Appendix XVI — GPF_MANUAL

April May June July Aug. Sept Oct Nov Dec Jan Feb Mar. 78 66 55 45 36 28 21 15 10 6 3 1

April May June July Aug. Sept Oct. Nov Dec Jan Feb March 12 23 33 42 50 57 63 68 72 75 77 78

Multiply the rate of subscription with the figure shown below the month in which the subscription is commenced and allow interest on that sum at the rate current for the year with the aid of the interest table.

Example:- Rate of subscription is Rs. 20 payment commences in May And is continued till the end of the year:- Interest = 20 x 66 = Rs.1,320. Principal Interest Taking the rate at 4% for .. Rs.1320 Rs.4.40

.. Rounded off to the nearest Rupee Rs.4/-.

(b) On any uniform sum beginning in April and discontinuing from any month during the year:-

Multiplying the rate of subscription with he figure below the month in which the last installment is paid and allow interest on that sum at the rate current for the year with the aid of the interest table.

Example:- Rate of subscription Rs.20 last installment paid in September. Interest =20x57 = Rs.1140 Principal Interest Taking the rate at 4% for .. Rs.1140 Rs. 3.80 Total Rs. 3.80 Rounded off to the nearest rupee.. Rs.4/-.

APPENDIX XVI – ALTERNATIVE METHOD OF CALCULATING INTEREST.

(a) On any uniform sum beginning in any month and continuing till the end of the year:-

(c) On a single sum deposited or withdrawn in any one month:- Multiply the rate of subscription with the number of month remaining in the year including in which the deposit or the withdrawals is made, and allow interest on that sum at the rate current for the year with the aid of the interest table.

Example:- Rate of subscription is Rs.20, deposited in October. Interest = 20 x 6 = Rs.120 Principal Interest Taking the rate at 4% .. Rs. 120 Rs. 0.40

Note:- Interest is rounded to the nearest Rupee in the case of Provident Funds.

Note:- The procedure explained in the circular below is based on Central Government Orders issued from time to time.

Subject:- Rate of Interest on Provident Fund Deposits Method of Computing Interest. The rates of interest on deposits and also on balances at the credit of subscribers to the General Provident Fund and other similar funds during the financial year 1968-69 and 1969-70 have been fixed at 5.10% per annum and at 5.25 per cent per annum respectively, for the first Rs.10,000/- And at 4.80% per annum for any same in excess of Rs.10,000/- Accumulation upto Rs.10,000/-(inclusive of deposits and withdrawals) will carry interest at 5.10 per cent per annum (during 1968-69) and at 5.25 per cent per annum(during 1969-70) and interest rate of 4.80 per cent per annum will apply to sums in excess of Rs.10,000.

GOVERNMENT OF MAHARASHTRA FINANCE DEPARTMENT Circular No.PRF-1468-10198-VII. Sachivalaya, Bombay- 32 (BR), dated 1st November 1969.

1. It has been brought to the notice of Government that difficulties would arise in the calculation of interest in accordance with the provisions of Rule 13(2) of the Bombay Civil Service Provident Fund Rules, 1961, and similar provisions in other Provident Fund Rules, if the slab system of computing the interest is to be applied. This difficulty would be felt in cases where the balance at the credit of a subscriber is Rs. 10,000 or less at the commencement of the year 1968-69 and 1969-70 and increases on credit of further subscriptions to over Rs.10,000 at any time during the year, or where the balance at the credit of a subscriber is more than Rs.10,000 at the commencement of the years 1968-69 and 1969-70 but falls below Rs.10,000 during the course of the year on account of withdrawals etc. In order to obviate the difficulty it has been decided that in relaxation of the provisions of Rule 13(2) of the Bombay Civil Services Provident Fund Rules, 1961 and similar provisions in other Provident Fund Rules, the interest may be calculated at the appropriate rate on the average monthly balance for the year in the individual subscriber’s account as indicated in the enclosed Statement *I.

2. A doubt has also been raised whether in the case of Contributory Provident Fund, the limit of Rs.10,000 for crediting interest at the higher rate should be applied separately to the subscription and Government contribution portions of the subscriber’s account. The correct position is explained in the succeeding paragraph.

4. The balance in a subscriber’s Contributory Provident Fund account at the beginning of a financial year will consist of the subscriber’s own subscription including interest thereon plus Government’s contribution including interest thereon up to the end of the preceding financial year. If, “A” and “B” represent these amounts respectively, then the balance at the commencement of the financial year in question will be Rs. A + B. During the financial year the subscriber will make him own subscription, whereas Government’s contribution will be credited only at the end of the financial year. In case, Rs. C and Rs. D be the subscription during the financial year and Government’s contribution at the end of the financial year respectively, interest on Rs. A+B+C will have to be calculated in accordance with the method set out in the statement attached to the Circular. Similarly, interest of Rs. A+C should be calculated following the same method to determine the interest on the subscription portion. The interest on Government contribution will be interest on Rs. A+B+C minus interest on Rs. A+C. These instructions also apply for the calculation of interest for a part of a year.

5. A point has also been raised as to how the interest for the balances in the General Provident Fund and other accounts closing during the year should be calculated. The interest in such cases will be calculated at the appropriate rate on the average monthly balance for such part of the year for which interest is admissible. The method of calculation is indicated in the enclosed Statement. II.

Month Subscription (Rs.) Refunds (Rs.) Withdrawals (Rs.) Balance at the end of each month.(Rs) April 1968 100 - - 9,600 May 1968 100 - - 9,700 June 1968 100 - - 9,800 July 1968 100 - - 9,900 August 1968 100 - - 10,000 September 1968 100 - - 10,100 October 1968 100 - - 10,200 Novembe r 1968 100 - 1,200 9,100 December 1968 100 - - 9,200 January 1969 100 50 - 9,350 February 1969 100 50 - 9,500 March 1969 100 50 - 9,650 Total 1,16,100 Average Monthly Balance 1,16,100 12 i.e., 9675 9,675

ACCOMPANIMENT TO GOVERNMENT CIRCULR, FIANANCE DEPARTMENT , NO. PRF-1468-10198-VII, DATED THE 1ST NOVEMBER 1969. STATEMENT -I Method of Calculation of Interest Balance as on 1.4.1968 =9.500

Rate of Interest to be applied 5.10% on Rs. 9675/-

Note:- If the average monthly balance works out to more than Rs.10,000 say Rs.12,000 interest will be calculated as follows:-

Deposit Withdrawal Progressive Balance Opening balance (i.e.,C.B.of 1968) 42,053 April 1968 400 .. 42,453 May 1968 400 18,000 24,853 June 1968 400 20,000 5,253 July 1968 .. .. 5,253 August 1968 .. .. 5,253 Total 1,200 38,000 83,065

(i) On Rs.10,000 .. At 5.10% (during 1968-69) .. At 5.25% during 1969-70

(ii) On the balance, viz., Rs.2,000 .. At 4.80% .

Progressive total as above 83,065. Monthly average upto 8/68( 5 months 83,065(16,613) therefore

(i) Interest on first 10,000(out of average of 16,612) is Rs. 10,000 x 5 x 51* x 1 = 212.50 12 10 100 and

(ii) the remaining amount of interest is 6613 x 5 x 24 ** x 1 12 5 100 = 132.26 Total interest

(i) Rs. 212.50 (+)

(ii) Rs. 132.26 344.76 i.e., Rs. 345/-.

FORM OF APPLICATION FOR FINAL PAYMENT/TRANSFER TO CORPORATE BODIES/OTHER GOVERNMENTS OF BALANCE IN THE________________________PROVIDENT FUND ACCOUNT.

* At 5.10% (during 1968-69) and 5.25%(during 1969-70) ** At 4.80% (on the balance remaining after the first Rs.10,000) ( For Gazetted and Non-Gazetted Government servants )

To The Accountant General, ___________________ (Through the Head of Office) I am to retire/have retired/have proceeded on leave preparatory to retirement for _____________ months/have been discharged/_________ dismissed /have been permanently transferred to ____________________ ________________________________ have resigned finally from Government service/have resigned service under ____________________ ____________________ Government to take up appointment with_______ ___________________________________________________________ and any resignation has been accepted with effect from _______________ forenoon/afternoon. I joined service with _____________ on ____________ forenoon/afternoon.

2. My Provident Fund Account Number is ______________________ 3. I desire to receive payment through my office/through the ________

_________________________ Treasury/sub-Treasury particulars of my personal marks of identification, left hand thumb and finger impressions(in the case of illiterate subscriber) and specimen signature(in the case of literate subscribers) in duplicate, duly attested by a gazetted officer of the Government are enclosed.

( To be filled in when the application for final payment is submitted up to the year prior to retirement) 4. I request that the amount of Rs.________________ standing to the credit in my General Provident Fund Account as indicated in the_________ ___________________________________________________________

+ This applies only when payment is not desired through the Head of Office. Accounts Statements issued to me for the year __________________ (enclosed) as appearing in my ledger account being maintained by you may please be arranged to be paid to me as first installment of final payment by you at ___________________________________ Treasury/Sub-Treasury/Head Office.

5. The under mentioned Life Insurance Policies were being financed by me from my Provident Fund Account. Policy No. Name of the Company Sum assured.

6. After payment of the first installment of my Provident fund balance, I will apply for the payment of subsequent installments in part I of the form immediately on retirement.

Station______________ Date: Yours faithfully, Signature: Name and Address:

Temporary Advances. Final Withdrawals. 5. Certified that the following amounts were withdrawn from his/her account to finance the Life Insurance Policy.

2. The Provident Fund Account Number of Shri Smt./Kumari_______ ____________________________________ as verified from the statements furnished to him/her from year to year is _________________.

3. He/ She is due to retire from Government service on ___________ ________________________________________________________.

4. Certified that He/ She had taken the following advances in respect of which ________________________ installments of Rs.______________ are yet to be recovered and credited to the Fund Account. The details of the final withdrawals granted to him/her after the period covered by the aforesaid Account Statement are indicated below:-

FOR USE BY HEADS OF OFFICES 1. Forwarded to the Accountant General ______________________ ______________________________ for necessary action.

Signature of the Head of Office. In continuation of earlier application dated ______________ for the final payment of Provident Fund balances, I request that the entire balance at my credit with interest due under the rules may be paid to me.

I request that the entire amount at my credit with interest due under the rules may be paid to me/transferred to __________________________

Signature: Name and Address: ( FOR USE BY HEADS OF OFFICES) 1. Forwarded to the Accountant General/_______________________ For necessary action in continuation of endorsement No.______________ Dated ____________________.

2. He/ She has finally retired/will proceed on leave preparatory to retirement for __________________ months/has been discharged/dismissed/has been permanently transferred to ____________has resigned finally from Government service/has resigned service under _____________________________________

Government to take up appointment with ____________________And his/her resignation has been accepted with effect from ___________Forenoon/afternoon. He joined service with ______________________On ________________________ forenoon/afternoon.

3. The last fund deduction was made from his/her pay in this office Bill No. ____________________dated _________________for Rs._________ (Rupees_______________________________________) cash voucher No._________________________ of ____________________Treasury the amount of deduction being Rs._________________________ and recovery on account of refund of advance Rs. _____________________.

4. Certified that he/she was neither sanctioned any temporary advance for any final withdrawal from his/her provident fund account during the 12 months immediately preceding the date of his/her quitting service under _______________________________ Government/proceeding on leave preparatory to retirement or thereafter.

Certified that the following temporary advances/final withdrawals were sanctioned to him/her and drawn from his/her provident fund account during the 12 months immediately preceding the date of his/her quitting service under Government/proceeding on leave preparatory to retirement or thereafter.

Amount of Advance/Withdrawals Date Voucher No. 6. Certified that no amount was withdrawn/the following amounts were withdrawn from his/her provident fund account during the 12 months immediately preceding the date of his/her quitting service under ___________________________ Government/ proceeding on leave preparatory to retirement or thereafter for proceeding on leave preparatory to retirement or thereafter for payment of Insurance premia or for the pruchase of a new policy.

Amount. Date Voucher Number. 1. 2. 3. *6 It is certified that no demand/following demands of Government are due for recovery. @7 Certified that he/she has not resigned from Government service with prior permission of the State Government to take up an appointment in another Department of the State Government or under another Government/or under body corporate owned or controlled by the State or under the Central Government. __________________________ Signature of Head of Office/Department.

* Certificate Number 6 to be furnished in the Case of Contributory Provident Fund only. @ Please score out if not necessary.