REGISTERED No. D-(b) रजिस्ट्री सं० डी-(डी)-72
भारत का राजपत्र
The Gazette of India
LIBRA
प्रसाधारण
EXTRAORDINARY
15
भाग II-खण्ड 1
PART II-Section 1
प्राविकार से प्रकाशित
PUBLISHED BY AUTHORITY
नई दिल्ली, शनिवार, जुलाई 17 , 1976/द्यावाड़ 26, 1898
सं० 110]
Νο. 110 ] NEW DELHI , SATURDAY, JULY 17 , 1976/ASADHA 26 , 1898
इस भाग में भिन्न पृष्ठ संख्या पी जाती है जिससे कि यह अलग संकलन के रूप में रक्षा आ सके ।
Separate paging is given to this Part In order that it may be filed as a separate compilation,
MINISTRY OF LAW , JUSTICE AND COMPANY AFFAIRS
(Legislative Department )
New Delhi , the 17th July , 1976 / Asadha 26 , 1898 ( Saka )
THE LABOUR PROVIDENT FUND LAWS (AMENDMENT)
ORDINANCE , 1976
No. 9 OF 1976
Promulgated by the President in the Twenty - seventh Year of the Republic of India .
An Ordinance further to amend the Coal Mines Provident Fund, Family Pension and Bonus Schemes Act , 1948 , the Employees ' Provident Funds and Family Pension Fund Act, 1952 , the Wealth -tax Act , 1957 and the Income - tax Act , 1961 .
WHERAS Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action;
NOW, THEREFORE , in exercise of the powers conferred by clause ( 1 ) of article 123 of the Constitution , the President is pleased to promulgate the following Ordinance : -
CHAPTER I
PRELIMINARY
1. (1 ) This Ordinance may be called the Labour Provident Fund Short
Laws (Amendment) Ordinance , 1976. title
and com-
(2) It shall come into force on such date as the Central Government mence-
may , by notification in the Official Gazette , appoint. ment .
( 921 ) THE GAZETTE OF INDIA EXTRAORDINARY
[PART II-- 922
Acts 27 of 1957 46 of 1948, 19 of 1952, and 43 of1961 to be
2. During the period of operation of this Ordinance , the Coal Mines Provident Fund , Family Pension and Bonus Schemes Act, 1948 (herein- after referred to as the Coal Mines Act ) , the Employees' Provident Funds and Family Pension Fund Act , 1952 ( hereinafter referred to as the Employees' Provident Funds Act ) , the Wealth- tax Act , 1957 and the Income- tax Act , 1961 , shall have effect subject to the amendments specified in section 3 to 37.
tempo- rarily am- ended.
CHAPTER II
AMENDMENT OF THE COAL MINES PROVIDENT FUND , FAMILY PENSION AND BONUS SCHEMES ACT, 1948
3. In the long title to the Coal Mines Act , after the words " Family 46 of 1948 .
Pension Scheme " , the words " a Deposit - linked Insurance Scheme " shall be inserted .
Amend- ment of long title.
4. For sub - section ( 1 ) of section 1 of the Coal Mines Act, the follow- ing sub -section shall be substituted , namely : -
Amend- ment of section 1.
" (1) This Act may be called the Coal Mines Provident Fund and Miscellaneous Provisions Act , 1948. " .
5. In section 2 of the Coal Mines Act,-
Amend- ment of section 2 .
(i) in clause ( c) , after the words " Coal Mines Provident Fund Scheme" , the words " or the Insurance Scheme, as the case may be, " shall be inserted;
( ii ) after clause ( f) , the following clauses shall be inserted , namely:--
' (fa ) " Insurance Fund " means the Deposit - linked Insurance Fund established under sub -section (2) of section 3G ;
(fb) " Insurance Scheme " means the Coal Mines Deposit- linked Insurance Scheme Framed under sub - section ( 1 ) of section 3G;' ;
(iii) clause ( ff) shall be re - lettered as clause ( fc) ;
(iv ) in clause ( g ) , the words " or , as the case may be, the Insur- ance Fund " shall be inserted at the end .
6. In section 3A of the Coal Mines Act ,-
(a) in sub - section (3 ) , after the word , figure and letter " section 3E" , the words figure and letter " and section 3G " shall be inserted;
Amend- ment of section 3A.
(b) in sub - section (4 ) , for the words " and the Coal Mines Family Pension Scheme " , the words " , the Coal Mines Family Pension Scheme and the Insurance Scheme " shall be substituted .
Amend- ment of section 3C .
7. In sub - section ( 3) of section 3C of the Coal Mines Act , for the words " and the Coal Mines Family Pension Scheme " , the words " , the Coal Mines Family Pension Scheme and the Insurance Scheme " shall be substituted .
THE GAZETTE OF INDIA EXTRAORDINARY
SEC . 1 ]
923
8. After section 3F of the Coal Mines Act , the following section shall be inserted, namely :-
Insertion of new section 3G.
'3G. ( 1 ) The Central Government may , by notification in the Official Gazette , frame a scheme to be called the Coal Mines Deposit - linked Insurance Scheme for the purpose of providing life assurance benefits to such employees as are covered by the Coal Mines Provident Fund Scheme .
Coal Mines De- posit- Insurance linked Scheme.
( 2 ) There shall be established , as soon as may be , after the framing of the Insurance Scheme , a Deposit -linked Insurance Fund into which shall be paid by the employer from time to time in res- pect of every such employee , in relation to whom he is the employer , such amount , not being more than one per cent of the aggregate of the basic wages , dearness allowance and retaining allowance ( if any ) for the time being payable in relation to such employee as the Central Government may , by notification in the Official Gazette, specify .
Explanation .--For the purposes of this sub-section-
19 of 1952.
(a) the expression " basic wages" has the meaning assigned to it in the Employees ' Provident Funds and Miscellaneous Pro- visions Act , 1952 ;
(b ) " dearness allowance " means all cash payments , by whatever name called , paid to an employee on account of a rise in the cost of living and shall be deemed to include also the cash value of any food concession allowed to the employee;
(c) " rataining allowance " means an allowance payable for the time being to an employee of any coal mine during any period in which the coal mine is not working for retaining his services .
(3 ) The Central Government shall , after due appropriation made by Parliament by law , contribute to the Insurance Fund in relation to each employee covered by the Coal Mines Provident Fund Scheme , an amount representing one - half of the contribution which an employer is required , by sub - section ( 2 ) , to make .
(4) ( a) The employer shall pay into the Insurance Fund such further sums of money, not exceeding one - fourth of the contribution which he is required to make under sub -section (2 ) , as the Central Government may , from time to time , determine to meet all the expenses in connection with the administration of the Insurance Scheme other than the expenses towards the cost of any benefits provided by or under that Scheme .
(b ) The Central Government shall , after due appropriation made by Parliament by law , pay into the Insurance Fund such further sums of money representing one - half of the sums payable by the employer under clause ( a ) , to meet all the expenses in connec- tion with the administration of the Insurance Scheme other than the expenses towards the cost of any benefits provided by or under that Scheme , THE GAZETTE OF INDIA EXTRAORDINARY
[PART II- 924
(5) The Insurance Fund shall vest in the Board and shall be administered by the Board in such manner as may be specified in the Insurance Scheme .
(6) Any scheme framed under the provisions of sub - section (1) may provide for all or any of the matters specified in the Third Schedule.' .
9. In sub - section (2 ) of section 5 of the Coal Mines Act, for the words "Third Schedule" , the words "Fourth Schedule " shall be substituted .
Amend- ment of section 5 .
Amend_ ment of section 7 .
10. In section 7 of the Coal Mines Act , after the words " amend ог vary" , the words " either prospectively or retrospectively " shall be inserted.
Amend . ment of section 7A.
11. In section 7A of the Coal Mines Act , for the words " two successive sessions , and if, before the expiry of the session in which it is so laid or the session immediately following" , the words " two or more succes- sive sessions , and if, before the expiry of the session immediately follow- ing the session or the successive sessions aforesaid " shall be substituted .
Amend- ment of section 8 .
Mines Act , after the words " and also in 12. In sub - section ( 3) of section 8 of the Coal words " Coal Mines Family Pension Scheme " , the relation to any amount payable under the Insurance Scheme" shall be inserted .
13. In sub - section ( 1 ) of section 10 of the Coal Mines Act , after the words " Coal Mines Provident Fund Scheme " , the words " or the Insur- ance Scheme " shall be inserted .
Amend- ment of section 10.
Amend- ment of section 10E.
14. In sub - section ( 1) of section 10E of the Coal Mines Act, for the words and brackets " The amount of contribution ( that is to say the employer's contribution as well as the employee's contribution ) " , the words and brackets " The amount of contribution ( that is to say the employer's contribution as well as the employce's contribution in pursu- ance of the Coal Mines Provident Fund Scheme and the employer's contribution in pursuance of the Insurance Scheme) " shall be substituted .
15. After section 11B of the Coal Mines Act, the following sections shall be inserted , namely: --
Insertion of new sections 11C and 11D.
Power to exempt.
' 11C. ( 1 ) The Central Government may, if requested so to do by the employer , by notification in the Official Gazette , and subject to such conditions as may be specified in the notification , exempt any coal mine from the operation of all or any of the provisions of the Insurance Scheme, if it is satisfied that the employees of such coal mine are , without making any separate contribution or pay- ment of premium , in enjoyment of benefits in the nature of life assurance , whether linked to their deposits in provident fund or not, and such benefits are more favourable to such employees than the benefits admissible under the Insurance Scheme .
(2) Without prejudice to the provisions of sub - section ( 1) , the Insurance Scheme may provide for the exemption of any person or class of persons employed in any coal mine and covered by that SEC. 1 ]
THE GAZETTE OF INDIA EXTRAORDINARY
925
scheme from the operation of all or any of the provisions thereof , if the benefits in the nature of life assurance admissible to such person or class of persons are more favourable than the benefits provided under the Insurance Scheme ,
(3) Where , in respect of any person or class of persons em- ployed in any coal mine, an exemption is granted under this section from the operation of all or any of the provisions of the Insurance Scheme ( whether such exemption is granted to the coal mine where- in such person or class of persons is employed or to the person or class of persons as such) , the employer in relation to such coal mine--
(a) shall , in relation to the benefits in the nature of life assurance , to which any such person or class of persons is entitled , or any insurance fund , maintain such accounts , sub- mit such returns , make such investment , provide for such facilities for inspection and pay such inspection charges , as the Central Government may direct ;
(b) shall not, at any time after the exemption without the leave of the Central Government, reduce the total quantum of benefits in the nature of life assurance to which any such person or class of persons was entitled immediately before the date of the exemption; and
( c ) shall , where any such person leaves his employment and obtains re- employment in any other coal mine , transfer within such time as may be specified in this behalf by the Central Government , the amount of accumulations to the credit of that person in the insurance fund of the coal mine left by him to the credit of that person's account in the insur- ance fund of the coal mine in which he is re - employed or , as the case may be , in the Deposit- lined Insurance Fund .
to Explanation .--For the purposes of this sub -section " insurance fund" means any fund established by an employer under any scheme for providing benefits in the nature of life assurance employees , whether linked to their deposits in provident fund or not, without payment by the employees of any separate contribu- tion or premium in that behalf .
an (4) Any exemption granted under this section may be cancelled by the authority which granted it, by order in writing, if employer fails to comply ,
(a) in the case of an exemption granted under sub -section (1) , with any of the conditions imposed under that sub -section or with any of the provisions of sub - section (3 ) ;
(b) in the case of an exemption granted under sub - section ( 2 ) , with any of the provisions of sub - section (3 ) .
(5) Where any exemption granted under sub - section ( 1 ) or sub - section ( 2 ) is cancelled, the amount of accumulations to the credit of every employee to whom such exemption applied, in the insurance fund of the coal mine in which he is emploved shall he transferred within such time and in such manner as may be specified in the Insurance Scheme to the credit of his account in the Insur- ance Fund .
925
THE GAZETTE OF INDIA EXTRAORDINARY
[PART II-
11D. The provisions of thiis Act shall have effect notwithstand- ing anything inconsistent therewith contained in the Life Insurance Corporation Act , 1956. ' ,
Act to have effect notwith- standing anything contained in Act 31 of 1956 .
Insertion of new Third Schedule,
16. The Third Schedule to the Coal Mines Act shall be re- numbered as the Fourth Schedule and before the Fourth Schedule as so re- numbered , the following Schedule shall be inserted , namely :-
" THE THIRD SCHEDULE
(See section 3G)
MATTERS TO BE PROVIDED FOR IN THE COAL MINES DEPOSIT - LINKED INSURANCE SCHEME
1. The employees or class of employees who shall be covered by the Insurance Scheme .
2. The manner in which the accounts of the Insurance Fund shall be kept and the investment of moneys belonging to the Insur- ance Fund , subject to such pattern of investment as may be deter- mined, by order , by the Central Government .
3. The form in which an employee shall furnish particulars about himself and the members of his family whenever required .
4. The nomination of a person to receive the assurance amount due to the employee after his death and the cancellation or variation of such nomination .
5. The registers and records to be maintained in respect of employees , the form or design of any identity card , token or disc for the purpose of identifying any employee or his nominee member of family entitled to receive the assurance amount , or
6. The scales of assurance amount which shall not be less than the average balance in the account of the employee concerned in the Insurance Fund during a period of three years immediately preced- ing his death or more than rupees ten thousand.
7. The minimum average balance to be maintained by an employee in the provident fund to make him eligible for the benefits under the scheme .
5 of 1970.
8. The manner in which the amount due to the nominee or the member of the family of the employee under the scheme is to be paid including a provision that the amount shall not be paid other- wise than in the form of a deposit in a savings bank account , in the name of such nominee or member of family , in any bank specified in the First Schedule to the Banking Companies (Acquisi- tion and Transfer of Undertakings ) Act , 1970 .
9. Any other matter which is to be provided for in the Insur- ance Scheme or which may be necessary or proper for the purpose of implementing that scheme. " .
SEC. 1 ]
THE GAZETTE OF INDIA EXTRAORDINARY
927
CHAPTER III
AMENDMENT OF THE EMPLOYEES' PROVIDENT FUNDS AND FAMILY PENSION FUND ACT, 1952
19 of 1952, 17. In the long title to the Employees' Provident Funds Act, for the words " and family pension fund" , the words " , family pension fund and deposit - linked insurance fund" shall be substituted.
Amend- ment of long title.
18. For sub - section ( 1 ) of section 1 of the Employees ' Provident Funds Act , the following sub- section shall be substituted , namely: --
Amend- ment of section 1 .
"(1) This Act may be called the Employees ' Provident Funds and Miscellaneous Provisions Act, 1952." .
19. In section 2 of the Employees' Provident Funds Act,---
Amend- ment of section 2.
(a) in clause ( c) , the words " or , as the case may be, the Insur- ance Scheme " shall be inserted at the end;
(b) in clause ( ff ) , after the words " a Scheme " , the words " or the Insurance Scheme , as the case may be , " shall be inserted;
(c) in clause (fff ) , after the words " any Scheme " , the words "or the Insurance Scheme , as the case may be " shall be inserted ;
(d) clause ( ia) shall be re - lettered as clause ( ic) and before clause ( ic ) as so re - lettered , the following clauses shall be inserted, namely: -
' (ia ) "Insurance Fund " means the Deposit - linked Insurance Fund established under sub- section (2) of section 6C ;
(ib ) " Insurance Scheme" means the Employees' Deposit- linked Insurance Scheme framed under sub - section (1 ) of sec- tion 6C:' :
(e) in clause (j ) , the words " or, as the case may be , the Insur- ance Fund " shall be inserted at the end.
20. In section 5A of the Employees ' Provident Funds Act,-
Amend- ment of section (a) in sub - section ( 3 ) , after the word , figure and letter " section 6A" , the words , figure and letter serted; and section 6C " shall be in- 5A .
(b) in sub-section ( 4) , for the words " and the Family Pension Scheme", the words " , the Family Pension Scheme and the Insur- ance Scheme" shall be substituted ,
21. In sub - section ( 3) of section 5D , and section 5E , of the Em- ployees' Provident Funds Act , for the words " and the Family Pension Scheme" , the words " , the Family Pension Scheme and the Insurance Scheme" shall be substituted .
Amend- ment of sections 5D and 5E .
22. After section 6B of the Employees ' Provident Funds Act , the following section shall be inserted , namely : -
Insertion of new section 6C.
THE GAZETTE OF INDIA EXTRAORDINARY
[PART II-- 928
'6C. (1) The Central Government may , by notification in the Official Gazette , frame a scheme to be called the Employees ' Deposit- linked Insurance Scheme for the purpose of providing life assurance benefits to such employees as are covered by any Scheme .
Employ- ees' De- posit- linked Insurance Scheme.
(2) There shall be established , as soon as may be after the framing of the Insurance Scheme, a Deposit - linked Insurance Fund into, which shall be paid by the employer from time to time in res- pect of every such employee in relation to whom he is the em- ployer , such amount, not being more than one per cent . of the aggregate of the basic wages , dearness allowance (if any ) for the time being payable in relation to such employee as the Central Government may , by notification in the Official Gazette, specify .
Explanation . For the purposes of this sub - section , the expres- sions " dearness allowance " and " retaining allowance " have the same meaning as in section 6.
(3 ) The Central Government shall , after due appropriation made by Parliament by law, contribute to the Insurance F'und in re- lation to each employee covered by the Scheme an amount repre- senting one -half of the contribution which an employer is required , by sub -section ( 2 ) , to make .
(4) ( a) The employer shall pay into the Insurance Fund such further sums of money , not exceeding one - fouth of the contribution which he is required to make under sub - section ( 2) , as the Central Government may , from time to time , determine to meet all the ex- penses in connection with the administration of the Insurance Scheme other than the expenses towards the cost of any benefits provided by or under that scheme .
(b ) The Central Government shall , after duc appropriation made by Parliament by law , pay into the Insurance Fund such further sums of money representing one -half of the sums payable by the employer under clause ( a) to meet all the expenses in connection with the administration of the Insurance Scheme other than the expenses towards the cost of any benefits provided by or under that Scheme.
(5) The Insurance Fund shall vest in the Board and be ad- ministered by it in such manner as may be specified in the Insurance Scheme .
(6) The Insurance Scheme may provide for all or any of the matters specified in Schedule IV .
(7) The Insurance Scheme may provide that any of its provi- sions shall take effect either prospectively or retrospectively on such date as may be specified in this behalf in that Scheme . ' .
Amend- ment of section 7 ,
23. In sub - section ( 1 ) of section 7 of the Provident Funds Act, for the words " amend or vary the Scheme or the Family Pension Scheme , as thes case may be , " , the words " amend or vary , either prospectively or retrospectively the Scheme, the Family Pension. Scheme or the In- surance Scheme , as the case may be" shall be substituted.
THE GAZETTE OF INDIA EXTRAORDINARY
SEC. 1 ]
929
24. In sub-section (1) of section 7A of the Employees' Provident Funds Act, after the words " Family Pension Scheme", the words " or the Insurance Scheme " shall be inserted.
Amend- ment of section 7A .
25. In clause ( a) of section 8 of Employees ' Provident Funds Act ,-
ment of Amend- section 8.
(a) for the word " Scheme " , wherever it occurs , the words "Scheme or the Insurance Scheme" shall be substituted;
(b) for the words " the Fund " , the words " the Fund or , as the case may be , the Insurance Fund " shall be substituted .
26. In section 8A of the Employees ' Provident Funds Act ,-
Amend- ment of section 8A .
(a) in sub-section (1) , for the words and brackets " The amount of contribution ( that is to say the employer's contribution as well as the employee's contribution) " , the words and brackets " The amount of contribution (that is to say the employer's contribution as well as the employee's contribution in pursuance of any Scheme and the employer's contribution in pursuance of the Insurance Scheme) " shall be substituted;
(b ) in sub - section (2 ) , after the words " employee's contribu- tion" , the words "under any Scheme" shall be inserted .
Amend- ment of section 10.
27. In sub- section ( 3 ) of section 10 of the Employees ' Provident Funds Act , after the words "Family Pension Scheme " , the words " and also in relation to any amount payable under the Insurance Scheme " shall be inserted .
28. In section 11 of the Employees' Provident Funds Act ,-
(a) in clause ( a) ,-
Amend- ment of section 11.
(i) for the word " Scheme" , in both the places where it occurs , the words " Scheme or the Insurance Scheme" shall be substituted;
(ii) after the words " the Fund" , the words " or, as the case may be, the Insurance Fund" shall be inserted;
(b) in clause (b ) , for the words "the provident fund" , in both the places where they occur, the words " the provident fund or any insurance fund" shall be substituted;
(c) the following Explanation shall be inserted at the end, namely: -
'Explanation .In this section and in section 17, " insurance fund" means any fund established by an employer under any scheme for providing benefits in the nature of life assurance to employees , whether linked to their deposits in provident fund or not, without payment by the employees of any separate contri- bution or premium in that behalf.'.
29. In section 12 of the Employees' Provident Funds Act,-
(a) for the word " Scheme " , wherever it occurs , the words "Scheme or the Insurance Scheme" shall be substituted;
Amend- ment of section 12.
THE GAZETTE OF INDIA EXTRAORDINARY
[PART II- 930
(b) for the words " or provident fund" , the words ", provident fund or life assurance" shall be substituted.
30. In section 13, section 14 and section 14A of the Employees ' Pro- vident Funds Act , for the words " the Family Pension Scheme" , wherever they occur, the words " the Family Pension Scheme or the Insurance Scheme" shall be substituted,
Amend- ment of sections 13, 14 and 14A.
31. In section17 of the Employees' Provident Funds Act,-
Amend- ment of section 17.
(a) after sub -section (2) , the following sub -sections shall be inserted, namely:-
"(24) The Central Government may , if requested so to do by the employer , by notification in the Official Gazette , and sub- ject to such conditions as may be specified in the notification, exempt any establishment from the operation of all or any of the provisions of the Insurance Scheme, if it is satisfied that the employees of such establishment are , without making any sep- arate contribution or payment of premium, in enjoyment of benefits in the nature of life assurance , whether linked to their deposits in provident fund or not, and such benefits are more favourable to such employees than the benefits admissible under the Insurance Scheme .
(2B) Without prejudice to the provisions of sub - section ( 1 ) , the Insurance Scheme may provide for the exemption of any person or class of persons employed in any establishment and covered by that scheme from the operation of all or any of the provisions thereof , if the benefits in the nature of life assurance admissible to such person or class of persons are more favour- able than the benefits provided under the Insurance Scheme." ;
(b) after sub-section ( 3 ) , the following sub-section shall be in- serted, namely : -
" ( 3A) Where , in respect of any person or class of persons employed in any establishment, an exemption is granted under sub - section (2A ) or sub- section (2B ) from the operation of all or any of the provisions of the Insurance Scheme (whether such exemption is granted to the establishment wherein such person or class of persons is employed or to the person or class of per- sons as such) , the employer in relation to such establishment-
(a) shall , in relation to the benefits in the nature of life assurance, to which any such person or class of persons is entitled, or any insurance fund , maintain such accounts , submit such returns , make such investments , provide for such facilities for inspection and pay such inspection, charg- es, as the Central Government may direct ;
(b ) shall not , at any time after the exemption without the leave of the Central Government , reduce the total quan- tum of benefits in the nature of life assurance to which any such person or class of persons was entitled immediately before the date of the exemption ; and THE GAZETTE OF INDIA EXTRAORDINARY
SEC. 11
931
(c) shall, where any such person leaves his employ- ment and obtains re- employment in any other establishment to which this Act applies , transfer within such time as may be specified in this behalf by the Central Government , the amount of accumulations to the credit of that person in the insurance fund of the establishment left by him to the credit of that person's account in the insurance fund of the establishment in which he is re- employed or , as the case may be, in the Deposit - linked Insurance Fund. " ;
(c) in sub-section (4 ) , after clause (b ) , the following clauses shall be inserted , namely: -
" (c) in the case of an exemption granted under sub - section (2A) , with any of the conditions imposed under that sub - section or with any of the provisions of sub - section (3A) ;
(d) in the case of an exemption granted under sub - section (2B) , with any of the provisions of sub- section ( 3A ) ." ;
( d) in sub - section ( 5) ,-
(i) for the words , brackets and figure " or sub- section ( 2 ) " , the words, brackets , figures and letter " , sub -section 2, sub- section ( 2A ) or sub -section ( 2B) " shall be substituted ;
( ii) for the words " or the family pension fund " , the words " , the family pension fund or the insurance fund " shall be sub- stituted;
(iii) after the words " Family Pension Scheme" , the words " or the Insurance Scheme" shall be inserted;
(iv) after the words "Family Pension Fund " , the words " or the Insurance Fund shall be inserted.
32. After section 17A of the Employees' Provident Fund Act, the fol- Insertion lowing section shall be inserted , namely: -
of new section 17B .
Act to have effect " 17B. The provisions of this Act shall have effect notwithstand- ing anything inconsistent therewith contained in the Life Insurance Corporation Act , 1956. " .
notwith- standing anything contained in Act 31 of 1956 .
33. In section 18 of the Employees' Provident Funds Act, the words " or the Insurance Scheme" shall be inserted at the end .
Amend ment of section 18.
34. In section19 of the Employees' Provident Funds Act , in the open- ing paragraph , for the words " the Family Pension Scheme " , the words "the Family Pension Scheme or the Insurance Scheme " shall be sub- stituted .
Amend- ment of section 19.
THE GAZETTE OF INDIA EXTRAORDINARY
[PART I- 932
35. After Schedule III to the Employees' Provident Funds Act, the following Schedule shall be inserted, namely: -
Insertion of new Schedule IV.
"SCHEDULE IV
(See section 6C)
MATTERS TO BE PROVIDED FOR IN THE EMPLOYEES' DEPOSIT - LINKED INSURANCE SCHEME
1. The employees or class of employees who shall be covered by the Insurance Scheme.
2. The manner in which the accounts of the Insurance Fund shall be kept and the investment of moneys belonging to the Insur- ance Fund subject to such pattern of investment as may be deter- mined, by order, by the Central Government .
3. The form in which an employee shall furnish particulars about himself and the members of his family whenever required .
4. The nomination of a person to receive the assurance amount due to the employee after his death and the cancellation or varia- tion of such nomination .
5. The registers and records to be maintained in respect of em- ployees , the form or design of any identity card , token or disc for the purpose of identifying any employee or his nominee or member of family entitled to receive the assurance amount .
6. The scales of assurance amount which shall not be less than the average balance in the account of the employee concerned in the Insurance Fund during a period of three years immediately preced- ing his death or more than rupees ten thousand ,
7. The minimum average balance to be maintained by an em- ployee in the provident fund to make him eligible for the benefits under the scheme .
5 of 1970.
8. The manner in which the amount due to the nominee or the member of the family of the employee under the scheme is to be paid including a provision that the amount shall not be paid other- wise than in the form of a deposit in a savings bank account , in the name of such nominee or member of family, in any bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 .
9. Any other matter which is to be provided for in the Em- ployees' Deposit - linked Insurance Scheme or which may be neces- sary or proper for the purpose of implementing that Scheme." .
THE GAZETTE OF INDIA EXTRAORDINARY
SEC. 1 )
933
CHAPTER IV
AMENDMENT OF THE WEALTH - TAX Аст, 1957 AND THE INCOME TAX ACT ,
1961
'ment of 36. In the Wealth - tax Act , 1957 , in sub -section ( 1 ) of section 5 , after Amend- clause ( xviib ) , the following clause shall be inserted , namely: ---- Act
27 of 1957 , " (xviiba) any property held-
46 of1948 .
(a) by the Board of Trustees constituted under the Coal Mines Provident Fund and Miscellaneous Provisions Act , 1948 , on behalf of the Deposit- linked Insurance Fund established under section 3G of that Act ; or
19 of 1952.
(b) by the Board of Trustees constituted under the Em- ployees' Provident Funds and Miscellaneous Provisions Act , 1952 , on behalf of the Deposit- linked Insurance Fund established under section 6C of the Act;" .
Amend- 37. In the Income - tax Act , 1961,-
ment of Act
43 of 1961 .
(a) in section 10, in clause ( 25) , after sub -clause ( iv) , the fol- lowing sub -clause shall be inserted, namely: --
" (2) any income received-
46 of 1948 .
(a) by the Board of Trustees constituted under the Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948, on behalf of the Deposit -linked Insurance Fund estab- lished under section 3G of that Act ; or
19 of 1952 .
(b) by the Board of Trustees constituted under the Em- ployees' Provident Funds and Miscellaneous Provisions Act , 1952, on behalf of the Deposit- linked Insurance Fund establ- ished under section 6C of that Act; ";
46 of 1948 .
(b) in section 17 , in clause ( 2 ) , în sub -clause ( v ) , after the words "superannuation fund" , the words , figures and letters " or a Deposit- linked Insurance Fund established under section 3G of the Coal Mines Provident Fund and Miscellaneous Provisions Act , 1948, or , as the case may be , section 6C of the Employees' Provident Funds and Miscellaneous Provisions Act , 1952 " shall be inserted.
19 of 1952 .
FAKHRUDDIN ALI AHMED .
Presiden
K. K. SUNDARAM,
Secy. to the Govt . of India .
PRINTED BY THE GENERAL MANAGER , GOVERNMENT OF INDIA PRESS , MINTO ROAD, NEW DELHI AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS , DELHI, 1976