GPF Rules 1960 – Conversion of an advance into a withdrawal,Payment towards insurance policies and family pension funds
General Provident Fund Rules 1960 – Shrot Title and Commencement, Definition and Constitution of Fund
THE GENERAL PROVIDENT FUND (CENTRAL SERVICES) RULES, 1960
PART IX – MISCELLANEOUS
RULE 16-A – CONVERSION OF AN ADVANCE INTO A WITHDRAWAL A
subscriber who has already drawn or may draw in future an advance under Rule 12 for any of the purposes specified in sub-rule (1) of Rule 15 may convert, at his discretion by written request addressed to the Accounts Officer through the sanctioning authority, the balance outstanding against it into a final withdrawal on his satisfying the conditions laid down in Rules 15 and 16.
NOTE 1.- The Head of Office in the case of non-Gazetted subscribers and the Treasury Officer concerned in the case of Gazetted subscribers may be asked by the administrative authority to stop recoveries from the pay bills when the application for such conversion is forwarded to the Accounts Officer by that authority. In the case of Gazetted subscribers, the administrative authority shall endorse a copy of the letter forwarding the subscriber’s intimation to the Treasury Officer from where he draws his pay in order to permit stoppage of further recoveries.
NOTE 2.-For the purposes of sub-rule (1) of Rule 16, the amount or subscription with interest thereon standing to the credit of the subscriber in the account at the time of conversion plus the outstanding amount of advance shall be taken as the balance. Each withdrawal shall be treated as a separate one and the same principle shall apply in the event of more than one conversion.
RULE 17- PAYMENT TOWARDS INSURANCE POLICIES AND FAMILY PENSION FUNDS
17. Payment towards Insurance Policies .- Subject to the conditions hereinafter contained in rules 18 to 28-
(a) (i) subscription to a family pension fund approved in this behalf by the President; or
(ii) payment towards a policy of life insurance, may at the option of a subscriber; be substituted in whole or part for subscriptions due to the Fund;
(b) the amount of subscriptions with interest thereon standing to the credit of a subscriber in the Fund may be withdrawn to meet-
(i) a payment towards a policy of life insurance;
(ii) the purchase of a single payment insurance policy;.
(iii) the payment of a single premium or subscriptions to a family pension fund approved in this behalf by the President:
Provided that no amount shall be withdrawn (1) before the details of the proposed policy have been submitted to the Accounts Officer and accepted by him as suitable, or (2) to meet any payment or purchase made or effected more than three months before the date of application or presentation of claim for withdrawal, or (3) to meet payment of any premium or subscription more that three months in advance of the due date of payment.
NOTE.-·Due date of payment for the purpose of this proviso will be the date up to which payment can be made including the grace period allowed by the insurance companies.
Explanation.-Under clause (3) of this proviso no withdrawal from the fund for financing a policy of life insurance shall be made after the due date of payment without production of the premium receipt in token of such payment:
Provided further that payments towards an educational endowment policy may not be substituted for subscriptions to the Fund and that no amounts may be withdrawn to meet any payment or purchase in respect of such a policy if that policy is due for payment in whole or part before the subscriber’s age of normal superannuation :
Provided further that amounts withdrawn shall be in whole rupees, but shall not include fraction of a rupee although such amount is less than the amount actually required.