Para 12.32 — MSO (A&E)

12.32 The accounts of subscribers should be maintained in loose ledger cards in Form No. 32 one card being opened for each subscriber. The fact of admission to the fund and the receipt and acceptance of Nomination in favour of a nominee or nominees should be noted at the top of Form 32 and the entries attested under the dated initials of the Branch Officer. The entries relating to "Name", "Number" etc. of subscriptions which should be noted at the top of the form should be attested by the Section Officer. All the opening entries in the new ledger cards, viz. the rate of subscriptions, opening balances, advances outstanding, details of insurance policies, acceptances of nominations, stoppages of subscription etc. should be attested by the Section Officer.

In the case of transfer of account from one circle to another also, an account should not be opened unless it has been formally transferred by the accounts officer who was previously maintaining the same and has been duly accepted in the new account circle. The fact of acceptance of the fund account and other relevant entries should be attested by the Branch Officer.

In the case of cash payments either of subscription, refund of advances or on account of realisation of the proceeds of a policy, the date of receipt should be noted invariably on the account. In cases of withdrawals for insurance payments and substitution of premia for subscription to the fund, a reference to the item No. in the Stock Register of Insurance Policies and brief notes

showing the amount of subscription substituted should be given prominently on the account and such references or notes should be carried forward from year to year. The date of maturity and release/transfer of a policy should also be noted in the Ledger. This will serve as a check of withdrawals from the Provident Fund for financing the policies.

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

• 1One ledger card (Form 32) per subscriber, maintained as a loose card
• 2Fund admission and nomination acceptance noted at the top, attested by Branch Officer
• 3Opening entries (subscription rate, balances, advances, policies) attested by Section Officer
• 4Transferred accounts require formal acceptance and Branch Officer attestation
• 5Cash payment dates, insurance policy details, and maturity dates are recorded prominently
• 6All important notes are carried forward from year to year

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.