Judgment

AHMADI, J.:- In exercise of powers conferred by Cl.(j) of sub-sec. (2) of S. 58 or the Reserve Bank of India Act, 1934 (Act II of 1934) (hereinafter called the Act), the Central Board of the Reserve Bank of India with the prior approval of the Central Government framed Regulations known as the Reserve Bank of India Pension Regulations, 1990 (hereinafter called the Regulations). By the said Regulations brought into force with effect from 1st November, 1990 a pension scheme was introduced in substitution of the existing Contributory Provident Fund Scheme (hereinafter alluded to as the CPF Scheme ). The newly introduced pension scheme was made applicable to all employees entering Bank service on or after 1st November, 1990; for them the CPF Scheme did not exist. The in-service employees i.e. those employees who were actually in service at the date of introduction of the scheme were given an option to opt out of the pension scheme and continue to be governed by the CPF Scheme. The third category is of those who retired from Banks service between 1st January, 1986 and 1st November, 1990. Regulation 3(3) which deals with the applicability of the scheme to the said category of re