In exercise of the powers conferred by Sub-section (1) of Section 52 of the Small Industries Development Bank of India Act 1989 (39 of 1989), the Board of Directors of the Small Industries Development Bank of India, hereby makes the following regulations for the constitution and management of a gratuity and superannuation fund in respect of all employees of the Small Industries Development Bank of India,

REGD NO. D L -33004/99 The Gazette of India

EXTRAORDINARY

PART III—Section 4

PUBLISHED BY AUTHORlTY

No. 38] NEW DELHI, FRIDAY, FEBRUARY 16, 2001/MAGHA 27,1922

480 GI/2001

0) 2

THE GAZETTE OF INDIA: EXTRAORDINARY

[PART HI—SEC 41 3 4 THE GAZETTE OF INDIA. EXTRAORDINARY [PART III—SEC. 4] HMAL.L 1NJJU5TJUES DEVELOFMKNT BANK OF INDIA

NOTIFICATION

New Delhi, the 16th February, 2001

Employees' Gratuity and Superannuation fund Regulations, 2000

In exercise of the powers conferred by Sub-section (1) of Section 52 of the Small Industries Development Bank of India Act 1989 (39 of 1989), the Board of Directors of the Small Industries Development Bank of India, hereby makes the following regulations for the constitution and management of a gratuity and superannuation fund in respect of all employees of the Small Industries Development Bank of India, namely:—

1 Short title

These regulations shall be called the Small Industries Development Bank ' of India Employees' Gratuity and Superannuation Fund Regulations, 2000.

2 Definitions

In these regulations, unless the context otherwise requires-

(a) "Small Industries Bank" means the Small Industries Development Bank of India, established under sub-section (1) of Section 3 of the Small Industries Development Bank of India Act, 1989 (39 of 1989)

(b) "Board" means Board of Directors of the Small Industries Bank.

(c) "Fund" means the Small Industries Development Bank of India Employees' Gratuity and Superannuation Fund referred to in Regulation 3.

(d) "Superannuation benefits" do not include contributions to the Industrial Development Bank of India Employees' Provident Fund or the Small Industries Development Bank of India Employees' Provident Fund, as and when it comes into force, as the case may be.

(e) "Year" means the year ending on the 31st March.

3 Constitution of the fund

The Small Industries Bank shall have a Fund, to be called the Small Industries Development Bank of India Employees' Gratuity and Superannuation Fund, and there shall be credited thereto - 5

(a) all moneys earmarked by the Small Industries Bank, before the date of commencement of these Regulations, for meeting the liability on account of gratuities, including additional gratuities, pension or other superannuation benefits payable to the employees of the Small Industries Bank;

(b) an amount equal to the amount paid from the Fund in any year under clause (b) of Regulation 6 increased to the nearest highest multiple of rupees five lakh in the succeeding year;

(c) the amounts to be transferred to the Fund by the Administrators from the Small Industries Development Bank of India Employees' Provident Fund as and when established;

(d) the amounts refunded by the retired employees in terms of Regulation 31 of the Small Industries Development Bank of India Pension Regulations;

(e) an amount equal to the total subscription made to the Small Industries Development Bank of India Employees' Provident Fund by the Small Industries Bank in respect of all the employees governed by the Small Industries Development Bank of India Pension Regulations.

(f) such amount as, in the opinion of the Small Industries Bank, may be necessary having regard to -

(i) the balance of the amount standing

to the credit of the Fund;

(ii) the number of employees of the

Small Industries Bank;

(iii) the accrued liability of the Small Industries Bank for the payment of gratuities, including additional gratuities, pension or other superannuation benefits; and,

(iv) any other relevant consideration.

6 THE GAZETTE OF INDIA: EXTRAORDINARY [PART III—SEC. 4] 4 Administration of the fund The Fund shall be held by the Small Industries Bank and subject to the provisions of these Regulations shall belong to the Small Industries Bank and be administered by the Board or the Executive Committee of the Board.

Interest

5

The Small Industries Bank shall credit to the Fund at the end of every year an amount calculated on the balance in the Fund at the end of that year, at the rate at which interest was last credited to the Industrial Development Bank of India Employees' Provident Fund or the Small Industries Development Bank of India Employees' Provident Fund, as and when it comes into force, as the case may be.

Disbursements from the fund

6

The moneys in the Fund shall be utilised for making payments -

(a) on account of pensions to employees who have retired from the service of the Small Industries Bank or the members of their family in accordance with the provisions of the Small Industries Development Bank of India Pension Regulations.

(b) on account of gratuities, including additional gratuities, or other superannuation benefits, payable by the Small Industries Bank under the Small Industries Development Bank of India (Payment of Gratuity to Employees) Regulations, 2000, or any law or rules or regulations for the Urns being in force

Statement of accounts

7

The accounts of the Fund shall be made up as at the end of each year and an audited statement of the accounts shall be submitted to ttto Board or the Executive Committee of the Board not later then the 30th September of every year

P.B NIMBALKAR, Chairman and Managing Director

[ADVT-ffl/rV/139/2000/ExIy.] Certified that the Board of Directors of Small Industries Bank in its mealing neld on June 5, 2000 at Bangalore has aopraved and adopted the Sm"U Industries Development Bank of India Employees' Gratuity and Superannuation Fund Regulations, 2000.

A.S. KINT, Chief General Manager (Personnel) Fruited by Hie Manager, Govt of InJin Press.