GPF Rules 1960 -Number of policies that can be financed from the fund, Payment of difference between substituted payments and minimum subscription, Reduction of subscription in certain cases
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 18- NUMBER OF POLICIES THAT CAN BE FINANCED FROM THE FUND
(1) The number of policies in respect of which substitution for subscriptions due to the Fund or withdrawal of subscriptions from the Fund may be permitted under rule 17, shall not exceed four;
Provided that where immediately before the 22nd June, 1953, substitution for subscription due to the Fund or withdrawal of subscriptions from the Fund, was permitted in respect of more than four policies, such substitution or withdrawal shall continue to be permitted in respect of those policies.
(2) The premium for a policy [including any policy referred to in the proviso to sub-rule (1)] in respect of which withdrawal of subscriptions from the Fund may be permitted under rule 17 shall not be payable otherwise than annually.
Explanation – In computing maximum number of policies specified in sub-rule (1), policies which. have matured or have been converted into paid up policies shall be excluded.
RULE 19- PAYMENT OF DIFFERENCE BETWEEN SUBSTITUTED PAYMENTS AND MINIMUM SUBSCRIPTIONS
(1) If the total amount of any subscriptions or payments substituted under caluse (a) of rule 17 is less than the amount of the minimum subscription payable to the Fund under subrule (l) of rule 8, the difference shall be rounded to the nearest rupee in the manner provided in clause (iv) of sub-rule
(2) of rule 11 and paid by the subscriber as subscription to the Fund. (2) If the subscriber withdraws any amount standing to his credit in the Fund for any of the purposes specified in clause (b) of rule 17, he shall, subject to his option under clause (a) of that rule, continue to pay to the Fund the subscription payable under rule 8.
RULE 20 – REDUCTION OF SUBSCRIPTION IN CERTAIN CASES
(1) A subscriber who desires to substitute a subscription or payment under clause (a) of rule 17, may reduce his subscription to the Fund accordingly :
Provided that the subscriber shall-
(a) Intimate to the Accounts Officer on his pay bill or by letter the fact of, and reason for, the reduction;
(b) Send to the Accounts Officer, within such period as the Accounts Officer may require, receipts or certified copies of receipts in order to satisfy the Accounts Officer that the amount by which the subscription has been reduced was duly applied for the purposes specified in clause (a) of rule 17.
(2) A subscriber who desires to withdraw any amount under clause (b) of rule 17 shall- (a) intimate the reason for the withdrawal to the Accounts Officer by letter;
(b) make arrangements with the Accounts Officer for the withdrawal;
(c) send to the Accounts Officer, within such period as the Accounts Officer may require, receipts or certified copies of receipts in order to satisfy the Accounts Officer, that the amount withdrawn was duly applied for the purposes specified in clause (b) of rule 17.
(3) The Accounts Officer shall order the recovery of any amount by which subscriptions have been reduced or of any amount withdrawn, in respect of which he has not been satisfied in the manner required by clause (b} of sub-rule (1) and clause (c) of sub-rule (2), from the emoluments of the subscriber and place it to the credit of the subscriber in the Fund.