Section 4 in The Nabakrushna Choudhury Centre for Development Studies Employees Pension Fund (Establishment & Administration) Rules, 1997
4. (a) Initial intimation of Budgetary position for the year and declaration of minimum balance.
- Within a fortnight from the date of publication of these regulations, the Secretary shall intimate the Controller the amount of estimated requirement for disbursement of Pension during the year. The amount of such estimated deposit into the fund during the concurrent period and the minimum balance to be maintained in the fund during the year shall be equivalent to 25% of the total requirement of disbursement during the year. The intimation shall be made in Form N.C.D.S. PFR-1.(b)Initial Credit/Placement in to the Fund - Within forty five days from the date of publication of these rules, the amount of minimum balance declared under clause (a) together with 25% of total requirement of disbursement for the year shall be credited to the fund by the Secretary.(c)Declaration of minimum balance for each year & maintenance of the same through out the year - By 15th January each year the minimum balance for the following year shall be declared by the Secretary of the Centre in Form No. N.C.D.S. PFR-1 and cash equivalent of the declared minimum balance shall be maintained throughout the year.(d)Quarterly deposit of the annual requirement by the Secretary - The Secretary shall deposit the yearly requirement of contribution for disbursement of Pension either in one instalment before 31st January or in quarterly instalments by 31st May, 31st Aug., 30th November and 28th February.(e)Controller to send requisition for replenishment of minimum balance when falls short - If at any time during the year, the amount of cash balance fixed under clause (a) for initial year and clause (e) of subsequent years, the Controller shall, as soon as it comes to his notice send requisition to the Secretary in Form N.C.D.S. PFR-2, for replenishment of the balance.(f)In case of default to deposit quarterly instalment controller is to send requisition to the Secretary - In case of default in depositing the required contribution to the fund be the specified date, the controller shall, within 7 days of such default, send requisition to the Secretary in Form N.C.D.S. PFR-3 for deposit of the amount due. The Secretary on receipt of the requisition shall, within 7 days from the date of receipt of the requisition, deposit the amount.(g)Controller may suspend disbursement with intimation to Government & Secretary in case of default in deposit - In case of default in responding to the requisitions for maintenance of minimum balance as per clause 4(a) and (c) or deposit of amount as per clause (f) and in case of default in declaring annual minimum balance by specified date as per clause (a) & (c), the Controller shall, with the approval of the Government, suspend, payment from the fund. On suspension of payment the Controller shall keep the Secretary informed of such suspension in Form N.C.D.S. PFR-4.(h)All credits in to the fund shall be payable in to the personal ledger account of the Controller maintained in the accounts of the Special Treasury, Bhubaneswar, and shall be deposited by means of challans under the Head of Account "801-Insurance & Pension Funds-10-Other Insurance & Pension Funds-NCDS, Pension Fund" and a copy of the challan shall be furnished to the Controller with a written advice of the Credit.Disbursement from the Fund
