Para 12.28 — MSO (A&E)
Original Rule Text
12.28
(i) The check of final withdrawals of part of the accumulations for specific purposes like house building, marriage expenditure etc. wherever admissible under the rules of the fund, consists in seeing the following points among other things:-
(a) that the withdrawal has been sanctioned by the competent authority;
(b) that the amount is covered by the balance at the credit of the subscriber; and
(c) that the sanction is in conformity with the rules of the fund.
In cases where the withdrawal sanctioned is in excess of the amount to the credit of the subscriber or exceeds admissible limits or is otherwise inadmissible, the Accounts Officer shall require the sanctioning authority to recover from the subscriber the amount withdrawn in full.
(ii) In conducting the check of final withdrawals for the purposes mentioned in sub-para 1 of this paragraph, the following procedure should be observed:-
(a) on receipt of the sanction for a final withdrawal, its particulars should be prominently noted in the remarks column of the ledger card/account under proper attestation by the Branch Officer.
(b) the receipt of the debit on account of the withdrawal should be watched in the course of monthly posting of ledger cards/accounts as well as in the review of posting and review of ledger cards/accounts to be conducted by Accountant/Examiner vide paragraphs 12.42
(ii) and 12.58 while conducting the check/review, the examination of the ledger cards/accounts should include a check that there is no delay in the receipt of the debit on account of such final withdrawal.
(c) the Section Officer should also exercise the checks detailed above
# TRANSFER OF ACCOUNTS
to the extent as may be prescribed. A record of part final withdrawals should be kept in a register of part final withdrawals in Form 34.
- MAINTENANCE OF PROVIDENT FUND ACCOUNTS GENERAL
What This Means
When a subscriber makes a partial final withdrawal (for purposes like house building or marriage expenses), the Accounts Officer must check that: the withdrawal has proper sanction from competent authority, the amount does not exceed the subscriber's balance, and the sanction conforms to fund rules. If the withdrawal exceeds the balance or the admissible limit, the sanctioning authority must recover the excess. All partial final withdrawal details must be noted in the ledger card, tracked for timely debit receipt, and recorded in a Register of Part Final Withdrawals (Form 34).
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Part final withdrawals require sanction from competent authority
- 2Amount must not exceed the subscriber's credit balance or admissible limits
- 3Excess or inadmissible withdrawals must be fully recovered from the subscriber
- 4Particulars are noted in the ledger card and attested by the Branch Officer
- 5A Register of Part Final Withdrawals (Form 34) tracks all such cases
- 6Debit receipt is monitored during monthly posting and periodic reviews
Practical Example
A subscriber applies for a part final withdrawal of Rs 5,00,000 from GPF for house construction. His balance is Rs 8,00,000 and the fund rules allow up to 75% (Rs 6,00,000). The Accounts Officer verifies the sanction, confirms Rs 5,00,000 is within limits, notes the details in the ledger card and Form 34. During monthly posting, the Accountant checks that the debit for Rs 5,00,000 has come through without delay.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
What happens if a part final withdrawal exceeds the admissible limit?▼
What is Form 34 used for?▼
Who attests the withdrawal entry in the ledger card?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.