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REGISTERED No. D. 221

The Gazette of India

EXTRAORDINARY

PART II—Section 3—Subsection (i)

PUBLISHED BY AUTHORITY

No 201] NEW DELHI, TUESDAY, AUGUST 1, 1972/SRAVANA 10, 1894

Separate paging la given to this Part in order that it may be filed

as a separate compilation

MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 1st August 1972

G.S.R. 368(E).—In exercise of the powers conferred by Section 3 of the Public Provident Fund Act, 1968 (23 of 1968), the Central Government hereby makes the following Scheme to amend the Public Provident Fund Scheme, 1968, namely:—

1. (1) This Scheme may be called the Public Provident Fund (Amendment) Scheme, 1972.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. In the Public Provident Fund Scheme, 1968 (hereinafter referred to as the said Scheme), in paragraph 2 after clause (e), the following clause shall be inserted, namely:

"(ee) 'guardian', in relation to a minor, means:

(i) Father or mother; and

(ii) Where neither parent is alive, or where the only living parent is in- capable of acting, a person entitled under the law for the time being in force to have care of the property of the minor;

( 9 6 9)

3. In paragraph 3 of the said Scheme, for the letters and figures "Rs. 16,000", the letter and figures "Rs. 20,000", shall be substituted.

4. For paragraph. 5 of the aald Scheme, the following paragraph shall be sub- stituted, namely:

"5. Number of Subscriptions.—The subscription, which shall be in multiples, of Rs. 5, may, for any year, be paid into the account in one lump sum or in instalments not exceeding twelve in a year,"

5. In paragraph 9 of the said Scheme, (I) in sub-paragraph (1), for the proviso, the following proviso shall be sub- stituted, namely:—

"Provided that the withdrawals permissible during the following periods (each reckoned from the end of the year in which the account was opened) shall be—•

(a) one upto the ninth year; (b) two upto the thirteenth year; and (c) three upto the fifteenth year."

(II) In sub-paragraph (2), after the words, brackets and figure "the limit prescribed in sub-paragraph (1)", the words and figure "and that the applicant has, till the date of the application, been subscribing according to the limit specified in paragraph 3" shall be inserted.

6. In paragraph 10 of the said Scheme, In sub-paragraph (2), alter the words, brackets and figure "the limit prescribed in sub-paragraph (1)", the woTds and figure ''and that the applicant has, till the date of the application, been subscribing according to the limit specified In paragraph 3 and" shall be inserted.

7. In sub-paragraph (2) of paragraph 11 of the said Scheme for the words "two per cent" In both the places where they occur, the words "one per cent" shall be substituted.

8. After paragraph 12 of the said Scheme, the following paragraph shall be inserted, namely:—

"13. Power to relax.—Where the Central Government is satisfied that the opera- tion of any of the provisions of this Scheme causes undue hardship to a subscriber. It may, by order for reasons to ho recorded in writing, relax the requirements of that provision In a manner not inconsistent with the provisions of the Act."

9. In Form 'A' appended to the said Scheme, after entry "Applicant's" relation- ship with minor. If any ", the following entry shall be inserted. namely:—

"I hereby declare that I am not maintaining any other Public Provident Fund Account."

[NO. F.3(4)-FD/7l.l

B. MAITHREYAN, Jt. Secy. (Budget).

PRINTED BY THE GEN1KAL MANAGES, GOVERNMENT OF INDIA PRESS, MINTO ROAD. NEW DELHI AND PUBLISHED BY THE MANAGER OF PUBLICATIONS, DELHI, 1 9 72