SAILBOKARO STEEL PLANT

PROVIDENT FUND RULES

CONTENTSPART-I INTERPRETATIONS, THE FUND AND ITS MEMBERSHIP

Rule No Title

1.0 Short title extent and application 2.0 Applicability 3.0 Definitions 4.0 Applicability of EPF Scheme, 1952 5.0 Establishment of Fund 6.0 Rules Governing Fund 7.0 Modification of the Rules 8.0 Membership of the Fund 9.0 Foreign service of deputation out of India 10.0 Transfer from other Companies and Government departments 11.0 Membership from the date of joining service 12.0 Members to make nomination 13.0 Assets of the Fund 14.0 Status of the Fund

PART –II CONTRIBUTIONS TO THE FUND

15.0 Members’ contribution16.0 Company’s contribution

PART-III MANAGEMENT OF THE FUND

17.0 Management18.0 Number of trustees19.0 Meeting of trustees –Quorum20.0 Temporary absence of a trustee, power of co-trustees21.0 Inspection of cards by members22.0 Control of fund vested in trustees23.0 Filling of vacancies24.0 Responsibilities of trustees25.0 Liability and indemnification of trustees26.0 Professional trustees’s remuneration27.0 Turstees’ correspondence28.0 Investment of fund29.0 Investment in securities30.0 Realisation of investment31.0 Accounts32.0 Crediting interest to members’ accounts33.0 Audit of accounts34.0 Statement of accounts to members

35.0 Annual report of the administration of the fund36.0 Supply of copies of rules37.0 Closing and winding up of fund38.0 Distribution of assets on closing and winding up39.0 Payment on cessation of membership40.0 Extent of members’ claim41.0 Certificate of balance due42.0 Accumulation of a deceased member – to whom payable43.0 Extant of members’ claim44.0 Certificate of balance due to a member45.0 Forfeiture46.0 Withdrawals from Provident Fund

FORMS

Appendix I. Application FormAppendix II. Declaration and nomination form

SAILBOKARO STEEL PLANT

PROVIDENT FUND RULES

PART-I INTERPRETATIONS, THE FUND AND ITS MEMBERSHIP

1.0 SHORT TITLE, EXTENT AND APPLICATIONThese rules shall be called the Bokaro steel Employees Provident Fund Rules and shall be applicable to all the employees of the company

2.0 APPLICABILITYAll the employees of the Company who are entitled to become members of the fund from an earlier date will be admitted as members from the date of their appointment in the company

3.0 DEFFINTIONIn these rules the following expressions shall, unless excluded by of repugnant to their context, have the meaning here attached to them namely

(a) “Board” shall mean the Board of Trustees constituted for administering the fund under Rules 17 and 18.

(b) “The Company” shall mean Bokaro steel Plant

(c) “Children” mean legitimate children and includes adopted children, if the Board is satisfied that under the personal law of the member, adoption of a child is legally recognized

(d) “Continuous Service” shall mean uninterrupted service under the Company and includes service which is interrupted by sickness, accident whilst on duty, authorized leave, strike which is not illegal, or cessation of work not due to the employees’ fault.

NoteThe period of sickness or interruption due to an accident whilst on duty should be certified by a competent authority under the Medical Rules of the Company.

(e) “Employee” means any person who is employed for wages in any kind of work, manual or otherwise or in connection with the work of the Company and who gets his wages from the Company.

(f) Excluded employee means.

(i) An employee who having been a member of the Fund withdraws the full amount of his accumulations of the Fund under Rules 40 (a), 40(c), 40(f) and 40(g).

(ii) An employee employed by a Contractor in any operation not directly connected with any work of the Company.

(g) “Family” means any of the following persons who are wholly dependent on the employee, namely.

the employee’s spouse, legitimate children, step children, parents, sisters and minor brothers.

(h) “Financial Year” means the year commencing from 1st April.

(i) “Fund” means the Provident Fund constituted for the offices of the Steel Bokaro Steel Plant and shall include all moneys from time to time held by or to the account of, the Board of Trustees in pursuance of the provisions herein contained and shall include any investments for the time being made with such moneys.

(j) “Chairman/Managing Director” shall mean the Chairman/Managing Director, for the time being, of the company.

(k) “Member” means a member of the Fund.

(l) “Nominee” or “Nominees” shall mean, in the event of a member having a family, any person or persons belonging to his family and in the event of their absence, any person of persons who may be appointed in writing by the member to receive the amount that may become payable from the Fund to the estate of the member in the event of the member’s death before the termination of his service with the Company.

(m) “Pay” shall mean the pay or salary or wages including dearness allowance and Non Practicing allowance if the terms of employment so provide, but excludes all other allowances and perquisites.

(n) “Trustees” shall mean the members of the Board of Trustees constituted or administering the Fund under Rules.

(o) All other words and expressions shall have the meaning respectively assigned to them in the EPF ACT and the scheme there under

.(p) Any expression connoting the masculine gender shall include the

feminine gender also.

(q) Words importing the singular number shall include the plural number and vice-versa.

4.0 APPLICABILITY OF E.P.F. SCHEME,1952:

In the absence of any specific provisions in these Rules, the corresponding provisions of the Employee’s Provident Fund Scheme, 1952 shall prevail mutatis mutandis. Further, the amendments made to the Employee’s Provident Fund Scheme, from time to time, will apply mutatis mutandis to the employees covered by this trust.

5.0 ESTABLISHMENT OF FUND:

The fund shall be deemed to have been established on and from 1st Feb., 1964.

Pursuant to a resolution of the Directors of the Company passed at a meeting of the Board of Directors on 7th Aug. 1964 in exercise of the authority conferred upon the Directors by Article 118 (19) of the Articles of Association of the Company.

6.0 RULES GOVERNING FUND:

The Fund shall be governed by these rules, or by such other rules, as shall for the time being, be in force. These rules shall be interpreted by the Trustees whose decision shall be final and binding. Should there arise any dispute between the Trustees and a member of the Fund regarding interpretation of any of these rules, the matter shall be referred to the Regional Provident Fund Commissioner concerned, for his decision which shall be final and binding upon both the parties.

Provided that where the matter relates to Income-Tax, the decision of the Commissioner of Income Tax having jurisdiction on the Fund or any other higher authorities shall be binding on both the parties.

7.0 MODIFICATION OF THE RULES:

The Board of Directors of the Company may, after consulting the Board of Trustees and subject to the approval of the Commissioner of Income Tax and Regional Provident Fund Commissioner concerned, from time to time, repeal, and vary or alter these rules and frame such other rules as may be necessary.

Provided that no addition, alteration or repeal, which affect the employees adversely shall have retrospective effect.

8.0 MEMBERSHIP OF THE FUND:

(a) The Membership of the Fund shall be open to all employees of the Company except the following categories of employees:

(i) Apprentices during the period of apprenticeship which shall not, however, exceed 4 years. The term ‘apprentice’ means a person who, according to the certified standing orders applicable to the Factory or Establishment, is an apprentice or who is declared to be an Apprentice by the Authority specified in this behalf by the appropriate Government.

(ii) Personnel of state and Central Government Departments and other industrial concerns working with the Company on foreign service terms.

(iii) Pensioners and superannuated persons of State and Central Government Departments re-employed by the Company unless specifically provided in their terms of employment.

(iv) Casual employees whether daily rated or monthly rated engaged for specific periods, against ad-hoc jobs, not exceeding 60 days over a period of 3 months.

(v) Excluded employees as defined in Part 1 para 3(f) of these rules.

CLARIFICATION:

Training period of Sr. Operative Trainee/Jr. Operative Trainee/Management Trainee shall be counted for enrolment in PF.

NOTE:

(a) Persons coming under category (v) above may, if they choose, be allowed to subscribe to the Fund but on the stipulation that no contribution will be payable by the Company under Rule 16 of these rules.

(b)Employees of the Company, other than those governed by contracts providing for their joining the Fund compulsorily from the first day of their service under the Company, qualified for membership of the Fund, may from the date of their service under the Company and shall from the first of the month following the completion of 3 months’ continuous service or after they have actually worked for not less than 60 days within a period of three months or less whichever is earlier, join the Fund. The Company’s contribution shall, however, commence from the date on which they should compulsorily join the Fund.

(c) Application for admission to the membership of the Fund shall be made in writing to the Company, in the form prescribed from time to time. A specimen of the form is given in Appendix-I.

(d) Written notice shall be given by the Company to the applicants of the acceptance or rejection as the case may be, of their application to become member of the Fund.

(e) Every employee becoming a member must remain a member until he ceases to be a member of the fund and must abide by all the rules and regulations in force from time to time.

9.0 FOREIGN SERVICE OR DEPUTATION OUT OF INDIA:

If a member is transferred on foreign service or sent on deputation out of India, he shall remain subject to the rules of the Fund in the same manner as if he was not so transferred or sent on deputation.

10.0 TRANSFER FROM OTHER COMPANIES AND GOVERNMENT DEPARTMENT:

In the case of the transfer of the services of an employee(Otherwise qualified for membership under Rule 8 whereof) who is a member of any recognized Provident Fund within the meaning of Section 2 (38) of the Indian Income Tax Act, 1961, to the Company, the entire amount standing to his credit in the form of Provident Fund with such company _r association of peòrons (Including the employeò\�šX]Ú›H˜Hš]™\ÙZ™<Ù›[ÈZˆX\˜ÛœY™ü?H˜\XÝZڔܛ]Y™ˆQˆX� � -ZHYÛ[^YÈÚÈZˆXÙØ[[HH[Y›X™|ø—ZÚˆY �Ò»]™]™ZHXÛ[È›È?Øܘ\]Ú›ÝÛYZ™ø/� � �

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üôeW&ÿ¼™™£•É‡„‰Í½ÉÏÊÈ@�  ÊäÚÂÜÊÜèØò@¾Ü@èÐÊ@†ÞÚàÂÜò@îÐÞ@æÐÂØØ@ÄÊÆÞÚÊ@Â@ÚÊÚÄÊä@ÞÌ@èÐÊ@ŒêÜÈ@ÌäÞÚ@èÐÊ@ÈÆ@ý@ýú´2²ate of his absorption may be transferred to his new Provident Fund� Account allotted under these rules only if he so desires. Nothing in this Rule shall be deemed to provide that the amount of such transferred balance shall be taken

into account in determining the contribution to be made by the Company to the Fund under Rule 16 hereof so that the Company shall be under no liability whatsoever on such payment of transfer to this Provident Fund to make any equivalent contribution to the Fund. Subject as aforesaid, any such transferred balance shall be created to the account of such joining member and shall be subject to the provision of the Rules for the time being of the Fund.

11.0 MEMBERSHIP FROM THE DATE OF JOINING SERVICE:

Notwithstanding anything contained in Rule 8 an employee who is already a member of Employees’ Provident Fund scheme by virtue of his service under any other employer shall be admitted to the benefits of the Provident Fund, by the Company from the date of his appointment and that in respect of such an employee the company shall accept his past Provident Fund accumulations.

12.0 MEMBERS TO MAKE NOMINATION:

(a) Upon becoming a member of the Fund each member shall send in writing to the Board of Trustees a nomination (As per proforma in Appendix-II) conferring one or more persons the right to receive the amount that may stand to his credit in the Fund in the event of his death before the amount has become payable or having become payable has not been paid to him.

Provided that in the case of a member having a family a nomination shall be made in favour of one or more persons belonging to his family. If the member has no family on the date of his becoming a member of the Fund, the nomination may be made in favour of any person or persons, but if the member subsequently acquires a family, such nomination shall forthwith be deemed to be invalid and the member shall make a fresh nomination in favour of the one or more persons belonging to his family.

(b) A nomination shall not be partly in favour of the member’s family and partly in favour of another outside his family.

(c) If a member nominates more than one person under sub-rule (a) above, he shall specify in the nomination the amount of share payable to each of the nominee in such manner as to cover the whole of the amount that may stand to his credit in the Fund at any time.

(d) Every nomination shall be in such forms as the Trustees from time to time may prescribe.

(e) A nomination shall be registered in the books of the Board of Trustees under advice to the member.

(f) A nomination shall take effect from the date it is handed over to the Board for registration. No nomination shall be received for registration after the death of the member.

(g) A member may at any time cancel a nomination by sending a notice in writing to the Board of Trustees provided that the Member shall along with such notice send a fresh nomination in accordance with these rules.

(h) When the nominee is a minor, the member shall name the person appointed to receive the benefit on behalf of the minor in case the amount becomes payable before the minor nominee attains majority.

(i) The signature of the member in the nomination form shall be attested by two witnesses.

(j) A member may provide in nomination:-

(i) in respect of any specified nominee that in the event of his predeceasing the member, the right conferred upon that nominee shall pass to such other person as may be specified in the nomination.

(ii) That the nomination shall become invalid in the event of the happening of a contingency specified therein.

(k) In case the nominee predeceases the member, the right conferred on the nominee shall revert to the member until fresh nomination is made.

13.0 ASSETS OF THE FUND

The fund shall consist of:-

(a) contribution by the members out of their salary or wages or other emoluments as provided in rule 15;

(b) contribution by the Company under Rule 16 below;

(c) interests and dividends which the investment of money forming the Fund from time to time may yield;

(d) balances transferred from other Provident Funds, where such transfers are permitted by these rules;

(e) payment by the Company towards deficiencies, if any, in interest as provided for under rule 32 (a);

(f) any capital gains arising from the sale, exchange or transfer of capital assets;

(g) sums forfeited to the fund under these rules.

14.0 STATUS OF THE FUND

The assets of the Fund and its administration shall constitute a Trust which shall be irrevocable save with the consent of all the beneficiaries of the Fund and save in cases prescribed by Fourth Schedule Part A of the Indian Income Tax Act, 1961. No moneys belonging to the Fund in the hands of the Trustees shall be recovered by the Company under any pretext whatsoever nor shall the Company have any lien or charge of any description on the same.

PART-II CONTRIBUTIONS TO THE FUND

15.0 MEMBERS’ CONTRIBUTIONS:

(a) The emoluments qualifying for calculating the contributions to the Fund shall be:-(i) Pay and Dearness allowance

(ii) Pay shall include special pay, personal pay and deputation pay/ allowance.

(iii) Subsistence allowance payable to an employee during the period of suspension should be included in the term emoluments qualifying for calculating the contributions to the Fund.

(b) The compulsory contribution of a member shall be 12% @ of the emoluments while on duty or the leave salary or emoluments drawn while on leave corresponding to the categories mentioned in (a) above.

However, a member can increase his own voluntary contribution at a rate exceeding 12% without any limit. The amount of subscription shall be calculated to the nearest rupee, 50 paisa and above being rounded off to the next rupee. Less then 50 paisa will be left out. The rate of contribution of a member fixed under these rules may be enhanced or reduced once at any time during the financial year. At no time shall the rate of subscription be below the minimum compulsory subscription.

16 COMPANY’S CONTRIBUTIONS :

(a) The Company’s contribution shall be 12%@ of the emoluments qualifying for the employee contribution under rule 15 above. The amount of Company’s contribution shall be calculated to the nearest rupee, 50 paisa or more being counted as a next rupee and less then 50 paisa being ignored.

The Company’s contribution for a member during his period of leave shall be based on his leave salary or wages and no contributions shall be made by the Company for any period of leave or absence without pay.

(b) The member’s contributions shall be deducted from the salary or from wage bills, as the case may be, and made available to the Trustees along with the Company’s contribution for credit to the individual account of the member before the 15 th day of the month following that in which the member’s contribution is deducted from his salary or wage.

PART-III MANAGEMENT OF THE FUND

17.0 MANAGEMENT :

The custody, control and management of the Fund shall be vested in a Board of Trustees constituted for the fund referred to in clause (a) of rule 3. The cost, charges and expenses of administering the fund, and of the determination of any question arising under the rule otherwise including the trustees’ remuneration under the rule 26 and all other expenses incurred by the trustees in the discharge of their duties shall be paid by the Company.

18.0 NUMBER OF TRUSTEES :

The number of trustees of the Fund shall not be less then four and not more than twelve. Half of the number of the Trustees shall be appointed by the Company from amongst the officer employed in managerial or administrative capacity and the remaining shall be filled by election from amongst the members is an election to beheld for the purpose an any working day or if there is a recognized union by nomination by the recognized union. One of the trustees shall be nominated as Chairman by the Company. The term of the office of the Board of Trustees shall be for a period not exceeding 5 years. The first Trustees of the Fund will be appointed by the Board of Directors of the Company and hold office for a period of two years.

19.0 MEETING OF TRUSTEES-QUORUM :

(a) At any meeting of the Trustees of the trustees, four trustees of whom at least one representative from either the management or the recognized union shall constitute a quorum. Any decision of a meeting of the Trustees at which a quorum is present shall be deemed to be decision of all the trustees and final and binding on them. The Chairman shall have a casting vote in addition to and not instead of the own vote as a trustee. The decision of a majority at meeting of the trustees at which quorum is present shall be final and binding on trustees.

Where no casting vote is exercised but the opinion of the representatives is equally divided and if any member wants the matter may be referred to RPFC having jurisdiction over the FUND, whose decision shall be final and binding on all the parties.

(b) If at any meeting, the number of trustees present is less then the required quorum, the Chairman shall adjourn the meeting to a date not later than seven days from the date of the original meeting, informing the trustees of the date, time and place of the adjourned meeting and it shall thereupon be legal to dispose of the business at such adjourned meeting, irrespective of the number of trustees present.

20.0 TEMPORARY ABSENCE OF A TRUSTEE, POWER OF CO-TRUSTEES :

(a) If any of the trustees shall be at any time, absent from headquarters, those of the trustees (not being less then two in number) who shall remain in headquarters shall act as if they were the only trustees of those present.

(b) Trustees on temporary absence from India, may appoint an Attorney (not being one of the Co-Trustees) to act in his place but appointment of such attorney shall be terminated immediately on the return of his principal to India.

(c) If a trustee fails to attend three consecutive meeting of the Board of Trustees, without obtaining leave of absence from the Chairman of the Board, he shall cease to be Trustee.

Provided that the Chairman of the Board in exceptional cases may restore him to Trusteeship.

(d) A member shall not be entitled to transfer or assign any moneys lying to his credit in the FUND. No Such transfer or assignment shall be deemed valid and the Trustees shall not be bound to recognise the said transfer or assignment.

(e) Except as is expressly provided by the rules, no member or any person or persons on his behalf or in respect of his interest in the FUND shall be entitled to claim any payment of money due to him or them.

21.0 INSPECTION OF ACCOUNTS BY MEMBERS :

Any member making a request in this behalf to the Board of Trustees through the Management shall be permitted to inspect his accounts himself, or to have the same inspected by any person duly authorised by him in writing within 7 days of making such request provided that no such request shall be entertained more the once in every six calendar months.

22.0 CONTROL OF FUND VESTED IN TRUSTEES :

In the matter of any dispute arising under these rules and regulations as to the interpretation thereof, the decision of the trustees shall be final and binding and such decision shall be recorded and signed by the trustees in a special minute book to be maintained for the purpose.

Provided that if a matter is in dispute between the trustees and the member, the dispute should be referred in the first instance to the Chairman as the case may be whose decision in the matter shall ordinarily be accepted. If, however, the decision of the Chairman is not accepted, the dispute shall be referred to the RPFC/Income Tax Commissioner concerned in accordance with rule 6 of these rules whose decision in the matter will be final and binding.

23.0 FILLING OF VACANCIES :

If and whenever any trustee dies, resigns, refuses to act as a trustee, or becomes disqualified under the Indian Trust Act 1882, or become incompetent or incapable of acting or permanently leaves India or ceases to be an employee of the Company, the vacancy thereby caused would be filled in by nomination by the Company (if the vacancy/vacancies relate to employee’s representatives by election from amongst the members as laid down in rule 18 and such nominated Trustees shall hold office for the remainder of the term of the Office of Trustee/Trustees in whose place they were nominated/elected . On every such appointment, the funds of the FUND shall ipso-facto vest in the new trustee/trustees jointly with the surviving or continuing Trustee/Trustees.

24.0 RESPONSIBILITIES OF TRUSTEES :

The function and responsibilities of the trustees shall be to manage the funds according to these rules.

25.0 LIABILITY AND INDEMNIFICTION OF TRUSTEES :

In the discharge of their duties for the administration of the fund, the trustees shall be indemnified by the fund against all proceedings, costs, damages, charge, expenses, claims, demands, losses and liabilities caused otherwise than through their or his negligence or fraud. The trustees shall not be responsible for any breach of trust committed by a Co-Trustee or by a Banker, Broker or other persons with whom any of the assets of the fund may have been deposited nor for any loss unless the same happens through their own or his own willful act or omission.

26.0 PROFESSIONAL TRUSTEE’S REMUNERATION :

Any trustee whether hereby or hereafter appointed being a solicitor, Accountant, Auditor, Broker or other person engaged in any profession or business shall notwithstanding his acceptance of the office of trustee and his acting in the execution of the trust hereof shall be entitled to charge and be paid all professional or other charge and to receive all pecuniary and other emolument or remuneration for all business transacted and all attendances, times and trouble given or bestowed by him or his firm or any partner or assistant of his in or about the execution of the trust thereof including act which a trustee not being so engaged could have done personally.

27.0 TRUSTEES’ CORRESPONDENCE :

All correspondence in relation to the management of the FUND may be conducted by any one of the trustees specially authorized by Board for the purpose on behalf of all the trustees, receipts for moneys received by the trustees may be signed by one of the trustees authorized for the purpose on behalf of all the trustees. Cheques on the banking accounts of the FUND may be drawn, signed/or endorsed by two Trustees authorized for the purpose on behalf of the Trustees for the purpose.

28.0 INVESTMENT FUND :

The trustees shall, from time to time ,pay all moneys received by them into a post Office Saving Bank or State Bank of India or Such other scheduled Bank as they shall from time to time, determine, to the credit of an account, opened for this purpose under the resolution by the Board of Trustees. All moneys to the credit of such account shall be dealt with in accordance with these rules and such account shall be operated on only by cheques bearing the signature of any two Turstees.

29.0 INVESTMENT IN SECURITIES :

The money of the Fund not immediately required shall within a period of two weeks from the date the amount of contribution is made available by the employer, be invested in the securities created and issued by the Central Government and the balance in the Central Government securities including any saving or other certificates issued by the Central Government in accordance with the Notification issued by the Central Government from time to time under the “Employees’ Provident Fund Scheme, 1952”.

30.0 REALISATION OF INVESTMENT :

The Trustees may from time to time withdraw from the Fund such sum or sums as may be required for the purpose of the Fund and raise any moneys so required by sale of the investments held by them or of a sufficient part thereof.

31.0 ACCOUNT :

The following accounts shall be maintained in the books of the Fund:

(a) an account of each member in the from prescribed in rule 74 of the Indian Income Tax which shall show -

(i) the member’s subscription,(ii) the employer’ contribution under Rule 16,(iii) interest on subscription,(iv) interest on contribution.

(b) a revenue account showing the credits on account of interest from the investments and other income actually received or accrued upto 31st

March of each year and the debits for any proper charges of expenses which in the opinion of the Board of Trustees, is to be charged to the Fund;

(c) an investment realization and valuation account showing the credits on account of profit realized from sale of investments surplus noticed at the annual valuation of investment at cost or market

value whichever is lower and debits on account of losses realized on sales and annual valuation on the same basis as indicated before:

(d) The forfeited contribution account showing the contribution of the Company and interest thereon which lapsed to the credit of this account in accordance with Rule 45;

(e) the investment account showing particulars of investment; and

(f) any other account which the Board of Trustees may decide to open for the correct exhibition of the transaction of the fund.

32.0 CREDITING INTEREST TO MEMBERS’ ACCOUNTS:

(a) As on 31st March of each year, the accounts of the fund shall be closed. Interest shall be allowed on the progressive monthly opening balance of the member during the financial year. The credit for interest shall be afforded separately under Company’s contribution and member’s contribution. The rate of interest payable to a member for any year shall not be lower than the rate declared by the Central Government for that year under the Employees’ Provident Fund Scheme. Deficiencies, if any, shall be made good by the Company, if the surplus available is not sufficient for crediting interest on the progressive monthly balance in the Member’ accounts at a rate declared by the Govt’.�

(b) When an amount is received in the account of an employee on transfer from any other recognized Provident Fund during the course of a year, interest shall be allowed for the year on the transferred balance from the first of the month in which it is received or in case the amount is received from the transfereò!in the same month upto which they have allowed the inteòdst, it will be allowed from the first of the month following the month in which the amount is received till the end of the year.

(c) Where the permanent withdrawal is allowed from the account of a member during a year, the interest for that year will be allowed on the opening balance at the commencement of the year till the month preceding the one in which the withdrawal is made and on the reduced amount thereafter during the rest of the year.

(d) When the amount standing at the credit of a subscriber becomes:

(i) payable to a member in the middle of the year, interest would be credited upto the month preceding that in which payment is made. However, the rate of interest to be allowed on the claims for refund for the broken currency period shall be at the rate fixed for the financial year in which the refund is authorized.

(ii) transferable to any other recognized fund, interest shall be allowed at the rate applicable in the previous year upto the last day of the month in which it is transferred.

33.0 AUDIT OF ACCOUNT:

The Board of Trustees shall have the accounts of the Fund audited every year by an auditor, nominated by the Trustees.

34.0 STATEMENT OF ACCOUNT TO MEMBERS:

As soon as possible after accounts have been audited as aforesaid the trustees shall furnish to each member a statement of the amount shown by the books of the fund standing to the credit of his account as at the date of such Balance Sheet and Revenue Account. Such statement shall be accepted as correct and binding on the members save that if any manifest error shall be found therein and notified by the member to the trustees in writing within six months of the receipt of the statement.

35.0 ANNUAL REPORT OF THE ADMINISTRATION OF THE FUND:

The Board shall furnish to the M.D of the Company each year not later than a date to be fixed by him a report on the administration of the fund during the previous financial year together with a copy of the Auditor’s report.

36.0 SUPPLY OF COPIES OF RULES:

The Board shall supply to each employee of the Company on becoming a member, a copy of these rules free of cost and shall also exhibit a copy of these rules on the notice board of the Company. Supply of further copies shall be on payment of such cost as may be prescribed by the Board.

37.0 CLOSING AND WINDING UP OF FUND

It shall be lawful for the Board of Trustees at any time on giving notice of three calendar months in writing to the Company with consent of all its beneficiaries to wind up the Fund. Upon the closing of the Fund all amounts due by members in respect of their own contribution and the Company’s contribution as herein before provided, shall be paid by the Company to the trustees and thereafter be credited by the Trustees to the Members’ Account.

38.0 DISTRIBUTION OF ASSETS ON CLOSING AND WINDING UP:

On the closing and winding up of the Fund or on the cancellation of the exemption to the Company/Establishment from the Employees’ Provident Fund Act, 1952 accumulations standing to the credit of the employees who but for the exemption would have been members of the statutory scheme shall be transferred to the Fund under the said Scheme as soon as possible, and not later than 30 days in the case of securities and not later than 10 days in the case of cash in hand or in bank, together with a statement or statements as may be required by the Regional Provident Fund Commissioner.

39.0 PAYMENT ON CESSTAION OF MEMBERSHIP:

A member of the Fund shall continue to be a member until he withdraws under Rule 40, the amount standing to his credit in the Fund.

40.0 EXTENT OF MEMBER’S CLAIM:

The amount withdrawable by a member or on his behalf from the Fund shall be ascertained on separate and distinct basis in the following manner in which withdrawal is made by or on behalf of the member:

(a) On discharge due to reduction in Establishment or on termination of service through ill-heath etc.:

In the event of any member being discharged permanently from service as a result of reduction by the Company of its establishment or his becoming permanently incapacitated owing to injury sustained whilst in the service of the Company through no fault or carelessness or negligence on his part or if a member’s service is terminated on account of continued illness not due to his own fault, neglect or carelessness (as to which the decision of Medical Officer nominated by the Company Shall be final) he shall be entitled to the whole amount standing to the credit of his account as at the date of the termination of his service/or for any of the reasons herein specified.

(b) A member may withdraw the full amount standing to his credit in the fund:On retirement from service at any time, at or after the age of superannuation.

(i) For this purpose, a member shall be deemed to have attained the age of superannuation on completing the age of 58 years or such other age as may be prescribed by the company’s rules. Provided a member who has not attained the age of 58 years shall also be paid the full money standing to his credit, if he attains the age of 58 years before payment is authorized Provided the full payment, however, shall be made in the case where the member applied for settlement of his provident fund after leaving the service of the company on attaining the age of 55 years. Provided also that a member who has not attained the age of 55 years when leaving the service of the company shall also be paid the full money standing to his credit, if he attains the age of 55 years before payment is authorized. Payment of P.F. voluntary retirement will be made immediately by obtaining non employment certificate and in case of termination/resignation before attaining the age of 55 years of the payment of P.F. accumulation would be made after two months after obtaining non employment certificate.

(ii) On a member suffering from Tuberculosis or leprosy even if contracted after leaving the service of the Company on grounds of illness but before payment has been authorized (such payment will, however, be treated as temporary withdrawal under the rules.)

(iii) On a member becoming permanently incapacitated owing to injury sustained whilst in service of the Company through no fault or carelessness or negligence on his part if a member’s service is terminated on account of continued illness not due to his own fault, negligence or carelessness (as to which the decision of the Medical Officer nominated by the Company shall be final).

(c) On termination of the contract of service:In the event of the member ceasing to be in the service of the Company because of the termination of his contract of service, he shall be entitled to the whole amount standing to the credit of his account as at the date of the termination of the contract.

NOTE:Wherever employee’s services are terminated on three month’s notice or three months pay in lieu of notice without assigning any reason, their cases would be covered under the above clause and the employees would be entitled to their own contribution plus full amount of Company’s contribution plus interest thereon.

(d) In pursuance of the amendment of EPF Scheme vide notification No.R 11025(22)88-SS II dated 15.03.19ù3, Rule 40(d) of P.F.Rules stands deleted.

(e) In cases other than those specified above, the trustees may peòlit a member to withdraw the amount standing to his credit in the Fund.

(f) On transfeò!to other Companies:

In the event of a member being transfeò{22¸2¹¶0·27:¶<º70·<7:´297¹³0·4½0º´7779£7»29·¶27:¢28:::´2°¶·:7:9º07²4·3º7:´21¹2²4:73´´9°±±·:7:47:´2£:72¶°<±2:¹0·9³2ù22»4:4:´2±7·±:9y2·±2º7:´21¹2²4:73´´9°±±·:7:in the Provident� Fund, if any, maintained by such other organization or Government provided that the fund of the said other organization is recognized within the meaning of Section 2(38) of the Indian Income Tax Act, 1961. Thereupon the rules of such Provident Fund shall cease to apply accordingly.

(g) Death:

On the death of a membeò- whatsoever his length of ódòwice, the Trustees shall pay the whole amount standing to the credit of the member at his death, including the company’s contribution with interest thereon to the person or persons entitled to receive the same.

41.0 certificate of balance due:

When the amount standing to the credit of a member becomes payable or transferable under the provisions of Rule 40, it shall be the duty of the Trustees to make prompt payment. The trustees shall close the account of the member as soon as the amount becomes due for payment and give notice to the person to whom the amount is payable indicating the date on which he can take payment in cash or cheque or a cheque will be sent to him.

42.0 ACCUMULATIONS OF A DECEASED MEMBER- TO WHOME PAYABLE:

On the death of a member before the amount standing to his credit has become payable under Rule 40(g) hereof or where the amount has become payable but the payment has not been made.

(a) If a nomination made by the member in accordance with Rule 12 subsists, the amount standing to his credit in the Fund or that part thereof to which the nomination relates shall become payable to his nominee or nominees in accordance with such nomination; or

(b) If nomination subsists or if the nomination relates only to a part of the amount or the part thereof to which the nomination does not relate, as the case may be, shall become payable to the members of his family in equal shares provided that no share shall be payable to:

(i) sons who have attained majority;(ii) sons of deceased son who have attained majority;(iii) married daughters whose husbands are alive;(iv) married daughters of a deceased son whose husbands are alive.

If there is any member of the family other than those specified in clause (i), (ii) (iii) and (iv).

Provided further that the widow or widows and the child or children of a deceased son shall receive between them in equal parts only the share which that son would have received if he had survivied the member and had not attained the age of majority at the time of the member’s death.

(c) In any case to which the provisions of clauses (a) and (b) do not apply the whole amount shall be payable to the person legally entitled to it.

EXPLANATION:

For the purpose of this paragraph a member’s posthumous child, if born alive, shall be treated in the same way as a surviving child born before the member’s death.

(d) Where no nomination subsits the amount lying in to the PF A/C of deceasedmember shall be paid as under:

(i) Where the Provident Fund amount does not exceed Rs.10,000/- payment may be made to the claimant on production of certificate from the Block Development Officer of his Block or an equivalent officer. In addition requiring a claimant to submit a certificate from the BDO of his/her block the Provident Fund Trust may continue to settle the claim on production of an Indemnity Bond from a regular employee of the Company. In case of any doubt about the genuineness of the claim of a claimant, the Provident Fund Trust may verify the position through the concerned District Authorities and on receipt of their report the claim may be settled as mentioned above.

(ii) Where the Provident Fund amount exceeds Rs.10,000/- settlement of the claim may be made on the basis of a succession certificate to be produced by the claimant.

(As per amendment in the EPF Scheme 1952 w.e.f. 2.4.1977

43.0 EXTENT OF MEMBERS’ CLAIM :

Except as it by these Rules expressly provided, no member or any person on his behalf or in respect of his interest in the Fund shall be entitled to claim any payment of money due to him or them.

44.0 CERTIFICATE OF BALANCE DUE TO A MEMBER:

The amount payable to any member or to the nominees or representatives of any deceased member under any of the provisions of these Rules shall be sufficiently ascertained and determined in accordance with these rules by a certificate under the hands of the Trustees and such certificate shall be final and binding on all the parties, provided if any member, nominee or representative of a deceased member feels aggrieved he shall have a right to appeal to the Regional Provident Fund Commissioner whose decision thereon shall be final and binding on all the parties.

45.0 FORFITURE:

The moneys in the Forfeited Contribution Account shall be spent on the following purposes:

(b) Ad-hoc payment of Rs.30/- to the heirs of the deceased member as an aid for procuring a succession or guardianship certificate for getting the Provident Fund dues if such a certificate is necessary.

(c) For meeting money order commission on remittances from the Provident Fund Trust to the outgoing members/their heirs.

(d) For declaration of the rate of interest so that it is not lower than that fixed under the Employees’ Provident Fund Scheme.

(e) Re-imbursement of the cost of medical treatment in respect of a member either in part or in whole subject to a maximum of Rs.100/- per member at any time.

46.0 WITHDRAWALS FROM PROVIDENT FUND:

46(a) Non-Refundable withdrawals

Members of the Fund may be allowed non-refundable withdrawals for the purposes and up to the limits and subject to such conditions laid down in the Employees Provident Fund Scheme 1952 as amended from time to time.

46(b) Refundable withdrawals

No member may be permitted to make a refundable withdrawal of any part of the moneys for the time being standing to the credit of his account except for any of the purposes and within the limits laid down in the Income Tax Rules for the time being in force. The repayment of the loan will also be regulated according to the provisions laid down in the Income Tax Rules in this regard.