Ceiling of Rs. 5 Lakh regarding Annual Subscription of GPF
Finance, Provident Fund 👁️ 261
In case the employees do not revise their contributions, the respective DDOs must regulate the subscription so that the threshold limit of Rs. 5 Lakh is not exceeded in a financial year.
GOVERNMENT OF WEST BENGAL
FINANCE DEPARTMENT
Group-J
No. 032-F(J)W.B. Dated, 28-03-2024
MEMORANDUM
Subject: Ceiling of Rs. 5 lakh regarding annual subscription of GPF in a Financial Year
In terms of Memorandum No. 027-F (J) WB dated, 04.05.2023, the sum of the monthly subscription by a subscriber under the GPF during a financial year together with the amount of arrear subscriptions deposited in that financial year shall not exceed the threshold limit i.e. Rs. 5 Lakh.
2. It has been observed during review of the GPF Accounts that subscription in respect of a few GPF Accounts have already crossed the threshold annual limit of Rs. 5 Lakh in the seven months of the financial year, 2023-2024.
3. In view of the above and with a view to avoiding any such anomalies in future, the undersigned is directed to say that
a. For the next financial year (from 2024-25 and onwards), monthly GPF subscription should strictly be regulated in terms of FD Memo no. 027-F(J) WB dated, 04.05.2023 in such a manner so that the sum of subscription does not exceed the limit of Rs. 5 lakh.
b. The Officers/ Officials should be directed to revise their contribution accordingly.
c. In case the employees do not revise their contributions, the respective DDOs must regulate the subscription so that the threshold limit of Rs. 5 Lakh is not exceeded in a financial year.
4. All Departments/ Directorates/ Offices of the District Magistrates are requested to bring the above instructions to the notice of all concerned for compliance.
5. This issues with the approval of the competent authority of this Department.
Sd/- Joint Secretary
to the Government of West Bengal