Provident Fund rules in India
The Provident fund rules in India came into existence in the year 1955. The rules comprises the following sections:
- Constitution of the Fund,
- Subscriber’s account,
- Conditions and rates of Subscriptions,
- Transfer to foreign service,
- Withdrawal from Fund,
- Payment towards insurance policies,
- Bonus on policies,
- Procedure on death of subscriber,
- Method of maintaining accounts.
The various definitions of Provident fund rules in India are:
- Account Officers are the officer who maintains the provident fund account of the subscriber. He has been assigned by the Auditor General of India or Government.
- Fund is the All India Services Provident Fund.
- Form which belongs to these rules.
- Child is the step child or adopted child under the personal law of the subscriber.
CONSTITUTION OF THE FUND:
The Constitution Fund is maintained in India as rupees and every member subscribe to the fund. This is one of the important Provident fund rules in India.
It includes the subscriber’s account. The account is prepared with the name of each subscriber and members should follow the conditions and rates of subscriptions. The amount of subscriptions fixed can be,
- Reduced once during the course of year.
- It can be increased twice during the course of year.
- It can be increased or reduced based on the subscription.
CONDITIONS AND RATES OF SUBSCRIPTIONS:
The subscriber subscribes monthly to the Fund except during a period of the suspension. This can be done only when the subscriber reinstatement after the period that has passed under suspension. The arrears need to be paid for the period when the members are paying in one sum or installments.
BONUS ON POLICIES:
The subscriber won’t get any bonus during the currency of the policy. The amount of any bonus can be withdrawn only under the terms of the policy. The subscribers don’t have any option to draw the money during its currency of the policy.