{
    "act_title": "The Indira Gandhi Agriculture University, Raipur Statutes, 1987",
    "act_slug": "the-indira-gandhi-agriculture-university-raipur-statutes-1987",
    "section_label": "Section",
    "section": {
        "number": "42",
        "title": "42. Interest.",
        "chapter": null,
        "content": "(i) prepare an account of the total interest accrued and received on the investment of the Fund during the year;\n(ii) determine and notify with the approval of the Vice-Chancellor of the Vishwavidyalaya the rate of which interest shall be allowed during the year on all deposits standing to the credit of every subscriber of the Fund;\n(iii) credit the amount of interest due to every subscriber based on the balance monthly products of each subscriber's account during the preceding year; and\n(iv) interest on all sums standing in the books of the fund to the credit of a subscriber shall be payable for a period of six months beyond the date of retirement/resignation/termination/death :\n43. (1) Withdrawals from the fund and recoveries.\n(a) No advance shall be granted unless the Committee is satisfied that the applicant's pecuniary circumstances justify it and an undertaking is given that it will be expended on the following object or objects and not otherwise :\n(i) to pay expenses incurred in connection with the illness of the subscriber or any person of his family or in special circumstances of any other person actually dependent upon him. The part final withdrawal shall be allowed for this purpose after completion of 20 years service and amount to withdrawal shall not exceed one half of the balance or six months pay, whichever is less;\n(ii) to pay for the overseas passages for reasons of health or education of the applicant or any other person actually dependent upon him.\n(iii) to meet the cost of education of himself or of any person actually dependent on him in the following types of cases\n(a) For education outside India, whether for an academic, technical professional or vocational courses;\n(b) For medical, engineering and other technical or specialised courses in India beyond the high school stage, provided that the courses of study is not less than three years;\n(c) The part final withdrawal shall also be admissible for purposes mentioned under items (a) and (b) above after completion of 20 years of services. The amount of withdrawal shall not exceed three months' pay or half of the balance, whichever is less, and will be permissible every six months i.e. twice in any financial year provided that it will not ordinarily be allowed before the expiry of six months from the date of previous withdrawal;\n(iv) to pay obligatory expenses in a scale appropriate to the subscriber's status to which by customary usage the applicant has to incur in connection with the marriage, funeral or any ceremony relating to any person referred to in sub-clause (i);\n(v) to meet the expenditure on building repairs, remodelling or purchase of a house and/or a site for a house provided that such house or site shall not be encumbered or alienated in any manner without prior permission from Vishwavidyalaya or the sanctioning authority :\n(vi) to pay premium on policies of insurance on the life of the employee or his wife :\n(vii) to meet the cost of legal proceedings constituted by the employee for vindicating its position in regard to any allegations made against him in respect of any act done or purporting to be done by him in the discharge of his official duty or meet the cost of his defence when he is prosecuted by the employer in any Court of law in respect of any official misconduct on his part :\n(viii) to meet any other expense or liability which in the opinion of the Committee is extraordinary and beyond the ordinary means of the subscriber; such as advance for purchase of grain etc.\n(2) Conditions for withdrawal for Various Purposes.\n(a) An advance shall not, except for undermentioned and other special reasons to be recorded in writing by the sanctioning authority, exceed three months' pay or half the amount of subscriber's own contribution to the Fund and interest thereon, whichever is less.\n(i) The withdrawal in connection with expense on marriages as specified in clause (iv) of Statute 43 (1)(a) shall not exceed six months' pay or the total of the accumulation of exempted contributions and exempted interest lying to the credit of the employees after leaving the minimum balance as laid down in Rule 43 (2) above, whichever is less :\n(ii) The withdrawal for the purpose specified in clause (v) of sub-para (a) of Statute 43 (1) shall be subject to the following conditions-\n(1) the amount of withdrawal shall not exceed one-half of the amount standing to the employee's credit or the actual cost of the house and/or the site, whichever is less. The sanctioning authority may however sanction, the withdrawal of an amount in excess of the prescribed limit, but not exceeding 75% of the balance at credit of the subscriber in the Fund, as a special case, at his discretion;\n(2) the employee shall have completed ten years of service or is due to retire within the next ten years;\n(3) the construction and/or repairs, remodelling of the house should be commenced within six months of the withdrawal and should be completed within one year from the date of commencement of the construction;\n(4) if the withdrawal is made for the purchase of a house and/or a site for a house, the purchase should be made within six months of the withdrawal;\n(5) if the withdrawal is made for the repayment of loan previously raised for the purpose of construction or purchase or repairs, remodelling of a house the repayment of the loan should be made within three months of the withdrawal.\n(6) where the withdrawal is for the construction of a house, it shall be permitted in two or more equal instalments (not exceeding four), a later instalment being permitted only after verification by the Committee about the actual utilisation of the withdrawal;\n(7) the withdrawal shall be permitted only if the house and/ or site is free from encumbrances and no withdrawal shall be permitted for purchasing a share in a joint property or building or house or land whose ownership is divided;\n(8) if the amount withdrawn exceeds the actual cost of the purchase or construction or repairs, remodelling of the house and/or site, or if the amount is not utilised for the purpose for which it is withdrawn the excess or the whole amount, as the case may be, shall be refunded to the Committee forthwith in one lump-sum together with interest from the month of such withdrawal at the rate prescribed in Statute 43 (3) (viii). The amount refunded shall be credited to the employee's amount in the Provident Fund;\n(iii) The withdrawal for the purpose specified in clause (vii) of Statute 43 (1)(a) shall not exceed three months' pay or Rs. 500/- whichever is greater, but shall in no case exceed half the amount to the credit of the employee;\n(iv) The amount of temporary advance for purchase of plot or site shall not exceed six months' pay or half the balance or actual cost of the site whichever is less and will not be admissible until after completion of five years of service, provided the house site/plot shall not be encumbered or alienated in any manner without prior permission of the Vishwavidyalaya. Repayment of this advance shall be made in not more than 30 instalments.\n(b) The advance shall in no case exceed the amount of subscriber's own contribution to the fund and interests thereon.\n(c) For the purpose of this rule, 'pay' means the pay to which the employee is entitled at the time when the withdrawal is granted or, in the case of an employee referred to in sub-rule (2) of Rule 5 of Part A of the Fourth Schedule of the Income-Tax Act, 1961, the pay (including increments, if any) which he would have received had he not entered the armed forces of the Union or been taken into or employed in the National Service;\n(d) An advance shall not, except for special reasons, be granted until atleast 12 months after the final repayment of all previous advances together with interest unless the amount already advanced does not exceed two-third of the amount admissible under Statute 43 (2) (a) :\n(i) A second advance shall not except under special circumstances be granted to a subscriber if more than half the advance given in the first instance is outstanding.\n(ii) If two advances are running concurrently, a third advance shall not be granted until atleast one year has lapsed since the complete recovery of the first advance together with interest thereon. Advance given for purposes of grains will not be counted in this limit of two advances.\n(3) Repayment of amounts withdrawn.\n(ii) Where a withdrawal is allowed in connection with the marriage as specified in clause (iv) of Statute 43 (1)(a) the amount withdrawn shall be repaid in not more than forty-eight monthly instalments.\n(iii) Where a withdrawal is allowed for any other purpose the amount withdrawn shall be repaid in not more than twenty-four equal monthly instalments.\n(iv) A subscriber may at his option repay more than one instalment in one month.\n(v) Each instalment shall be in whole rupee, the amount of the advance being raised or reduced, if necessary to admit the fixation of such instalments.\n(vi) The Vishwavidyalaya shall deduct the instalments aforesaid from the employee's salary and pay them to the Fund. The deduction shall commence from the second monthly payment of salary made after withdrawal. Recovery shall not be made, except with the subscriber's consent while he is on leave other than ordinary leave on full average pay, or in receipt of subsistance grant.\n(vii) Recoveries made under this Statute shall be credited as they are made to the subscriber's account in the Fund.\n(viii) After the principal of the advance has been fully repaid, interests shall be recovered at the same rate as is to be credited to the employee's provident fund deposits during the year of sanction and as shown in the following table :-\nWhere the amount is repaid in not more than 12\n\t\t\t\tmonthly instalments.\nOne instalment of interest on the amount withdrawn.\nWhere the amount is repaid in more than 12 but not\n\t\t\t\tmore than 24 monthly instalments.\nTwo instalments of interest on the amount\n\t\t\t\twithdrawn.\nWhere the amount is repaid in more than 24 but not\n\t\t\t\tmore than 36 monthly instalments.\nThree instalments of interest on the amount\n\t\t\t\twithdrawn.\nWhere the amount is repaid in more than 36 but not\n\t\t\t\tmore than 48 monthly instalments.\nFour instalments of interest on the amount\n\t\t\t\twithdrawn.\nWhere the amount is refunded under Statute 43 (2)\n\t\t\t\t(a) (ii) (8).\nOne instalment of the interest on the amount which\n\t\t\t\tis refundable :\n(ix) Whole of interest shall ordinarily be recovered in the month after complete repayment of the principal but if the period of repayment of advance exceeds 20 months, interest may, if the subscriber so desired, be recovered in two equal instalments.\n(x) Each advance shall be treated separately for the purpose of recovery.\n(4) Conversion of an advance into Part-Final Withdrawal.",
        "footnote": "",
        "is_definition": false,
        "sort_order": 40
    },
    "prev_section": "40",
    "next_section": "44"
}