PLI & NPS Rules | KartavyaDesk

Original Rule Text

before the submission of the bill for payment. (vi) Similar provisions shall also be made towards subscribers to New Pension System (NPS). Rule 304 (2) Crediting of Interest. The deposit accounts of these funds on the Government book will be credited with interest at such rates and at such intervals as may be prescribed by Ministry of Finance in each case. Rule 305 (1) Maintenance of a register for recovery of Postal Life Insurance Premia. All drawing officers should maintain in Form (GFR 20) record of Postal Life Insurance policy (PLI) holders. Rule 305 (2) The register should be kept upto date, the names of the policy holders should be noted in alphabetical order according to surnames, leaving sufficient space between two entries to enable newcomers names being inserted in the right place. (i) A separate entry should be made in the register for each policy in the case of a policy holder having more than one policy. (ii) On receipt of an intimation from the Director, Postal Life Insurance, Kolkata, about the issue of a policy in favour of a subscriber authorizing the Drawing Officer to commence recovery from pay, or on receipt of a Last Pay Certificate in respect of the subscriber transferred from another office, the Drawing Officer should make a note of the particulars of the policy in the register. The name of the office from which the subscriber has been transferred should invariably be noted in the remarks column. Wherever a subscriber is transferred to another office or his policy is discharged, his name should be scored out from the register giving necessary remarks. (iii) After the preparation of the monthly pay bill, the amount of recovery on account of PLI premium shown in the bill should be posted in the monthly column in the register with proper reference to the bills or the vouchers. The fact of excess or non-recovery should be briefly noted in the remarks column. Extracts should be attached to the relevant bills in support of the recoveries. While taking extracts it should be seen that the names of those insurants from whom recoveries were made in previous months but no recoveries have been made during the current month either on account of transfer or discharge of that policy or on account of leave salary being not drawn or the official being on leave without pay, should be included in the current month's schedule and necessary remarks noted against their names. (iv) Similarly, the remarks 'New Policy' or Transferred from ……………………………Office should

What This Means

This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.

Key Points

• •Interest on Government book deposit accounts will be credited as per Ministry of Finance guidelines.
• •Drawing Officers must maintain a register (Form GFR 20) for Postal Life Insurance (PLI) policy holders.
• •The PLI register should be kept up-to-date and organized alphabetically by surname.
• •Detailed records of PLI premium recoveries must be maintained, including references to bills and vouchers.
• •Transfers, discharges, and non-recoveries related to PLI policies must be documented in the register.

Practical Example

This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.

Frequently Asked Questions

This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.