Section 54 in The Coal Mines Provident Fund Scheme
54. Investment of Monies belonging to Coal Mines Provident Fund.
(1)All monies belonging to the Coal Mines Provident Fund shall be either deposited in the Imperial Bank of India or in such other scheduled banks as may be approved by the Central Government from time to time, or invested in securities mentioned or referred to in clauses (a) to (d) of section 20 of the Indian Trusts Act, 1882 (II of 1882) subject to the condition that the securities in which investments are made are payable both m respect of capital and of interest in Dominion of India.(2)The Board shall prepare a classified summary of the Asset of the Fund as on the 31st March in each year or on such other dates as the Central Government may specify in Form 'O' annexed hereto, and shall append it to annual report required to be submitted to the Central Government under paragraph 68.
