Section 55 in The Coal Mines Provident Fund Scheme
55. [ Disposal of the Coal Mines Provident Fund. [Para 55 substituted and deemed always to have been substituted vide G.S.R. 14 dated 22.12.1970.]
(1)The Coal Mines Provident Fund not including therein Reserve Account and the Administration Account thereof shall not, except with the previous sanction of the Central Government, be expended for any purpose other than the payment of the slims standing to the credit of individual members of the Fund or to their nominees or heirs or legal representatives in accordance with the provision of this Scheme.(2)Amount credited to the Reserve Account under sub-paragraph (4) of paragraph 63, may in accordance with such instructions as the Central Government may issue from time to time be expended for any or all of the following purposes :-(i)for providing financial assistance to the nominees or heirs or legal representatives of deceased members :(ii)for financing any Scheme for the benefit of the dependents of employees killed or disabled in accidents in coal mines:(iii)[ for making payments to outgoing members and to the nominees or heirs or legal representatives of deceased members where Provident Fund contributions or Family Pension Fund contributions, or both in respect of such members have, either in whole or III part, not been deposited into the Fund by their employers;"](iv)for stabilising the rate of interest allowed to the members under paragraph 61 of this Scheme;(v)[ for paying late fees and such other charges as may be levied by the Life Insurance Corporation of India in cases where remittance of premia in respect of any policy financed from the Fund under paragraph 65C is delayed for no fault of the concerned member or where any such policy having been paid up or having lapsed for no fault of the concerned member is to be revived;] [Clause (v) to para 55 inserted vide Notification No. 11011(1)/72-PF (I) (i) dated 8.8.72.](vi)[ for making payment to the member or to the nominee or legal heir or representative of deceased member, as the case may be, where the amount payable to the member is either withdrawn by and paid to a person other than rightful claimant or where such amount, when remitted by money-order or by an account payee cheque, is paid to a person other than a rightful claimant.] [Clause (vi) to para 55 inserted vide G.S.R. 308 dated 15.3.80.](3)Amount credited to Reserve Account under paragraph 32 and any interest earned by investing the amounts in the Reserve Account may in accordance with such instructions as the Central Government may issue from time to time, be expended for the following purposes :-(i)for meeting capital expenditure on land, building, machines and such other tangible assets as are used over a period exceeding 5 years ;(ii)for meeting any deficit in the Administration Account of the Fund.]
