Provident Fund

Discussion in 'Provident Fund' started by Md Nurul Huda Siddiqui, Dec 1, 2017.

  1. Sir ( mihiracharya), I wish to know that an A.T. resigned from one school on 28.02.2014 and joined another on 01.03.2014. Now on 20.11.2017 the previous school gives him the interest of only 6 months i.e up to August `14 on GPF , is it correct ? does he not deprived ? Please suggest with G.O.
     
  2. mihiracharya

    mihiracharya Staff Member

    No doubt, it is not correct, should be not correct. It should be regard as cheating to a subscriber. 6 months interest may be allowed in case of retired person/ ceased to be in employment on dismissal / or resignation from the post permanently (SL . No. 14 of GPF Rule, 1995). But in case of resignation from service " and after such resignation is accepted, provided that if the subscriber joins an employment having GPF Scheme regulated by the provisions of Acts or regulation s of Govt. of India or State Govt. or any statutory authority under the Central or State Govt. or authority constituted by central or state govt., the balance standing at his credit may be transferred to the account of the subscriber to be opened at his new place of appointment, if the new employee agrees to such transfer."
    But some of the authority (mainly in case of AI/ADI/ DIS) deny to do such acting or obey the rules and apply their own view. May be, they think to allow the interest till to date of from the transferred date, will be lost from their own money. Is the subscriber respond to loss such a huge amount ( may be Rs. 100000/- for 3 years) of interest ? Why and by whom, it is delayed ( about 3 years ) to sanction a Fund?
    In Scheduled 6 (b) it is said that " Interest shall be allowed upto 6 (six) months from the date on which the balance standing at the credit of the subscriber becomes payable." - I think it should be applicable for the retired person/ ceased to be in employment on dismissal / or resignation from the post permanently.
    You should appealed to Court for this purpose to get justice.
    Thanks a lot.
     

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