Para 12.19 — MSO (A&E)
Original Rule Text
12.19 The main checks to be applied on temporary withdrawals are:-
(i) that the advance has been sanctioned by a competent authority;
(ii) that the amount sanctioned is covered by the balance at the credit of the subscriber;
(iii) that the conditions under which the advances can be granted under the rules of the fund are fulfilled; and
(iv) that recoveries on account of principal and interest if due under the G.P.F. Rules are being made regularly.
What This Means
When a subscriber takes a temporary withdrawal (advance) from their Provident Fund, four main checks must be applied: (1) the advance must be sanctioned by a competent authority, (2) the amount must not exceed the subscriber's credit balance, (3) the conditions for granting the advance under the fund rules must be satisfied, and (4) recoveries of principal and interest (if applicable under GPF rules) must be monitored for regularity.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Advance must be sanctioned by competent authority
- 2Amount must be covered by the subscriber's credit balance
- 3Conditions for the advance under fund rules must be fulfilled
- 4Recovery of principal and interest (where applicable) must be regular
- 5These checks apply to all temporary withdrawals from any Government Provident Fund
Practical Example
A subscriber applies for a temporary advance of Rs 1,50,000 from GPF for his daughter's wedding. The Fund Section checks: (1) the sanction is from the Head of Department (competent authority), (2) his balance is Rs 4,20,000 (sufficient), (3) the purpose qualifies under GPF rules, and (4) recovery in 24 monthly instalments of Rs 6,250 is set up and monitored for regular deduction.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
What if the advance amount exceeds the subscriber's balance?▼
Is interest always charged on temporary PF advances?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.