Section 11 in The Haryana Khadi and Village Industries Board Contributory Provident Fund Regulations, 1975
11. Interest.
- (i) The Board shall pay to the credit of the account of subscriber interest as fixed by Bank from time to time.(ii)Interest shall be credited with effect from 31st March of each year in the following manner :-(a)On the amount at the credit of the subscriber on the 31st March of the preceding year, less any sums withdrawn during the current year - interest for twelve months;(b)On sums withdrawn during the current year interest from the 1st April of the current year up to the last day of the month preceding the month of withdrawal.(c)On all sums credited to the subscriber's account after 31st March of the preceding year, interest from the date of deposit up to 31st March of the current year.(d)The total amount of interest shall be rounded to the nearest rupee in the manner provided in clause (4) of regulation 10 :Provided that when the amount standing at the credit of a subscriber has become payable interest shall thereupon be credited under this sub- regulation in respect only of the period from the beginning of the current year or from the date of deposit, as the case may be, up to the date on which the amount standing at the credit of the subscriber became payable.(iii)For the purpose of this regulation the date of deposit shall in the case of recoveries from emoluments, be deemed to be the first day of the month in which they are recovered and in the case of amounts forwarded by the subscriber, shall be deemed to be the first day of the month of receipt, if they are received by the Accounts Officer, before the fifth day of that month or if they are received on or after the fifth day of that month, the first day of the next succeeding month.(iv)In addition to any amount to be paid under regulation 19, interest thereon upto the end of the month preceding that in which payment is made, or upto the end of the sixth month after the month in which such amount became payable whichever of these periods be less, shall be payable to person to whom such amount is to be paid:Provided that no interest shall be paid in respect of any period after the day which the Accounts Officer has intimated to that person (or his agent) as the date on which he is prepared to make payment in cash, or if he pays the cheque after the date on which cheque in that person's favour is put in the post.(v)The interest on amounts which under regulation 16 are re-placed at the credit of subscriber in the Fund, shall be calculated at such rates as may be successively prescribed under clause (1) of this regulation and so far as may be in the manners described in this regulation.Note. - (1) When a subscriber is dismissed from the service of Board but has appealed against his removal, the balance at his credit shall not be paid over to him until the final orders confirming the decisions are passed on his appeal. Interest shall, however, be paid on the balance upto the end of the month preceding that in which such orders are passed.(2)No interest shall be allowed on the amount recovered on account of subscription to the Fund in excess of the actual amount due.
