Section 14 in The Rajasthan Financial Corporation Employees Provident Fund Regulations, 1958
14. Advances from the fund.
- (A) A temporary advance may be granted to a Subscriber from the amount standing to his credit in the Fund at the discretion of the Administrators subject to the following conditions :-(a)No advance shall be granted unless the Administrators are satisfied that the Subscriber's pecuniary circumstances justify it and that it will be expended on the following object or objects and not otherwise-(i)to pay expenses incurred in connection with the prolonged illness of the Subscriber or any other person actually dependent on him.(ii)to pay obligatory expenses on a scale appropriate to the Subscriber's status in connection with marriages, funerals or ceremonies which by his religion it is incumbent on him to perform.(iii)to meet any other expenses or liability which, in the opinion of the Administrators, is extraordinary and beyond the ordinary means of the Subscriber.(b)An advance shall not, except for special reasons, to be recorded in writing by the Administrators, exceed three months pay and shall in no case exceed two thirds the amount of Subscriber's own Subscriptions to the Fund and interest thereon standing to the credit of the Subscriber in the Fund.(c)An advance shall not, except for special reasons, to be recorded in writing by the Administrators, be granted until at lease twelve months after the final repayment of all previous advances together with interest thereon.(2)(a)An advance shall be recovered from the Subscriber in such number of equal monthly instalments as the Administrators may direct, but such number shall not be less than twelve, unless the Subscriber so elects and more than twenty-four. A Subscriber may, at his option, repay more than one instalment in one month. Each instalment shall be a number of whole rupees, the amount of the advance being raised or reduced, if necessary, to admit of the fixation of such instalments.(b)Recoveries shall commence when the Subscriber draws his pay for the full month for the first time after the advance is made. Recovery shall not be made, except with the Subscriber's consent, while he is on leave or in receipts of subsistence grant.(c)Recoveries made under this Regulation shall be credited as they are made to the Subscriber's account in the Fund.(d)If more than one advance has been made to a Subscriber each advance shall be treated separately for the purpose of recovery.(3)(a)After the principal of the advance has been fully repaid, interest shall be recovered thereon at the rate of one-fifth per cent on the principal for each month or broken portion of a month during the period between the drawal and complete repayment of the principal.(b)Interest shall ordinarily be recovered in one instalment in the month after complete repayment of the principal, but if the period referred to in clause (a) of this Sub-Regulation exceeds twenty months, interest may, if the Subscriber so desires, be recovered in two equal monthly instalments. The method of recovery shall be that provided in Sub-Regulation (2)(b).[14A. Non Refundable Advance.] [Notification dated 16-10-2002, Published in R.G.Extraordinary, part 7, dated 28-11-2002, page 145 -1.] - (1) Withdrawal from the Fund for the purchase of a Dwelling House/Flat or for the construction of a Dwelling House including the acquisition of a suitable site for the purpose.The PF Administrators may on an application from a member in such form as may be prescribed and subject to the condition prescribed in this regard sanction a non refundable advance from the amount standing to the credit of the member in the Fund-(a)for purchasing a dwelling house/flat including a flat in a building owned jointly with others (outright or on hire purchase basis) or for constructing dwelling house including the acquisition of a suitable site for the purpose from the State Govt, and approved co-operative society and institution, a trust, a local body or a housing finance corporation or Rajasthan Housing Board (hereinafter referred to as the agency/agencies);or(b)for purchasing a dwelling site for the purpose of construction of a dwelling house or a ready built dwelling house/flat from any individual;or(c)for the construction of a dwelling house on a site owned by the member or the spouse of the member or jointly by the member and the spouse or for completing/continuing the construction a dwelling house already commenced by a member or the spouse on such site or for the purchase of a house/flat in the joint name of the member and the spouse under clauses (a) and (b) above.Note. - In this regulation, the expression, co-operative society means a society registered or deemed to be registered under the co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in the State relating to co-operative Societies.(2)The amount of withdrawal shall not exceed the member's basic pay for thirty six months or the members own share of Subscription with interest thereon or the actual cost towards the acquisition of the dwelling site together with the cost of construction thereon or the purchase of the dwelling house flat or the construction of the dwelling house, which ever is the lease with further limitation that the advance should not exceed 75% of the amount of members Own share of Subscription and interest thereon.Explanation. - The actual cost towards the acquisition of dwelling site or the purchase of dwelling house/flat shall include charges payable towards registration of such site, or house or flat.(3)No withdrawal under this regulation shall be granted unless:(i)The Member has completed five years membership of the Fund;(ii)the Member's own share of contribution with interest thereon in the amount standing to his credit in the Fund is not less than one thousand rupees;(iii)the dwelling site or the dwelling house/fiat or the house under construction is free from encumbrances:Provided that where a dwelling site or a dwelling house/flat is mortgages to any of the agencies, referred to in clause (a) of sub-para (1) above solely for having obtained funds for the purchase of a dwelling house/flat or for the construction of a dwelling house including the requisition of a suitable site for the purpose, such a dwelling site or a dwelling house/flat as the case may be shall not be deemed to be an encumbered property :Provided further that a land acquired on a perpetual lease or on lease for a period of not less than 30 Years for constructing the dwelling house/flat or a house/flat built on such leased land, shall also not be deemed to be an encumbered property:Provided also that where the site of the dwelling house/flat is held in the name of any agency referred to in clause (a) of sub-para (1) and the allottee is precluded from transferring or otherwise disposing off, the house/flat without prior approval of such agency, the mere fact that the allottee does not have absolute right of ownership of the house/flat and the site is held in the name of the agency, shall not be bared to the giving of an advance under clause (a) of sub-para (1) if the other conditions mentioned in this paragraph are satisfied.Note. - No withdrawal shall be granted for purchasing a share in a joint property or for constructing a house on a site owned jointly except on a site owned jointly with the spouse.(4)Subject to the limitations prescribed in sub-paragraph (2) :(a)Where the withdrawal is for the purchase of a dwelling house/flat or a dwelling site from an agency referred to in clause (a) of sub-para (1) the payment of advance shall not be made to the member but shall be made direct to the agency in one or more instalments, as may be authorised by the member;(b)Where the withdrawal is for the construction of a dwelling house, it may be sanctioned as per rules but disbursement shall be made in minimum Two but maximum Four instalments;(c)Where the withdrawal is for acquisition of a dwelling site or for the purpose of construction of a dwelling house thereon from any individual or any agency, the amount shall be paid in not less than two equal instalment, the First instalment at the time of the acquisition of the dwelling site and the remaining at his requisition at the time of the construction of a dwelling house on such dwelling site.(5)Where a withdrawal is sanctioned for the construction of a dwelling house, the construction shall commence within six months of the withdrawal of the First instalment and shall be completed within twelve months of withdrawal of the final instalment. Where the withdrawal is sanctioned for the purchase of a dwelling house/flat or for the acquisition of a dwelling site, the purchase or acquisition as the case may be, shall be completed within six months of the withdrawal of the amount:Provided that this provision shall not be applicable in case of purchase of a dwelling house/flat on hire purchase basis and in case on behalf of its members with a view to their allotment to the members.(6)Except in case Subsequently specified in sub-paragraph 7 (a) and 7 (b), no further advance shall be admissible to a member under this paragraph.(7)(a)An additional withdrawal upto twelve month's basic pay or the members own share of contribution with interest thereon, in the amount standing to his credit in the fund whichever is less, may be granted once and in one instalment only, for additions, Substitutedtantial alterations or improvements necessary to the dwelling house owned by the member or by the spouse or jointly by the member and the spouseProvided that the withdrawal shall be admissible only after a period of Five Years from the date of completion of the dwelling house.(8)The members shall produce the title deed and such other documents as may be required for inspection which shall be returned to the member after the grant of the withdrawal.(9)(a)IF the withdrawal granted under this paragraph exceeds the amount actually spent for the purpose for which it was sanctioned, the excess amount shall be refunded by the member to the fund in one lump-sum within thirty days of the finalisation of the purchase or the completion of the construction, or necessary additions, alterations or improvements to a dwelling house, as the case may be. The amount so refunded shall be credited to the member's account.(b)In the event of the member not having been allotted a dwelling site/dwelling house/flat, or in the event of the cancellation of an allotment made to the member and of the refund to of the amount by the agency referred to in clause (a) of sub-paragraph (1) above in the event of the member not being able to acquire one dwelling site or to purchase the dwelling house/flat from any individual or to construct the dwelling house, the member shall be liable to refund to the fund in one lump-sum and in such manner as may be prescribed by the authority the amount of withdrawal remitted under this paragraph to him/her or, as the case may be, to the agencies as referred to in clause (a) of sub-paragraph (1) the amount so refunded shall be credited to the member's account.(10)If the Dy. GM (P & A) is satisfied that the withdrawal granted under this paragraph has been utilised for purpose other than that for which it was granted or that the member refused to accept an allotment or to acquire a dwelling site or that the conditions of withdrawal have not been fulfilled or that there is reasonable apprehension that they will not be fulfilled wholly or partly, or that the excess amount will not be refunded in terms of clause (a) of sub-paragraph (9) or that the amount remitted back to the member by any agency referred to in clause (a) of sub-paragraph (1) will not be refunded in terms of clause (b) of sub-paragraph (9) the Dy. GM (P & A) shall forthwith take steps to recover the amount due with penal interest thereon at the rate of two percent per annum above the rate of interest which may be determined by the Corporation from the wages of the member in such manner and in such number of instalment as the authority may determine for the purpose of such recovery the Dy. GM (P & A) may direct the drawing and disbursing officer to deduct such instalments from the wages of the member and on receipt of such directions, the drawing and disbursing officer shall deduct accordingly. The amount so deducted shall be remitted by the drawing & disbursing officer to the Dy. GM (P & A) within such time and in such manner as may be specified in the directions. The amount so refunded excluding the penal interest shall be credited to the member's account in the fund. The amount of penal interest shall however be credited to the Misc. receipts accounts.(11)Where any withdrawal granted under this paragraph (2) has been mis-used by the member, no further withdrawal shall be granted to him under this Rule till the full recovery of the amount so paid with penal interest thereon.
