B shall, so far as may be, apply to the employer of the exempted establishment in addition to such other conditions as may be specified in the notification granting such exemption, and where such employer contravenes, or makes default in complying with any of the said provisions or conditions or any other provision of this Act, he shall be punishable under section 14 as if the said establishment had not been exempted under the said clause (a);(b)the employer shall establish a Board of Trustees for the administration of the Provident Fund consisting of such number of members as may be specified in the Scheme;(c)the terms and conditions of service of members of the Board of Trustees shall be such as may be specified in the Scheme;(d)the Board of Trustees constituted under clause (b) shall-(i)maintain detailed accounts to show the contributions credited, withdrawals made and interest accrued in respect of each employee;(ii)submit such returns to the Regional Provident Fund Commissioner or any other officer as the Central Government may direct from time to time;(iii)invest the provident fund monies in accordance with the directions issued by the Central Government from time to time;(iv)transfer, where necessary, the provident fund account of any employee; and(v)perform such other duties as may be specified in the Scheme.
