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Sunday, July 25, 2010

General provident fund (GPF) ---Conditions for getting advance and final withdrawals A REVIEW

 Advance from the Fund:- An Advance may be sanctioned to a subscriber from the amount at credit in his G.P.F account on receipt of his written application in prescribed proforma, for one or more of the following purposes:
 
1.
2.
Purpose of Advance
Amount of Advance permissible.
1. Illness: Expenditure in connection with illness, confinement or a disability including the traveling expenses of the subscriber and members of his family or any person actually dependent on him.   
ii. To meet cost of higher education, including traveling expenses of the subscriber and members of his family or any person actually dependent on him in the following cases:
a). for education outside India for academic, technical, professional or vocational course beyond high school stage.
b). for any medical, engineering or other technical or specialized course in India beyond the high school stage provided that the course of study is for not less than three years.   
iii.  Obligatory expenses: To pay obligatory expenses in connection with betrothals or marriages, funerals or other ceremonies including first shradha ceremony.

  iv. Cost of legal proceedings: To meet the cost of legal proceedings instituted by the subscriber for indicating his position in regard to any allegations made against him in respect of any act done or purporting to have been done by him in the discharge of his official duty.    

v.  Cost of Defence:
 To meet the cost of the subscriber’s defence where he engages a legal practioner to defend himself in an inquiry in respect of any alleged official misconduct on his part.   
vi.  Purchasing conveyance for personal use:  To purchase motor-car or motor-cycle or two wheeler scooter or a moped for his personal use.
An advance shall not, except for special reasons to be recorded in writing by the competent authority, exceed six months pay or half the amount at the credit of the subscriber in the fund whichever is less  
-do-
                           



-do-
       

The advance shall not exceed three months pay or Rs. 500/- whichever is higher and shall in no case exceed half the amount at credit of the subscriber in the Fund.         

The advance shall not exceed three months pay or Rs. 500/- whichever is higher and shall in no case exceed half the amount at credit of the subscriber in the Fund.  



The advance shall not exceed 3/4th of the balance at his credit in the Fund or the actual price of the vehicle whichever is less.

   
  Part Final Withdrawals(Non Refundable Advances) from the Fund:- Subject to the conditions specified in rule 13.29 (c) 13.29(D) and 13.29 (E), the competent authority may sanction withdrawal to a subscriber for the purposes laid down in clauses (a) to (d) of rule 13.29(B) from the amount standing to his credit for any one or more of the following purposes, subject to eligibility and limitations mentioned against each:  

PURPOSE
ELIGIBILITY
LIMITATION
a)(i)  Building or acquiring a suitable house for his residence including the cost of site or repaying any outstanding amount on account of loan expressly taken for this purpose or reconstruction or making additions or alterations (or repairs) to a house already owned or acquired by a subscriber.

(ii)  Purchasing a house site or repaying any outstanding amount on account of loan expressly taken for this purpose. 
(iii)   Construction of a house on a site purchased by utilizing the sum withdrawn under sub-clause(ii)
10 years of service (including broken period of service, if any) or within 10 years before the date of his retirement on superannuation



-do-




-do-



To the extent of 90% of the amount standing at the credit of the subscriber.








-do-




-do-
b)  Meeting the cost of higher education of any child of the subscriber in the following cases, namely:-
(i)  For education outside India for academic, technical, professional or vocational course beyond the high school stage, and
(ii)  For medical, engineering and other technical or specialized courses in India beyond the high school stage, provided that the course of study is not less than three years duration.
20 years of service (including broken periods of service, if any) or within 10 years before the date of his retirement on superannuation.
To the extent of one half of the amount standing at the credit of the subscriber in the Fund or three months pay whichever is less. The withdrawals from the Fund may be permitted once every six months i.e twice in any financial year.
c)  Meeting the expenditure in connection with the marriage of the subscriber’s daughter(s) or if the subscriber has no daughter, that of any other female relation dependent on him.
-do-
To the extent of 12 months pay or 75% of the amount standing at the credit of the subscriber in the Fund whichever is less.
d)  Meeting the expenditure in connection with the marriage of subscriber’s son(s) (Provided that no withdrawal to the subscriber shall be sanctioned for the marriage of his children before attaining the age of 21 years in case of son and 18 years in the case of daughter or dependent female relation, as the case may be)
-do-
-do-
A)  Non refundable advance for acquisition of Farm Land or Business Premises
Within six months prior to the date of retirement on superannuation.
To the extent of 90% of the amount standing at the credit of the subscriber.
B)  Non Refundable Advance for purchase of a motor Cycle or two wheeler scooter or a moped.
Once during the entire service after completion of 15 years of service (including broken period of service, if any) or within 10 years before the date of retirement on superannuation.
To the extent of 75% of the balance at the credit of the subscribe or the actual price of the vehicle whichever is less.


      courtesy;AGs office

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