(iii)an option once exercised shall be final and if a person fails to exercise his option for the Scheme within the specified period referred to above, it shall be deemed that he has opted for the Contributory Provident Fund benefits as envisaged in rule 22 of the Punjab Privately Managed Recognised Schools Employees (Security of Service) Rules, 1981 (hereinafter referred to the Contributory Provident Fund);
