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

0)

480 GI/2001

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THE GAZETTE OF INDIA: EXTRAORDINARY

[PART HI—SEC 41

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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

2

Definitions

3

Constitution of the fund

These regulations shall be called the Small

Industries

Development

Bank ' of

India

Employees' Gratuity and Superannuation Fund

Regulations, 2000.

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.

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.

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THE GAZETTE OF INDIA: EXTRAORDINARY

[PART III—SEC. 4]

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6

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Administration of the fund

Interest

Disbursements from the fund

Statement of accounts

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.

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.

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

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.