Coir Board General Provident Fund Bye-Laws,1977
14. Recovery of advances.
(1) An advance shall be recovered from the subscriber in such number of equal monthly instalments as the sanctioning authority may direct: but such number shall not be less than twelve, unless the subscriber so elects and more than twenty-four. In special cases where the amount of advance exceeds three months’ pay of the subscriber under Cl. (2) of bye-law 13, the sanctioning authority may fix such number of instalments to be more than twenty-four but in no case more than thirty-six. A subscriber may at his option, repay more than one instalment in a month.
Each instalment shall be a number of whole rupee, the amount of the advance being raised or reduced, if necessary, to admit of the fixation of such instalments.
(a) Recovery shall be made in the manner prescribed in Bye-law 11 for the realisation of subscriptions, and shall commence, with the issue of pay for the month following the one in which the advance was drawn;
(b) recovery shall not be made except with the subscriber’s consent while he is in receipt of subsistence grant or is on leave other than leave on average pay or earned leave of less than one month of 30 days’ duration, as the case may be. The recovery may be postponed, on the subscriber’s written request by the sanctioning authority during the recovery of the advance of pay granted to the subscriber.
(3) If more than one advance has been made to the subscriber, each advance shall be treated separately for the purpose of recovery.
(a) After the principal of the advance has been fully repaid, interest shall be paid thereon at the rate of one-fifth per cent, of the principal for each month or broken portion of a month during the period between the drawal and complete repayment of the principal;
(b) interest shall ordinarily be recovered in one instalment in the month after complete repayment of the principal, but if the period referred to in sub-clause (a) exceeds twenty months, interest may, if the subscriber so desires, be recovered in two equal monthly instalments. The method of recovery shall be that as prescribed in Cl. (2). Payments, shall be rounded to the nearest rupee in the manner prescribed in sub-clause (iv) of Cl. (2) of Bye-law 12.
(5) If an advance has been granted to a subscriber and drawn by him and the advance is ; ubsequently disallowed before repayment is completed, the whole or balance of the ; mount withdrawn shall, with interest at the rate provided in Bye-law 12, forthwith be repaid by the subscriber to the Fund, or in default, be ordered by the Secretary to be recovered by deduction from the emoluments of the subscriber in a lump-sum or in monthly instalments not exceeding twelve as may be directed by the authority competent t) sanction an advance for the grant of which, special reasons are required under Cl. (2) of I ye-law 13.
(6) Recoveries made under this bye-law shall be credited as they are made to the subscribers’ account in the Fund.