Section 37 in State Bank of India Employees Provident Fund Regulations, 2015
37. Saving Clause.
- All the actions taken and anything done under and as per the provisions of State Bank of India Employees' Provident Fund Rules-1955 shall remain valid and binding on the concerned parties. The supersession of the said State Bank of India Employees' Provident Fund Rules-1955 by these regulations shall not affect the validity of various decisions/actions taken pursuant to the said rules.Explanatory MemorandumThe State Bank of India Employees' Provident Fund Rules were framed after consultation with the Reserve Bank of India and previous sanction of Central Government contained in File No. F.8/80/66_SB dated 23rd September, 1964 under the provisions of section 50 of the State Bank of India Act, 1955 (23 of 1955). As per regulation 11 of the proposed regulations, the Trustees of the Fund can invest the Fund in securities approved under rule 67 of Income-tax Rules 1962. The amended regulation is being given retrospective effect and shall be deemed to have come into force on the 11th August, 2011.
