Section 12 in Punjab Panchayat Samitis and Zila Parishads Employees Pension and Provident Fund Rules, 2000
12. Conversion of the amount to the Contributory Provident Fund.
(1)From the date of commencement of these rules, the subscriptions made by the employees to the Contributory Provident Fund established by a Panchayat Samiti or a Zila Parishad, as the case may be, alongwith interest accrued thereon, shall stand converted in the provident Fund under these rules in the case of the employees, who opt for these rules.(2)The subscriptions made by the employees referred to in sub-rule (1), to Panchayat Samiti Fund or a Zila Parishad Fund, as the case may be, shall be credited to the Fund within a period of one month from the date of commencement of these rules, failing which, the said Panchayat Samitis or Zila Parishads, as the case may be, shall have to pay an interest at such rate, as may be specified by the Director till the date of credit of the entire amount into the fund.(3)The employee, who has opted for these rules, but had invested his balance in accordance with the provisions of the Punjab Panchayat Samitis and Zila Parishads Provident Fund Rules, 1965, would be required to deposit the amount so invested along with the interest accrued thereon, within such period after exercising the option, as may be specified by the Director with the concerned Panchayat Samiti or Zila Parishad, as the case may be. If the employee does not deposit the said amount within the stipulated period, then he would be liable to pay interest on that amount at a rate specified by the Director till the date of deposit of this amount with the Panchayat Samiti or Zila Parishad, as the case may be.(4)The Provident Fund account in respect of each employee shall be maintained at the level of each Panchayat Samiti or Zila Parishad, as the case may be, by such Competent Authority as is specified in Appendix 'B' and in case of transfer of an employee from one office to another, the amount alongwith interest accrued thereon up to the date of transfer, shall be sent to the Panchayat Samiti or Zila Parishad, to which such employee is transferred.(5)[ The advances from the Provident Fund shall be sanctioned by the Competent Authority as specified in Appendix `B' for the purposes as mentioned in General Provident Fund Rules applicable to the Government Employees of the State of Punjab.] [Substituted by Notification No. G.S.R. 46/P.A.9/1994/Ss.155, 196 and 227/Amd.(1)/2012, dated 24.8.2012.]
