Section 7 in The Punjab State Agricultural Marketing Board and Market Committees Employees Provident Fund and Gratuity Rules, 1965
7. Payment of subscription and contribution to be made monthly to the Scheduled Bank.
(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.(2)The amount of subscription and contribution for a month shall be deposited in the Bank before the fifth day of the next following month and in case of loss of interest due to any delay in the deposit, the competent authority shall deposit to the fund the amount of loss incurred along with the realised amount of contribution and subscription.
