A school teacher retired on 30-Sep-2013.
Deposited GPF regularly upto April-2013, stopped from May-2013.
Received principal in full & interest upto 2010-2011 (as the ADI office always runs at a lag).
The school received a cheque dated 25-03-2014, though it was handed over to him on 24-04-2014.
He deposited it to the bank & the same was encashed on 01-05-2014.
Q-1) How long the incumbent will continue to receive the interest? (a) upto 24-04-2014, (b) 3 years after retirement, i.e., 30-09-2016.
Q-2) How the school consider the cheque in the school-statement — (a) withdrawn in FY 2013-14 (as it was issued on 25-03-2014), (b) withdrawn in FY 2014-15 (as it was delivered on 24-04-2014)?
No doubt it is a confused question. In case of retirement, interest should be calculate up to 6 months. His interest should be accumulate up to 31st March, 2014. Now it will find out what amount claimed from school up to which date and what amount of the cheque was given by the ADI.
School will calculate the amount which received by the ADI. And it will deduct from the school PF Ledger on calculating date. Otherwise if the school calculate the interest up to cheque date or delivery or encasement date then it will be wrong.
