Lawzonline.com 
 
Home|Discussion Forum|Communities|Professional Search|Law Dictionary|Bare Acts|Law Schools|State Bare Acts|Free Judgement Search|Law quotes
Articles  |    Humor    |    Law Digest
 
 
Bare acts search

 
  
Bare acts > Telecom Regulatory Authority of India (Contributory Provident Fund) Rules, 2003 > Rule 20
 
  


 

20. Interest.- (1) The Authority shall pay to the credit of the account of a subscriber interest, at such rate as the Central Government may from time to time specify for the payment of interest on subscriptions to the General Provident Fund on the amount to his credit in the Fund.

(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(i) on the amount to the credit of a subscriber on the 31st March of the preceding year, less any sums withdrawn during the current year – interest for twelve months;

(ii) on sums withdrawn during the current year – interest from the 1st April of the current year up to the last day of the month preceding the month of withdrawal;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 the sums credited to the subscriber’s account after the 31st March of the preceding year - interest from the date of deposit up to the 31st March of the current year;

(iv) the total amount of interest shall be rounded to the nearest rupee in the manner provided in sub-rule (7) of rule18:

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

(3) For the purpose of this rule, the date of deposit shall, in the case recoveries from emoluments, be deemed to be the first day of the month in which they are recovered, and in the case of amounts forwarded by the subscriber, shall be deemed to be the first day of the month of receipt, if they are received by the Secretary before the fifth day of that month, but if they are received on or after the fifth day of that month, the first day of the next succeeding month:

Provided that where there has been delay in the drawal of pay or leave salary and allowances of a subscriber and consequently in 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 sub-rule (3) of rule19, 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.

Provided also that where the emoluments for a month are drawn and disbursed on the last working day of the same month the date of deposit shall, in the case of recovery of his subscriptions, be deemed to be the first day of the succeeding month.

(4) In addition to any amount to be paid under rule 32, interest thereon up to the end of the month preceding that in which the payment is made, or up to the end of the sixth month after the month in which such amount, became payable which ever of these periods be less, shall be payable to the person to whom such amount is to be paid:

Provided that no interest shall be paid in respect of any period after the date which the Secretary has intimated to that person (or his agent) as the date on which he is prepared to make payment in cash, or if he pays by cheque, after the date on which the cheque in that person’s favour is put in the post:

Provided further that where a subscriber on deputation to a body corporate, owned or controlled by the Government or an Autonomous Organization registered under the Societies Registration Act, 1860, (21 of 1860) is subsequently absorbed in such body corporate or organization with effect from a retrospective date, for the purpose of calculating the interest due on the Fund accumulations of the subscriber the date of issue of the orders regarding absorption shall be deemed to be the date on which the amount to the credit of the subscriber became payable subject, however, to the condition that the amount recovered as subscription during the period commencing from the date of absorption and ending with the date of issue of orders of absorption shall be deemed to be subscription to the Fund only for the purpose of awarding interest under this sub-rule.

NOTE:- Payment of interest on the Fund balance beyond a period of six months may be authorised by –

(a) the Board up to a period of one year; and

(b) the Authority up to any period, after the Board or the Authority, as the case may be, is satisfied that the delay in payment was occasioned by circumstances beyond the control of the subscriber or the person to whom such payment was to be made, and in every such case the administrative delay involved in the matter shall be fully investigated and action , if any required, taken.

(5) Interest shall not be credited to the account of a subscriber if he informs the Secretary that he does not wish to receive it; but if he subsequently asks for interest, it shall be credited with effect from the 1st April of the year in which he asks for it.

(6) The interest on amounts which under rule27 or rule28 are replaced to the credit of the subscriber in the Fund, shall be calculated at such rates as may be successively in the manner specified under sub-rule(1) of this rule and so far as may be in the manner described in this rule.

(7) In case a subscriber is found to have drawn from the Fund an amount in excess of the amount standing to his credit on the date of the drawl, the overdrawn amount, irrespective of whether the overdrawal occurred in the course of an advance or a withdrawal or the final payment from the Fund, shall be repaid by him with interest thereon in one lump sum, or in default, be ordered to be recovered by deduction in one lump sum, from the emoluments of the subscriber. If the total amount to be recovered is more than half of the subscriber’s emoluments, recoveries shall be made in monthly installments of moieties of his emoluments till the entire amount together with interest, is recovered. For this sub-rule the rate of interest to be charged on overdrawn amount would be 2 ½ per cent over and above the normal rate of Provident Fund balance under sub- rule (1). The interest realised on the overdrawn amount shall be credited to an ‘Interest Income Account’ and be disposed off for the benefit of the staff in such a manner as the Board may decide.

 

 

 

 

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

 

 

Quick Links     
      
Family LawsInsurance LawsEnvironmental lawTax LawFDI 
Company LawTelecommunication LawLabour LawsCentral RulesRBI 
Business & Commercial LawsConsumer lawsCorporate lawsCriminal lawsSEBI 
Intellectual Property lawMedia & Press lawsPharma & Medical lawsProperty lawFEMA 
Debt Recovery LawsAmendmentsProfessional lawBanking LawsLegal Links 
      
      
 
 
 
 
 
 

 
   
 

 

 

lawzonline site search

Privacy PolicyDisclaimer

Copyright @lawzonline.com