Rule 304 — GFR

Rule 304 (1) Provident Funds. The procedure relating to the recovery of, subscriptions to and withdrawals from, the Provident Funds established under accordance with the provisions of the respective Provident Fund Rules. Following instructions should be carefully observed by the Head of the Offices for correct preparation of the Provident Fund schedules: -

(i) A complete list of subscribers to each fund should be maintained in each disbursing office in the form of the schedule.

(ii) Each new subscriber should be brought on this list and any subsequent changes resulting from his transfer or in the rate of subscription etc. clearly indicated in the schedule.

(iii) When a subscriber dies, quits service or is transferred to another office, full particulars should be duly recorded in the list.

(iv) In the case of transfer of a subscriber to another office, the necessary note of transfer should be made in the list of both the offices.

(v) From this list the monthly schedule to be appended to the pay bill should be prepared and tallied with recoveries made 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.