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Section 16 – Coir Board General Provident Fund Bye-Laws,1977

Coir Board General Provident Fund Bye-Laws,1977

16. Withdrawals from the Fund.

Subject to the condition specified herein, withdrawals may be sanctioned by the Secretary at any time after the completion of twenty years of service (including broken periods of service, if any) of a subscriber or w thin ten years Before the date of retirement or superannuation, whichever is earlier, from the amount standing to his credit in the Fund, for one or more of the following purposes, namely :

(a) meeting the cost of higher education, including where necessary the travelling expenses of any child of the subscriber in the following cases, namely :

(i) for education outside India for academic, technical, professional or vocational course beyond the High School stage;

(ii) for any medical, engineering or other technical or specialised course in India beyond the High School stage provided that the course of study is for not less than three years;

(b) meeting the expenditure in connection with the marriage of the subscriber’s sons or daughters and any other female relation actually dependent on him;

(c) meeting the expenses in connection with illness including where necessary, the travelling expenses of the subscriber or any person actually dependent on him;

(d) building or acquiring a suitable house for his residence including the cost of the site or repaying any outstanding amount on account of loan expressly taken for this purpose, or reconstructing, or making additions or alterations to a house already owned or acquired by a subscriber;

(e) purchasing a house-site or repaying any outstanding amount on account of loan expressly taken for this purpose;

(f) for constructing a house on a site purchased under Cl. (e).

Note.-A subscriber who has availed himself of an advance under the Scheme of the Ministry of Works and Housing for the grant of advances for house-building purposes, or has been allowed any assistance in this regard from any other Government source or from the Board, shall be eligible for the grant of final withdrawal under Cls. (d), (e) and (f) for the purposes specified therein and also for the purpose of payment of any loan taken under the aforesaid scheme subject to the limit specified in the proviso to Cl. (1) of Bye-law 17.

17. Conditions for withdrawal.

(1) Any sum withdrawn by a subscriber at any time for one or more of the purposes specified in Bye-law 16 from the amount standing to his credit in the Fund shall not, ordinarily exceed one-half of such amount or six months’ pay, whichever is less. The sanctioning authority may, however, sanction the withdrawal of an amount in excess of this limit upto 3/4ths of the balance at his credit in the Fund having due regard to (i) the object for which the drawal is being made, (ii) the status of the subscriber, and (iii) the amount to his credit in the Fund :

Provided that in the case of a subscriber who has availed himself of an advance under the scheme of the Ministry of Works and Housing for the grant of advances for house building purposes, or has been allowed any assistance in this regard from any other Government source, or from the Board, the sum withdrawn under this sub-clause with the amount of advance taken under the aforesaid scheme or the assistance taken from any other Government source or from the Board shall not exceed Rs. 75,000 or five years’ pay, whichever is less.

(2) A subscriber who has been permitted to withdraw money from the Fund under Bye-law 16 shall satisfy the sanctioning authority within a reasonable period as may be specified by that authority that the money has been utilised for the purpose for which it has been withdrawn, and if he fails to do so, the whole of the sum so withdrawn, or so much thereof as has not been applied for the purpose for which it was withdrawn shall forthwith b
e repaid in one lump-sum togeth
er with interest thereon at the rate determined under Bye-law 12 by the subscriber to the Fund, and in default of such payment, it shall be ordered by the sanctioning authority to be recovered from his emoluments either in a lump-sum or in such number of monthly instalments, as may be determined by the Secretary/Chairman.

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Coir Board General Provident Fund Bye-Laws,1977

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