Amendment status not verified — confirm the current text below against the official source.
(1) All balances in the provident fund on the appointed day held in cash or in time deposits, Government securities, savings certificates, bank accounts, postal savings accounts, debentures or in any other form of financial instrument shall be transferred to the State Government in such manner as may be prescribed: Provided that the portion or portions of the provident fund invested in time deposits, debentures, Government securities, savings certificates or in any other form of financial instrument shall be endorsed to the State Government or to any agent appointed by the State Government in this behalf in such manner as may be prescribed. (2) On and from the appointed day no non-Government educational institution or local authority shall deposit any portion of the balance of provident fund or accruals thereto in any postal savings account, bank account or any other agency except the Treasury. (3) Notwithstanding anything to the contrary contained in any other law for the time being in force, any sum received by a non-Government educational institution or a local authority on account of provident fund of its employees by way of monthly subscription to the provident fund, repayment of advance from the provident fund taken by any such employee or interest on balances in the provident fund shall, with effect from such date as the State Government may by notification appoint, be deposited in a Treasury in such manner as may be prescribed. (4) While transferring the provident fund balances to the State Government under sub-section (1) a non-Government educational institution or local authority, as the case may be, shall furnish to the State Government a statement showing the total amount standing at the credit of each employee subscribing to the respective provident fund indicating therein the employee's portion and the employer's portion of contributions, the amount of withdrawal outstanding against each employee and such other particulars as may be prescribed.