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Section 12 – Coir Board General Provident Fund Bye-Laws,1977

Coir Board General Provident Fund Bye-Laws,1977

12. Interest.

(1) The Board shall pay to the credit of the account of a subscriber interest at such rates as may be determined for each year by the Central Government for the General Provident Fund (Central Services) according to the method of calculation prescribed from time to. time by them :

Provided that, if the rate of interest determined for a year is less than 4 per cent., all subscribers to the Fund in the year preceding that for which the rate has for the first time been fixed at less than 4 per cent., shall be allowed interest at 4 per cent.:

Provided further that a subscriber who was previously subscribing to any of the Provident Funds, referred to in bye-law 23 and whose subscriptions, together with interest thereon, have been transferred to his credit in this fund under the said bye-law shall also be allowed interest at 4 per cent., if he had been receiving that rate of interest under a provision similar to that of the first proviso to this bye-law.

(2) Interest shall be credited with effect from the 31st March of each year in the following manner

(i) on the amount to the credit of a subscriber on the last day of the preceding year, less any sum withdrawn during the current year interest for twelve months;

(ii) on sums withdrawn during the current year interest from the beginning of the current year upto the last day of the month preceding the month of withdrawal;

(iii) on all the sums credited to the subscriber’s account after the last day of the preceding year-interest from the date of deposit upto the end of the current year;

(iv) the total amount of interest shall be rounded of to the nearest whole rupee (fifty paise counting as the next higher rupee):

Provided that when the amount standing to the credit of a subscriber has become payable, interest shall thereupon be credited under this bye-law in respect only of the period from the beginning of the current year or from the date of deposit, as the case may be, upto the date on which the amount standing to the credit of the subscriber becomes payable.

(3) In this bye-law, the date of deposit shall, in the case of recovery from emoluments, be deemed to be the first day of the month in which it is recovered, and in the case of an amount forwarded by the subscriber, shall be deemed to be the first day of the month of receipt, if it is received by the Secretary before the fifth day of that month, but it is received on or after the fifth day of that month, the first day of the next succeeding month:

Provided that where there has been a delay in the drawal of pay or leave salary and allowances of a subscriber and consequently the recovery of his subscription towards the Fund, the interest on such subscriptions shall be payable from the month in which the pay or leave salary of the subscriber was due under the rules, irrespective of the month in which it was actually drawn;

Provided further that in the case of an amount forwarded in accordance with the proviso to Cl. (2) of bye-law 11, the date of deposit shall be deemed to be the first day of the month if it is received by the Secretary before the fifteenth day of that month.

(4) In addition to any amount to be paid under bye-law 19,20 or 21 interest thereon upto the end of the month preceding that in which the payment is made, or upto the end of the sixth month after the month in which such amount became payable whichever of these periods be less, shall be payable to the person to whom such amount is to be paid :

Provided that where the Secretary has intimated to that person (or his agent) a date on which he is prepared to make payment in cash, or has posted a cheque in payment to that person, interest shall be payable only upto the end of the month preceding the date as intimated, or the date of posti
ng the cheque, as the case may
be.

(5) The interest on amounts which under Cl. (2) of bye-law 11, Cl. (5) of bye-law 14, bye-law 19 or 20 are placed to the credit of the subscriber in the Fund, shall be calculated at such rates as may be successively prescribed under Cl. (1) and so far as may be in the manner rescribed therein.

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Coir Board General Provident Fund Bye-Laws,1977

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