Orissa State Financial Corporation Employees Provident Fund Regulations, 1959
(a) These regulations shall be known as the "Orissa State Financial Corporation Employees' Provident Fund Regulations, 1959".
(b) They shall come into force from the date of their publication in the Orissa Gazette.
They shall apply to every subscriber :
[* * *]
Provided further that the Corporation may, with the previous sanction of the State Government and in consultation with the Reserve Bank of India, enter into a special agreement or arrangement with an employee, with terms and conditions which may vary from the provisions of these regulations.
1. Substituted vide Orissa Gazette No. 1369, dt. 6.12.1995, w.e.f. 1.6.1989.
In these regulations, unless there is anything repugnant in the subject or context -
(a) "Corporation" means the "Orissa State Financial Corporation";
(b) "The Board' means "The Board of Directors" of Corporation and in relation to any powers exercisable by it, includes the Executive Committee;
(c) "The Fund" means the Orissa State Financial Corporation Employees' Provident Fund;
(d) "Administrators" mean the Administrators of the Funds for the time being;
(e) "Year" means financial year beginning from the 1st of April each year and ending on the 31st March of the subsequent year;
(f) "Emoluments" means pay, leave salary or subsistence grant as defined in the O
1[A separate fund shall be created called "The Orissa State Financial Corporation Employees' Provident Fund' and a subscription by the employees and contribution by the corporation shall be paid in to said fund each month.]
1. Substituted vide Orissa Gazette No. 1369, dt. 6.12.1995, w.e.f. 1.6.1989.
The fund shall be held by the Corporation or in any Scheduled Bank approved by the Board of Administrators and shall be administered by Board of Administrators consisting of the Managing Directors and two other Directors elected by the Board of Directors of the Corporation and one subscriber nominated by the Board of Directors of the Corporation. These persons shall be called the Administrators of the Fund.
Every employee in the service of the Corporation other than the following shall subscribe to the fund -
(i) Government servants or employees of Government on deputation to the Corporation for whom contributions on account of leave salary and pension etc., are paid,
(ii) Casual daily rates of labourers,
(iii) Trainees and apprentices,
(iv) Pensioners and superannuated persons of State and Central Governments re-employed under the Corporation for not more than a year :
Provided that every employee of the Corporation who is in receipt of pay of Rs. 30 or more per mensem shall be bound to subscribe to the fund.
Note-Every subscriber to the fund shall execute an a
The rate of subscription shall be fixed by the subscriber himself/herself and communicated to the Administrators in the form set forth in Schedule III to these regulations, the amount of any such subscription may be any sum not less than 1[ten per cent] of his/her emoluments and not more than 16 per cent. Such subscriptions shall be deducted by the Corporation from the pay payable to the subscriber every month, the amount of such deduction being rounded off to the nearest whole rupee (fifty Paise continuing as the next higher rupee). The Corporation's contribution will remain fixed as provided under Regulation No.9. The rate once fixed by the subscriber shall remain unaltered throughout one year thereafter.
1. Substituted vide Orissa Gazette No. 1369, dt. 6.12.1995, w.e.f. 1.6.1989.
The subscription of a subscriber on leave shall, during the period of such absence, be fixed by him/her and it shall be any amount not less than 3[10 per cent] of his/her leave salary and not more than the subscription paid by him/her just before proceeding on leave :
Provided that the subscription during leave either on half average pay or without leave salary will be at the option of the subscriber.
Save as otherwise provided in these regulations the Corporation shall contribute every month a sum equal to 3[10 per cent] of the subscriber's emoluments drawn on duty or on leave, as the case may be, to his/her accounts in the fund.
(1) An account shall be opened in the name of each subscriber in which shall be credited :
(i) the subscriber's subscription;
(ii) contributions made by Corporations to his/her accounts;
(iii) interest on subscriptions; and
(iv) interest on contributions.
(2) If a subscriber has been subscribing to any other Contributory Provident Fund previously he/she may transfer the previous fund to the credit of his/her account with the Corporation.
(1) The Corporation shall pay to the credit of the account of a subscriber interest at such rate as the Administrators may from time to time prescribe for the payment of interest on the subscription to the fund on the amount at his/her credit on the fund.
(2) Interest shall be credited with effect from the 31st March of each year in the following manner -
(i) On the amount at the credit of a subscriber on the 31st March of the preceding year, less any sums withdrawn during the current year-interest for twelve months;
(ii) On sums withdrawn during the current year-interest from the 1st April of the current year up to the last day of the month preceding the month of withdrawal;
(iii) On all sums credited to the subscriber's account after the 31st mar
(i) As soon as possible after the 31st March of each year, the Administrators shall send to each subscriber a statement of his/her account in the fund 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.
(ii) The accounts of the fund shall be made up yearly as on the 31st March and an audited statement of the accounts as on that date shall be submitted to a meeting of the Administrator to be held not later than the 30th of June in every year and a copy of such statement shall be made available to the subscribers as soon as may be after such meeting.
Except as hereinafter provided no subscribers shall be entitled to draw money from the fund either of principal or interest or transfer or assign whether by way of security or otherwise however his/her interest or any part thereof in the fund, and no such transfer or assignment shall be valid and the Administrators shall not recognise or be bound by notice to them or any of them of any such transfer or assignment.
(1) A temporary advance may be granted to a subscriber from the amount standing to his/her credit in the fund at the discretion of the Administrators subject to the following conditions-
(a) No advance shall be granted unless the Administrators are satisfied that the subscriber's pecuniary circumstances justify it and that it will be expended on the following object or objects and not otherwise-
(i) to pay expense incurred in connection with the prolonged illness of the subscriber or any other person actually dependent on him/her;
(ii) to pay obligatory expenses on a scale appropriate to the subscriber's status in connection with marriages/ funerals or ceremonies which by him/her religion it is incumbent on him/her to perform.
(iii) to meet other ex
"A final withdrawal of the Provident Fund by the subscriber may be made while he is in service after completing 20 years of service (including broken period if any) or within 10 years of retirement or superannuation whichever is earlier, for the purpose and to the extent specified below.
Sl. Purpose Limit
No.
1. Higher Education of Children 1/2 the balance of the
subscriber's contribution
2. Marriage ceremony of daughter 6 month's pay or 1/2 the
balance of the subscriber's
contribution, whichever is
less. In special case 10
&nbs
Notwithstanding anything contained in these Regulations if the Administrators are satisfied that money drawn as an advance from the Fund under Regulation 14 has been utilised for a purpose other than that for which sanction was given to the drawal, withholding or withdrawal of the money, the amount in question shall with interest at the rate provided in Regulation 11 forthwith be repaid or paid, as the case may be, by the subscriber to the Fund or in default, be ordered to be recovered by reduction in one sum from the emoluments of the subscriber even if he/she be on leave. If the total amount to be repaid or paid, as the case may be, be more than half of the subscriber's emoluments, recoveries shall be made in monthly instalments or moieties of his/her emoluments till the entire amount recoverable be repaid or paid, as the case may be by him/her.
Note-The term 'emoluments' as use
(i) A subscriber shall at the time of joining the Fund, send to the Administrators a nomination conferring on one or more persons the right to receive the amount that may stand to his/her credit in the Fund, in the event of his/her death before that amount has become payable or before the amount having become payable has been paid. Provided that if at the time of making the nomination, the subscriber has a family, the nomination shall not be in favour of any person or persons other than the member or members of his /her family.
(ii) If the person thus nominated is at the time of his/her nomination a minor or under legal disability to give a valid receipt or discharge to the Administrators, the subscriber shall at the time of such nomination as aforesaid appoint another person of full age who is capable of giving a valid receipt or discharge and to whom the amount standing to the
The sum standing to the credit of a subscriber shall become payable on the termination of his/her service or on his/her death, provided that there may if the Board so directs the Administrators, be deducted therefrom and paid to the Corporation-
(a) any amount due under a liability incurred by the subscriber to the Corporation up to the total amount contributed by the corporation to his/her account, including the interest credited in respect thereof; or
(b) where the subscriber has been dismissed from his/her employment or whether the subscriber has resigned his/her employment under the Corporation, within five years of the commencement of his/her permanent service, the whole or any part of the amount contributed by the Corporation to his/her account together with the interest credited in respect thereof.
On death of a subscriber.
(1) When the subscriber leaves a family -
(a) if a nomination made by the subscriber in accordance with these regulations in favour of a member or members of his/her family subsists, the amount standing to his/ her credit in the fund or the part thereof to which the nomination relates, shall become payable to the nominee 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 whole amount standing to his/her credit in the fund, the whole amount or the 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 person or persons other than a me
FORM -V
(FOR USE WHEN PERSON NOMINATED IS A MINOR OR UNDER LEGAL DISABILITY)
To
The Administrators,
Orissa State Financial Corporation Employee's Provident Fund.
Gentlemen,
Pursuant to Regulation 16 of the Orissa State Financial Corporation Employee's Provident Fund Regulation, I .......... hereby nominate Shri/Srimati disability from which the nominee suffers) to receive the amount which may stand to my credit in the above Fund at the time of my death and if the said nominee shall then be a minor' or shall continue to be under legal disability) I hereby appoint .......................... of to receive the amount on his/her behalf.
SCHEDULE - II
Place..........................
Date..........................
To
The Administrators,
Orissa State Financial Corporation Employee's Provident Fund.
Gentlemen,
I hereby declare that I have read and understood the Regulations of the Orissa State Financial Corporation Employee's Provident Fund and that I agree to be bound by them and by any subsequent additions to and substraction from the same as may from time to time hereafter be made.
Dated this Day of 20
Name (in full)
&nb
SCHEDULE-III
Place..........................
Date..........................
(FORM FOR FIXING RATE OF SUBSCRIPTION)
To
The Administrators,
Orissa State Financial Corporation Employee's Provident Fund.
Gentlemen,
In terms of Regulation 7 of the Orissa State Financial Corporation Employee's Provident Fund Regulations, I hereby communicate to you that I shall subscribe to the Orissa State Financial Corporation Employee's Provident Fund at the rate of .......................... per cent of my emoluments.
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