Section 10 in The Punjab State Agricultural Marketing Board and Market Committees Employees Provident Fund and Gratuity Rules, 1965
10. Advances from the provident fund.
(1)At the discretion of the competent authority, a temporary advance, not exceeding the subscriber's own subscription and interest thereon, may be granted to the subscriber, on his application, from the amount standing to his credit in the fund subject to the following conditions :-(a)The competent authority is satisfied that the amount will be expended on the following objects and not otherwise :-(i)To pay expenses to be incurred in connection with illness of the employee or any person dependent upon him.(ii)To pay obligatory expenses on a scale appropriate to the applicant's status in connection with marriage, funeral or other ceremonies which it is incumbent upon him to perform according to his religion or social customs.(iii)To meet the expenses of higher education of the persons dependent on him where the competent authority is satisfied that the subscriber concerned cannot meet the same out of his monthly salary.(iv)To meet the expenses of higher studies of employee himself.(v)To meet the expenses for purchasing a site for building a house or for constructing a house or for effecting improvement in or repairs to a house.(vi)To meet any other essential expenses or liabilities which in the opinion of the competent authority are extraordinary or beyond the means of the subscriber.(b)The powers vested in the competent authority under this rule shall be exercised by the Administrator if the amount of advance does not exceed three months' salary of the employee.(c)No advance shall be sanctioned to the employee unless all previous advances together with interest thereon have been finally paid by him.(2)(a)An advance shall be recovered from the subscriber in such number of equal monthly instalments as the competent authority or the Administrator may direct at the time of sanctioning the amount of advance but such instalments shall not be less than twelve unless the subscriber so elects in any case more than twenty four. A subscriber may at his option repay more than one instalment in any one month.(b)Recoveries of the advance shall commence when the subscriber draws his pay for the full month for the first time after the advance is made to him. Recovery shall not be made except with the subscriber's consent while he is on leave other than ordinarily leave, or is in receipt of subsistence grant.(c)Recoveries made under this rule shall be credited to the subscriber's account in the fund.(d)Such advances shall bear interest at six per cent per annum.
