Para 12.8 — MSO (A&E)
Original Rule Text
12.8 The certified lists should be prepared in form 28.
As no interest is allowed for the month of payment on cash subscriptions received after the 4th of the month and as subscriptions deducted from a bill bear interest as though they had been received on the 1st of the month, care should be taken to show the two classes separately in the relevant money columns of the certified list.
# POSTAL INSURANCE AND LIFE ANNUTIY FUND
What This Means
Certified lists for the Postal Insurance and Life Annuity Fund must be prepared in Form 28. A key distinction is made between cash subscriptions received after the 4th of the month and subscriptions deducted from pay bills. Cash subscriptions received after the 4th do not earn interest for that month, while pay bill deductions earn interest as if received on the 1st. These two types must be shown separately in the certified list to ensure correct interest calculation.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Certified lists for Postal Insurance/Life Annuity Fund use Form 28
- 2Cash subscriptions after the 4th of month: NO interest for that month
- 3Pay bill deductions: earn interest as if received on the 1st of the month
- 4The two types must be shown in separate columns in the certified list
- 5Correct separation is critical for accurate interest computation
Practical Example
A government servant subscribes to the Postal Insurance Fund. In January, Rs. 500 is deducted from his pay bill (processed as received on January 1) and he also makes a cash payment of Rs. 200 at the post office on January 8. In the certified list (Form 28), the Rs. 500 appears in the 'deduction from bill' column and earns January interest, while the Rs. 200 appears in the 'cash received after 4th' column and earns interest only from February. Mixing these amounts in one column would lead to incorrect interest calculation.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
Why is the 4th of the month the cutoff date for cash subscriptions?▼
Why do pay bill deductions automatically get interest from the 1st?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.