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Model Rules for administration of General Provident Fund in Non-Govt. affiliated Colleges (including Sponsored Colleges).
Prescribed in terms of G. O. No. 260-Edn (CS), dated 18.2.1981.
1.Short Title—These rules may be called (to insert the name of the College here). General Provident Fund Rules.
2.Constitution and Management:— (i) Management of the Fund shall be vested in the Governing Body of the College.
(ii) The Principal of the College shall be the Manager of the Fund.
(iii) The Governing Body may by resolution appoint any other person, employed whole time in the College as a teacher or otherwise, to be Assistant Manager of the Fund,
(iv) Every employee employed whole time in the college and opting for the Pension (including Family Pension)-Cum Gratuity may/shall be a subscriber to the fund. Every new subscriber at the time of admission to the fund will have to apply in the form in Appendix—A.
3.Rates and Realisation of Subscription :
(i) Every subscriber shall be required to subscribe at the minimum rate of six and quarter percent of His pay, subscription being calculated to the nearest rupee,
(ii) Subscription to the fund shall be realised by way of deduction from pay of the subscribers.
4. Provident Fund Accounts :
(i) A provident fund ledger in the form in Appendix—B having separate page for each subscriber’s account shall be maintained by the Manager of the fund in the office of the college,
(ii) The ledger will be open to inspection of the subscriber who will at the end of each year sign his accounts in the ledger signifying his acceptance of the correctness thereof.
(iii) Manager of the fund shall make an account of investment and a general cash account of the fund.
(i) All money received as subscriptions under rule 3 are required to be invested within 7 days in a Post Office Savings Bank A/C.
(ii) Fifty percent of such money should be kept deposited in Post Office Savings Bank Account so as to meet the demands of subscribers for advances from the Provident Fund,
(iii) Remaining fifty percent may, if so decided by the Governing Body be invested in National Savings Certificate-II & III issue,
(iv) Post Office Savings Bank account and National Savings Certificates are to be held in the name of the General Provident Fund of the College and shall be operated by the Manager of the Fund,
(v) The Governing Body may by resolution decide what would be the financial power of Manager regarding operation of Post Office Savings Bank Account and National Savings Certificate and for which transactions prior approval of the Governing Body shall be obtained.
(vi) Government of West Bengal in Education Department after consultation with the Finance Department may, by giving directions from time to time, vary the pattern of investment of Provident Fund Moneys.
The interest received during the year shall be credited to the^account of individual subscribers annually in proportion to the amounts at their credit on December, 31st of the preceding year, interest payable to each subscriber being rounded to nearest rupee.
7. Investment procedure where individual pass books for subscribers are maintained:
(i) Where majority of subscribers elect to have separate pass books the Manager of the Provident Fund shall arrange to open individual accounts, to be operated jointly by the Manager and the subscriber for each of the subscription, to the Provident Fund in a post office and shall remit each month’s subscriptions to the provident fund to the post office within seven days accompanied by :
(a) the Post Office Savings Bank Pass Books of the subscribers ; and
(b) a list in duplicate showing in details the amount to be credited to each account and the total amount of deposits and refunds.
(ii) After receiving back the pass book from the Post Office the Manager shall compare the entries in the pass book with the office copy of the list and if any error is detected, take prompt action to bring it to the notice of the Post Master,
(iii) Fifty percent of accumulations in the pass book of each subscriber may, if he so desired, be invested in National Savings Certificate-ll & III issue. Investment will be made either in the name of the Fund or in the name of the subscriber under joint signature of he Manager and the Subscriber, (iv) Savings Bank pass books and certificates will remain in the custody of the Manager. Where National Savings Certificates have been purchased in the name of individual subscribers,certificates will be operated jointly by the Manager and the subscriber,
(v) Money received on encasement of the National Saving Certificates, will be deposited in the Savings Bank Account of the particular subscriber and may be re-invested,
(vi) Provisions of Rule-6 relating to interest will not be applicable in cases where individual pass books of subscribers are maintained. Interest earned on National Savings Securities and Post Office Savings Bank Account balance by each subscriber will be credited to each subscriber’s account in ledger.
8.Advances from the Fund:
(i) Temporary advances for the following purposes may be made to the subscribers :
(a) to pay expenses in connection with the prolonged illness of the subscriber or any person actually dependent on him ;
(b) to pay obligatory expenses on a scale appropriate to the subscriber’s status which by customary usage, the subscriber has to incur in connection with marriage, funerals or other ceremonies of persons actually dependent on him ;
(ii) An advance shall not, except for special reasons, exceed three months’ pay and shall in no case exceed seventy five percent of the amount of the subscription and interest thereon standing to the credit of the subscriber in the fund.
(iii) An advance may ordinarily be granted by the Manger of the Fund. But when an advance granted earlier, is outstanding, further advance may be granted by the Governing Body subject to the condition that amount of advance outstanding together with the new advance do not exceed the limit prescribed in Sub-rule (ii).
(iv) The Manager of the Fund shall maintain a register in the form prescribed in Appendix-C showing advances sanctioned from the fund and their refund.
(v) An advance shall be recovered from the subscriber in such number of equal monthly instalments as the sanctioning authority may direct, but such number shall not be less than twelve unless the subscriber so elects, or in any case not more than twenty four. Each instalment shall be a number of whole rupee, the amount of advance being raised or reduced, if necessary, to admit of the fixation of such instalments.
(vi) No interest will be payable on advances from the fund.
(vii) Recovery of advances shall be made in the same manner as realisation of subscriptions and shall commence on the first occasion after the advance is made on which the subscriber draws full months’ salary. Recovery will be in addition to usual subscription,
(viii) In the event of retirement or death of a subscriber before the advance is repaid the amount still outstanding shall be deducted from the amount payable to the subscriber or his nominee.
9. Non-refundable withdrawals from fund :
(i) After completion of twenty years of service or within ten years before the date of his retirement, whichever is earlier non-refundable withdrawals not exceeding seventy five percent of the amount standing at the credit of the subscriber in the Fund may be sanctioned to a subscriber from the fund for the following purposes :
(a) Meeting the cost of higher education of any child of the subscriber. Higher education shall mean medical, engineering or technical education ;
(b) Meeting the expenditure in connection with the marriage of any child of the subscriber and any female relation actually dependent on him ;
(c) Meeting the expenditure in connection with the illness of the subscriber or any person actually dependent on him ;
(d) for the purchase of a plot of land for construction of a house for residential purposes ;
(e) for the construction of house for residential purposes ;
(f) for the purchase of a built house.’
(ii) Non-refundable withdrawals will require sanction of the Governing Body.
(iii) A subscriber, after making non-refundable withdrawals, will have to satisfy the Governing Body within a reasonable time that the whole of the amount withdrawn has been utilised for the purpose for which it was withdrawn. If he fails to do so, the amount withdrawn or so much thereof as has not been utilised for the purpose of withdrawal will be refunded forthwith in one lump sum.
10. Nomination :
(i) Each subscriber shall as soon after he joins the fund as possible furnish to the Manager of the Fund a declaration in the form prescribed in Appendix ‘D’ showing how he wishes the amount of his accumulations to be disposed of on his death, provided that if at the time of making the nomination the subscriber has a family, the nomination shall not be in favour of any person or persons other than the members of his family.
(ii) A subscriber may at any time cancel such declaration by sending a notice to the Manager of the Fund provided that the subscriber sends along with notice a fresh declaration.
(iii) If, at the time of making nomination, the subscriber has no family, the nomination shall become invalid in the event of his subsequently acquiring a family and he shall have to make fresh nomination. (iv) Declaration shall be kept in the custody of the Manager of the Fund.
(v) “Family means :—
(a) In case of male subscriber, the wife and children of the subscriber and the widow and children, of a deceased son of the subscriber.
(b) In case of a female subscriber, the husband and children of the subscriber and the window and children, of a deceased son of the subscriber and the window and children, of a deceased son of the subscriber.
11. Circumstances in which provident fund accumulation are payable :
(i) When a subscriber ceases to be an employee of the college by resignation or retirement or for any other reason, the amount standing to his credit in the fund shall become payable provided that when a subscriber leaves one college and obtains employment in any other college in West Bengal, the amount standing to his credit shall be transferred to his account in the fund of that college ;
(ii) On the death of a subscriber before the amount standing to his credit in the Fund has become payable under sub-rule (i),
(a) if a nomination has been made by the deceased subscriber, the amount standing to his credit shall become payable to his nominee or nominees in the proportion specified in the nomination ;
(b) If no nomination has been made by the deceased subscriber, disposal of the amount standing to his credit shall be regulated by the provisions of section 4(1) of the Provident Fund Act, 1925. (iii) The Manager of the Provident Fund will ensure prompt payment of provident fund accumulations to the subscriber or his nominee in cash by withdrawal from Post Office Savings Bank Account or if necessary by encashment of National Savings Certificates.
12.Audit: The accounts of the provident fund shall be audited by the auditors who audit the concerned college accounts.
13.Protection of deposits : A deposit in the provident fund shall not in any way be capable of being
assigned or charged and shall not be liable to attachment under any decree or order of any Civil, Revenue or Criminal Court in respect of any debt or liability incurred by the subscriber, and neither the Official Assignee or any Receiver appointed under the Provincial Insolvency Act, 1920 shall be entitled to or have any claim on any such deposit.
14.The decision of the Govt. of West Bengal in Education Department on all questions arising out of these rules shall be final. Rules may also be modified at any time by that department.