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Thread: Ministry of Textiles - Central Silk Board Contributory Provident Fund Rules, 1955

  1. #21
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    Thumbs up Central Silk Board Contributory Provident Fund Rules, 1955 - Rule no. - 17 -

    Central Silk Board Contributory Provident Fund Rules, 1955

    Rule no. - 17

    Subject to any deduction under rule 18 on the death of a subscriber before the amount standing to his credit has become payable, or where the amount has become payable before payment has been made:-

    (i) When a subscriber leaves a family

    (a) if a nomination made by the subscriber in accordance with the provisions of rule 5 in favour of a member or members of his family subsists, the amount standing to his credit in the Fund or the part thereof to which the nomination relates, shall become payable to his nominee or nominees in the proportion specified in the nomination;

    (b) if no such nomination in favour of a member or members of the family of the subscriber subsists, or if such nomination relates only to a part of the amount standing to his credit in the Fund, the whole amount or part thereof to which the nomination does not relate, as the case may be shall notwithstanding any nomination purporting to be in favour of any persons other than a member or members of his family, become payable to the members of his family in equal shares;

    Provided that no share shall be payable to :

    (1) Sons who have attained legal majority:
    (2) Sons of a deceased son who have attained legal majority;
    (3) Married daughter whose husbands are alive;
    (4) Married daughters of deceased son whose husbands are alive; if there is any member of the family other than those specified in clauses (1), (2), (3) and (4);

    Provided also that the widow or widows and the child or children of a deceased son shall receive between them in equal parts only the share which that son would have received if he had survived the subscriber and had been exempted from the provisions of clause (1) of the first proviso.

    Note: (i) Any sum payable under rules to a member of the family of a subscriber vests in such member under sub-section (2) of Section 3 of the Provident Fund Act, 1925.

    (ii) When the subscriber leaves no family, if a nomination made by him in accordance with the provisions of rule 5, in favour of any person or persons subsists, the amount standing to his credit in the Fund or the part thereof to which the nomination relates shall become payable to his nominee or nominees in the proportion specified in the nomination

    NOTE 1: When a nominee is a dependent of the subscriber as defined in clause (c) of Section 2 of the Provident Funds Act, 1925, the amount vests in such nominee under sub-section (2) of Section 3 of that Act.

    NOTE 2: When the subscriber leaves no family and no nomination made by him in accordance with the provisions of rule 5 subsists or if such nomination relates only to part of the amount standing to his credit in the Fund, the relevant provisions of clause (b) and sub-clause (ii) of clause (c) of sub-section (1) of Section 4 of the Provident Funds Act, 1925, are applicable to the whole amount or the part thereof to which the nomination does not relate.

  2. #22
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    Thumbs up Central Silk Board Contributory Provident Fund Rules, 1955 - Rule no. - 18 - Deductions

    Central Silk Board Contributory Provident Fund Rules, 1955

    Rule no. -18

    Deductions:
    Subject to the conditions that no deductions may be made which reduces the credit by more than the amount of any contribution by the Board interest thereon credited under Rules 10 or 11 before the amount standing to the credit of a subscriber in the Fund is paid out of the Fund, the Secretary may direct the deduction therefrom the payment to the Board of:-

    (a) any amount, if a subscriber has been dismissed from the service for grave misconduct;

    (b) Provided that, if the order of dismissal is subsequently cancelled, the amount so deducted shall, on his reinstatement in the service be replaced at his credit in the Fund;

    (c) any amount, if a subscriber resigns his employment under the Board within three years of the commencement thereof, otherwise than by reason of superannuation or a declaration by competent medical authority that he is unfit for further service;

    (d) any amount, due under a liability incurred by the subscriber to the Board.

  3. #23
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    Thumbs up Central Silk Board Contributory Provident Fund Rules, 1955 - Rule no. - 19 - Payment

    Central Silk Board Contributory Provident Fund Rules, 1955

    Rule no. - 19

    Payment:-
    (1) When the amount standing to the credit of a subscriber in the Fund or the balance thereof after any deduction under rule 18, becomes payable it shall be the duty of the Secretary after satisfying himself, when no such deduction has been directed under that rule, that no deduction is to be made, to make payment as provided in Section 4 of the Provident Funds Act. 1925.

    (2) If the person to whom, under these rules any amount is to be paid is lunatic for whose estate a manager has been appointed in this behalf under the Indian Lunacy Act, 1912, the payment will be made to such manager, and not to the lunatic.

    (3) Any person who desires to claim payment under this rule, shall send a written application in that behalf to the Secretary. Payment of amounts withdrawn shall be made in India only. The persons, to whom the amounts are payable shall make their own arrangements to receive payment in India.

    NOTE: When the amount standing to the credit of a subscriber has become payable under Rules, 15,16, or 17, the Secretary shall effect prompt payment of that portion of the amount standing to the credit of a subscriber in regard to which there is no dispute or doubt, the balance being adjusted as soon after as may be.

  4. #24
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    Thumbs up Central Silk Board Contributory Provident Fund Rules, 1955 - Rule no. - 20 - Procedure

    Central Silk Board Contributory Provident Fund Rules, 1955

    Rule no. - 20

    Procedure :-
    All sums paid into the Fund under these rules shall be credited in the books of the Board to an account named “The Central Silk Board Contributory Provident Fund”. A “deposit account” shall be opened for this purpose with the State Bank of India, Bombay to be operated on in such manner as the Chairperson may direct. Sums of which payment has not been taken within six months after they become payable under these rules shall be transferred to “Deposits” after the 31st March of the year and treated under ordinary rules relating to deposits.

  5. #25
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    Thumbs up Central Silk Board Contributory Provident Fund Rules, 1955 - Rule no. - 21

    Central Silk Board Contributory Provident Fund Rules, 1955

    Rule no. - 21

    When paying a subscription either by deduction from emoluments or in cash, a subscriber shall quote the number of his account in the Fund, which shall be communicated to him by the Secretary. Any change in the number shall similarly be communicated to the subscriber by the Secretary.

  6. #26
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    Thumbs up Central Silk Board Contributory Provident Fund Rules, 1955 - Rule no. - 22

    Central Silk Board Contributory Provident Fund Rules, 1955

    Rule no. - 22

    (1) As soon as possible, after the 31st March of each year, the Secretary shall send to each subscriber a statement of his account in the Funds, showing the opening balance as on the 1st April of the year, the total amount credited or debited during the year, the total amount of interest credited as on the 31st March of the year and the closing balance on that date. The Secretary shall attach to the statement of account an enquiry whether the subscriber ----

    (a) desires to make any alteration in any nomination made under rule 5.
    (b) has acquired family (in case where the subscriber has made no nomination) in favour of a member of his family under sub-rule (1) of rule 5.

    (2) Subscribers should satisfy themselves as to the correctness of the annual statement, and errors should be brought to the notice of the Secretary within six months from the date of receipt of the statement.

    (3) The Secretary shall, if required by a subscriber once but not more than once, in a year, inform the subscriber of the total amount standing to his credit in the Fund, at the end of the last month for which his account has been written up.

  7. #27
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    Thumbs up Central Silk Board Contributory Provident Fund Rules, 1955 - Rule no. - 23

    Central Silk Board Contributory Provident Fund Rules, 1955

    Rule no. - 23

    All applications under these rules shall be addressed to the Secretary.

  8. #28
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    Thumbs up Central Silk Board Contributory Provident Fund Rules, 1955 - FIRST SCHEDULE - Rule 5(3) - FORMS OF NOMINATION

    Central Silk Board Contributory Provident Fund Rules, 1955

    FIRST SCHEDULE

    Rule 5(3)

    FORMS OF NOMINATION

    I. When the subscriber has a family and wishes to nominate one member thereof:

    I hereby nominate the person mentioned below, who is the member of my family as defined in Rule 2 of the Central Silk Board Contributory Provident Fund Rules, to receive the amount that may stand to my credit in the Fund, in the event of my death before the amount has become payable, or having become payable, has not been paid:-

    Name and Address of Nominee :

    Relationship with subscriber :

    Age :

    Contingencies on the happening of which the nomination shall become invalid :

    Name, address and relationship of the person :

    If any, to whom the right of the nominee shall
    Pass in the event of his predeceasing the
    Subscriber

    Dated this day of 19
    at

    Signature of the subscriber
    Two witnesses to signature

    1

    2.


  9. #29
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    Thumbs up Central Silk Board Contributory Provident Fund Rules, 1955 - FIRST SCHEDULE - FORMS OF NOMINATION

    Central Silk Board Contributory Provident Fund Rules, 1955

    FIRST SCHEDULE

    Rule 5(3)

    FORMS OF NOMINATION

    II. When the subscriber has a family and wishes to nominate more than one member thereof:

    I hereby nominate the persons mentioned below, who are the member of my family as defined in Rule 2 of the Central Silk Board Contributory Provident Fund Rules, to receive the amount that may stand to my credit in the Fund, in the event of my death before that amount has become payable, or having become payable, has not been paid, and direct that the said amount shall be distributed among the said persons in the manner shown below against their names:-

    Name and Address of Nominee :

    Relationship with subscriber :

    Age :

    Amount or share of accumulations to be :
    Paid to each.

    Contingencies on the happening of which :
    the nomination shall become invalid

    Name, address and relationship of the person :
    If any, to whom the right of the nominee shall
    pass in the event of his predeceasing the
    Subscriber

    Dated this day of 19

    at

    Signature of the subscriber
    Two witnesses to signature

    1.

    2.


  10. #30
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    Thumbs up Central Silk Board Contributory Provident Fund Rules, 1955 - FIRST SCHEDULE - FORMS OF NOMINATION

    Central Silk Board Contributory Provident Fund Rules, 1955

    FIRST SCHEDULE

    Rule 5(3)

    FORMS OF NOMINATION

    III. When the subscriber has no family and wishes to nominate one person:

    I having no family as defined in Rule 2 of the Central Silk Board Contributory Provident Fund Rules, hereby nominate the person mentioned below to receive the amount that may stand to my credit in the Fund, in the event of my death before that amount has become payable, or having become payable has not been paid:-

    Name and Address of Nominee :

    Relationship with subscriber :

    Age :

    *Contingencies on the happening of which :
    the nomination shall become invalid

    Name, address and relationship of the person :
    If any, to whom the right of the nominee shall
    pass in the event of his predeceasing the

    Subscriber

    Dated this day of 19

    at
    Signature of the subscriber
    Two witnesses to signature

    1

    2.
    ________________________________________________________________

    *Note:- Where a subscriber who has no family, makes a nomination, he shall specify in this column that the nomination shall become invalid in the event of his subsequently acquiring a family.


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