State of Rajasthan - Act
Rajasthan State Warehousing Corporation Employees Provident Fund Regulation, 1962
RAJASTHAN
India
India
Rajasthan State Warehousing Corporation Employees Provident Fund Regulation, 1962
Rule RAJASTHAN-STATE-WAREHOUSING-CORPORATION-EMPLOYEES-PROVIDENT-FUND-REGULATION-1962 of 1962
- Published on 15 July 1994
- Commenced on 15 July 1994
- [This is the version of this document from 15 July 1994.]
- [Note: The original publication document is not available and this content could not be verified.]
Chapter I
1. Short Title and Commencement.
- (i) These regulations may be called 'The Rajasthan State Warehousing Corporation Employees Provident Fund Regulations, 1962'.2. Constitution of the Fund.
- A fund shall be created called The Rajasthan State Warehousing Corporation Employees Provident Fund.3. Definition.
- In these Regulations unless the context otherwise requires:-Chapter II
4. Administration of Fund, Account and Audit.
- (i) The Fund shall be held by the Corporation and shall be administered by a Committee comprising of (1) the Managing Director, (2) one Director nominated by the Board of Directors and (3) the Secretary, together with two representatives of the employees to be nominated by the Managing Director.5. Meeting of the Committee.
- In every meeting of the Committee, the Managing Director or in his absence, the Director in the absence of both, the Secretary shall preside. The presence of at least three members shall be necessary to form a quorum for the transaction of business. Each member shall have one vote and in case of equality of votes, the presiding officer shall have casting vote.6. Statement of Accounts.
- The accounts of the Fund shall be made up yearly as on the 31st March and an audited statement of the accounts will be submitted to a meeting of the Committee to be held not later than 31st August every year and a copy of such statement shall be made available to the subscribers as soon as may be after such meeting.Chapter III
7. Subscriber to Fund.
- (i) Every employee of the Corporation shall subscribe to the Fund:-8. [ Rate of Subscription. [Substituted by Notification No. RSWC/Admn./RSWC (EPF) Regulations, 1962/F. 42 (III)/97-98/23089, dated 20-12-2000, Published in Rajasthan Gazette, Part VII, dated 21-12-2000, page 195.]
- The subscriber shall subscribe monthly to the fund at such rate of his pay not less than 10% as may be fixed by him from time to time. Such subscription shall be deducted by the Corporation from the pay payable to the subscriber every month in amounts calculated to the nearest rupee. The Corporation's contribution will remain fixed as provided by Regulation 10.Within the above limits, the subscriber an change the rate of subscription with effect from 1st April of each year.The rate once fixed shall remain unaltered throughout the year.]9. Subscription of subscriber on Leave.
- The subscription of the subscriber absent or on leave shall, during the period of such absence, be assessed on his leave pay but any such subscriber shall be at liberty to subscribe on the full amount of pay provided notice in writing of his desire to do so is given by him not less than 14 days in advance of the first payment of his leave salary to the officer responsible for paying him.10. Corporation's contribution.
- Save as otherwise provided the Corporation shall contribute to the fund every month 8 ½% of the pay of each subscriber as employer's contribution to the fund provided that no such contribution shall be made by the Corporation in respect of a subscriber who has been permitted to subscribe under sub-regulation (ii) of Regulation 7.11. Subscriber's Account.
- An account shall be opened in the name of each subscriber in which shall be credited:12. Interest.
- The Corporation shall on the 31st day of march every year or as soon thereafter as is possible (i) determine and notify with the approval of the Board of Directors the rate at which interest shall be allowed during the year on all deposits standing to the credit of every subscriber of the Fund; (ii) prepare an account of the total interest accrued and received on the investment of the Fund during the year; and (iii) credit the amount of interest due to every subscriber based on the balance monthly products of each subscriber's account during the preceding year.Chapter IV
13. Prohibition against Withdrawals and Assignments.
- Except as hereinafter provided, no subscriber shall be entitled to draw money from the fund either of principal or interest or transfer or assign whether by way of security or otherwise howsoever his or her interest or any part thereof in the Fund and no such transfer or assignment shall be valid and the Committee shall not recognise or be bound by notice to him or any of them of any such transfer or assignment.14. Borrowing from the Fund and Recoveries.
15. Advances for payment of Premia for Insurance Policies, etc.
- Advances may be made to a subscriber from the Fund lying on account of his subscriptions and interest thereon with the approval of the Committee for the following purposes:-16. Reassignment of the policy.
- (i) When the subscriber17. Maturing of Policy.
- If a policy assigned to the Corporation matures before the subscriber quits the service or if a policy on the joint lives of a subscriber and his wife or her husband as the case may be, assigned to the Corporation, falls due for payment by reason of the wife's or the husband's death, the Committee shall realise the amount payable under the policy and shall appropriate from the amount so realised the whole of the amount with held or withdrawn from the Fund in respect of the policy with interest thereon to the account of the subscriber in the Fund and shall hand over the balance, if any, to the subscriber or to the subscriber's and joint assured or to the person legally entitled thereto. In the event of the amount assured together with the amount of any accrued bonuses realised by the Committee is less then the whole of the amount with held or withdrawn with interest, the Committee shall place the amount so realised to the credit of the subscriber in the Fund.18. Advance Utilized for different purposes.
- Notwithstanding anything contained in these Regulations, if the Committee is satisfied that the money drawn as an advance from the Fund under Regulations 14 and 15 has been utilised for a purpose other that for which sanction was given to the drawal, withholding or withdrawal of the money, the amount in question shall, with interest at the rate provided in Regulation 12 forthwith be repaid or paid, as the case may be, by the subscriber to the Fund, or in default, be ordered to be recovered by reduction in one sum from the emoluments of the subscriber even if he be on leave. If the total amount to be repaid or paid, as the case may be, be more then help the subscriber's emoluments, recoveries shall be made in monthly installments or moieties of his emoluments till the entire amount recoverable be repaid or paid, as the case may be, by him.Note. - The term "emoluments" as used in this Regulation does not include subsistence grant.19. Interest to Cease on Termination of Service or Death of Subscriber.
- Interest on all sums standing in the books of the Fund to the credit of a subscriber shall cease on the day on which he leaves the service of the Corporation or on the day of his death, whichever is earlier.20. [ Payment of Amount Standing to the Credit of Subscriber. [[Substituted for regulation 20 vide Notification in the Rajasthan Rajpatra No. 47. dated 19-2-1981 for the following: -
'20. Payment of Amount Standing to the Credit of Subscriber.-The sum standing to the credit of a subscriber shall become payable on the termination of his service or on his death, provided that there may, if the Executive Committee of the Corporation so directs be deducted therefrom and paid to the Corporation:-Chapter V
21. Nominations.
- (i) Every subscriber shall, as soon as may be after joining in the Funds and to the Head Office of the Corporation a nomination conferring i the event of his death, on one or more persons the right to receive the amount that may stand to his credit in the Fund:Provided that if, at the time of making the nomination the subscriber has a family, the nomination shall not be in favour of any person or persons other than the member or members of his family.22. Payment on Death of a Subscriber.
- On the death of the subscriber:-23. Agreement to be executed by Subscriber.
- Every employee on becoming a subscriber to the Fund shall execute an agreement in the following form:-"I hereby declare that I have read and understood the Regulations of the Rajasthan State Warehousing Corporation Employee's Provident Fund and I hereby undertake to subscribe to the said Fund and I hereby agree to be bound by the said Regulation."| Signature in full.......... | |
| Witness................ | Date............................ |