Amendment status not verified — confirm the current text below against the official source.
Conditions for withdrawal (1) Any sum withdrawn by a subscriber at any one time for one or more of the purposes specified in Rule 16 from the amount standing to his credit in the Fund shall not ordinarily exceed one-half of the amount of subscriptions and interest thereon standing to the credit of the subscriber in the Fund or six month’s pay, whichever is less. The Vice- Chancellor may, however, sanction the withdrawal of an amount in excess of this limit upto 3/4th in the case of withdrawal under sub-clause (A) and 90% in the case of withdrawal under sub-clause (B) of clause (1) of Rule 16 of the amount of subscriptions and interest thereon standing to the credit of the subscriber in the Fund having due regard to (i) the object for which the withdrawal is being made, (ii) the status of the subscriber, and (iii) the amount of subscriptions and interest thereon standing to the credit of the subscriber in the Fund. Provided that in the case of a subscriber who has availed himself of an advance or has been allowed any assistance in this regard from any other Government source, the sum withdrawn under this sub-rule together with the amount of advance or assistance taken from any other Government source shall not exceed the maximum limit prescribed from time to time by the Government under the scheme for the grant of advances for house-building purposes. Provided further that the withdrawal admissible under Rule 16(1)(C) shall not exceed 90% of the amount of subscription and interest thereon standing to the credit of the subscriber in the Fund. (2) A subscriber who has been permitted to withdraw money from the Fund under Rule 16 shall satisfy the Vice-Chancellor within a reasonable period as may be specified by him that the money has been utilised for the purpose for which it was withdrawn, and if he fails to do so, the whole of the sum so withdrawn or so much thereof as has not been applied for the purpose for which it was withdrawn shall forthwith be repaid in one lumpsum by the subscriber to the Fund and in default of such payment, it shall be ordered by the Vice-Chancellor to be recovered from his emoluments either in a lumpsum or in such number of monthly instalments, as may be determined by the Vice-Chancellor. Provided that, before repayment of a withdrawal is enforced under this sub-rule, the subscriber shall be given an opportunity to explain in writing and within fifteen days of the receipt of the communication why the repayment shall not be enforced; and if the Vice-Chancellor is not satisfied with the explanation or no explanation is submitted by the subscriber within the said period of fifteen days, the Vice-Chancellor shall enforce the payment in the manner prescribed in this sub-rule. 139 (3)(a) A subscriber who has been permitted under sub-clause (a) or sub-clause (b) of Clause (B) of sub-rule (1) of Rule 16 to withdraw money from the amount of subscription together with interest thereon standing to his credit in the Fund, shall not part with the possession of the house built or acquired or house-site purchased with the money so withdrawn, whether by way of sale, mortgage, gift, exchange or otherwise, without the previous permission of the Vice-Chancellor. Provided that such permission shall not be necessary for- (i) the house or house-site being leased for any term not exceeding three years, or (ii) its being mortgaged in favour of a Housing Board, Nationalised Banks, the Life Insurance Corporation or any other Corporation owned or controlled by Government which advances loans for the construction of a new house or for making additions or alterations to an existing house. (b) The subscriber shall submit a declaration not later than the 31st day of December every year as to whether the house or the house-site, as the case may be, continues to be in his possession or has been mortgaged, otherwise transferred or let out as aforesaid and shall, if so required, produce before the Vice-Chancellor on or before the date specified by him in that behalf, the original sale, mortgage or lease deed and also the documents on which his title to the property is based. (c) If, at any time before his retirement, the subscriber parts with the possession of the house or house-site without obtaining the previous permission of the Vice-Chancellor, he shall forthwith repay the sum so withdrawn by him in a lumpsum to the Fund, and in default of such repayment, the Vice-Chancellor shall, after giving the subscriber a reasonable opportunity of making a representation in the matter, cause the said sum to be recovered from the emoluments of the subscriber either in a lumpsum or in such number of monthly instalments, as may be determined by him. Note : A subscriber who has taken loan from Government and in lieu thereof mortgaged the house or house-site to the Government shall be required to furnish the declaration to the following effect, namely :- “I do hereby certify that the house or house-site for the construction of which or for the acquisition of which I have taken a final withdrawal from the Provident Fund continues to be in my possession but stands mortgaged to Government.”