Discuss the rules of nominations in respect of Provident Fund.
All subscribers shall have to submit nomination in prescribed form declaring right to receive the amount that money stand to his credit in the fund, in the event of death before the amount has become payable or having becomes payable has not been paid. Nomination should be made among the member or the members of family. He may nominate, one or more than one members of the family. When there is no member of the family nomination may be made in favour of the person who is not a member of the family but the same will become invalid on subsequent acquiring of the family.
Here, family means husband/wife and children of the subscriber and the widow or widows and children or deceased son.
Nomination must be accepted, by the officer and the same should be kept under the custody of Departmental officer and recorded in the prescribed Register under proper attestation and also entered into the General Index Register against subscriber’s account number. Nomination should be kept under lock and key in the personal custody of the officer.