Amendment status not verified — confirm the current text below against the official source.
(1) With the pervious sanction of the Government the Board may from time to time, withdraw any sum from the Housing Board Haryana Provident Fund Account with the savings bank and may invest or place such sum subject to the conditions and restrictions, if any applicable to the investment or placement of a portion of the Board Fund. (2) The interest obtained by the investment or placement of any sum under sub-rule (1) rule shall be deposited in the saving bank to the credit of the Housing Board Haryana Provident Fund Account subject to the following conditions; CONDITONS (1) The Board shall established a Provident Fund Investment Depreciation Fund (hereinafter in these conditions referred to as the fund) which shall be deposited in the savings bank, under the General Account of the General Provident Fund Account. (2) There shall be credited to the fund immediately on accrual:- (a) All interest accruing on the amount of the fund from time to time; and PDF created with pdfFactory trial version www.pdffactory.com (b) One percent per annum of the sum invested under sub-rule (1); provided that the interest received from investment and available for distribution amongst the subscribers should not be less than the interest obtainable from the saving bank. (3) After deducting from the interest obtained by the Board on any sum invested under sub-rule (1), the amount referred to in condition 2(b) above, the reminder of the said interest shall be deposited in the savings bank to the credit of the Housing Board Haryana Provident Fund Account. (4) At the end of each year immediately after the account of each subscriber has been credited with interest in accordance with the provision of sub-rules(2) and (3) of rule 6, the Secretary of the Board shall lay before the Board a statement showing- (a) The total amount of interest accrued to the Housing Board Haryana Provident Fund Saving Bank Account during the year just closed either earned in the savings bank itself or credited thereto in accordance with the provisions of condition 3 above; and (b) The total amount of interest credited to subscriber’s account’s under the provisions of sub-rules (2) and (3) of rule 6. (5) At the close of five years after the institution of the fund and at regular intervals of five year thereafter the Board shall furnish to the Government to scrutiny a statement of the fund held by the Board and a statement showing the total amount in the fund. (6) If the Government is satisfied at any quinquennial scrutiny that any of the investments held by the Board out of the Housing Board Haryana Provident Fund Account have depreciated in value, it may direct that an amount not exceeding the amount of such depreciation shall be drawn by the Board from the fund and credited to the credited to the credited to the Housing Board Haryana Provident Fund Account. (7) If the Government is satisfied at any quinquennial scrutiny that the balance in the fund after the with drawl, if any, of any sum in accordance with condition 6 is sufficient to cover any depreciation likely to occur during the next following period of five years in regard to any of the investments held by the Board as part of the Housing Board Haryana Provident Fund, the Government may direct that for the next five year the amounts to be deposited in the fund in accordance with clause (b)of condition 2 shall be reduced to such sum as it may prescribe or shall be discontinued for such period not exceeding five years as if may direct. (8) If any reduction discontinuance of the periodical payments into the fund has been ordered by the Government under the provisions of condition 7, it may at any subsequent quiquennial scrutiny direct that the payments be restored to the original figure or to any proportion thereof as it may deem fit. (9) (a) The cost of making any investment, under the provision of sub-rule (1) rule 9, shall be met out of the fund. (b) When any investment is realized and the net price obtained after payment of any brokerage and other incidental charges is less than the amount originally invested, the difference shall be credited to the fund. PDF created with pdfFactory trial version www.pdffactory.com 10 (1) With the sanction of the Board any subscriber may, up to the amount contributed by the subscriber including interest accrued thereon, be granted an advance from his Provident Fund an amount not exceeding, three times the amount of his salary for either of the following purposes and for no other purpose: - (a) To pay expense incurred in connection with the illness of the subscriber or a member of his family; (b) To pay expense in connection with marriages, funeral or other ceremonies which by the religion of the subscriber it is incumbent upon him to perform and in connection with which it is obligatory that expenditure should be incurred. Provided that no such advance shall be sanctioned unless the pecuniary circumstances of the subscriber are such that the indulgence is, in the opinion of the Board, absolutely a necessary. Provided further that when an advance has already been granted to a subscriber, a subsequent advance shall not be granted to him until at least twelve months after the final repayment of all previous advances together with interest thereon and except for very special reasons to be recorded in writing by the sanctioning authority. (2) The amount of the advance shall be repayable in not more than twenty-four equal installments as may be fixed by the Board when sanctioning the advance and such installments shall be recovered as if they were subscription in the manner provided in rule 4. (3) The amount of an advance shall be recorded in column 5 of the Provident Fund Ledger (From P.F.I.) and note shall be made in column 9 as to the number of installments by which the advance is recoverable each month the amount of the advance repaid shall be recorded in red ink column 2 of the Ledger and in column 8 shall be entered the amount of the balance of the advance outstanding. The amount of interest lost on the monthly out standing balances shall be recovered from the subscriber in the month following the month in which the last installment of the advance is recovered and at the end of the year shall be added to the interest calculated on the monthly balance shown in column 7. (4) If under the provisions of the first provision to rule 5, the whole or any portion of the Board’s contributions is to be withheld when a subscriber’s account is closed and if, when such subscriber is still outstanding, the amount of the advance outstanding plus the amount of interest lost, calculated on the monthly outstanding balances of the advance shall be added to the amount shown at credit of the account in column 7 for the purpose of calculating the Board’s share of the total at credit of the account.