Home› India› Ministry of Petroleum and Natural Gas› Amendment in OIDB Staff Provident (SPF) Rules, 2013...
Date: 22-Apr-2024 Category: Extra Ordinary State: Union Government Country: India

Amendment in OIDB Staff Provident (SPF) Rules, 2013

Issued by Ministry of Petroleum and Natural Gas · Exploration Division

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

What it means

  • The notification introduces the Oil Industry Development Board Staff Provident Fund (Amendment) Rules, 2024. These rules amend the Oil Industry Development Board Staff Provident Fund Rules, 2013, to align with Income Tax Rules and clarify contribution limits.
  • The amendments primarily focus on ensuring that the sum of monthly subscriptions, including arrears and interest, does not exceed specified limits as per Income Tax Rules.

Key Changes

  • Rule 8 is amended to ensure that the total monthly subscription during a financial year, along with any arrears, does not exceed the limit specified in Rule 9(1)(b).
  • Rule 9(1)(b) is amended to specify that the total monthly subscriptions in a financial year should not exceed the threshold limit defined in Rule 9D(2) of the Income Tax Rules, 1962.
  • Rule 9(4) is amended by removing the first proviso and the word 'further' from the second proviso.
  • Rule 9(5) is inserted to clarify that any adjusted subscription amount (fixed, reduced, or enhanced) remains subject to the minimum and maximum limits specified in Rule 9(1).
  • Rule 10(3) is amended to ensure that the total monthly subscriptions, including arrears and interest, do not exceed the limit specified in Rule 9(1)(b).

Impact Analysis

Impact on Employees

  • Action Item: HR and Finance departments should communicate these changes to all employees and provide guidance on how the new rules affect their contributions and tax planning.

Impact on Oil Industry Development Board

  • Action Item: The Board should review and update its internal policies and procedures to reflect the changes introduced by these amendments.

Impact on Government

  • Action Item: The Ministry should monitor the implementation of these rules and provide clarifications as needed.

Key Entities Referenced

Oil Industry Development Board: The entity responsible for managing the Staff Provident Fund, which is governed by these amended rules. Oil Industry (Development) Act, 1974: The principal act under which the Central Government is authorized to make rules for the Oil Industry Development Board. Oil Industry Development Board Staff Provident Fund Rules, 2013: The original rules that are being amended by this notification. Income Tax Rules, 1962: The tax rules with which the Provident Fund rules need to align, specifically Rule 9D(2). Ministry of Petroleum and Natural Gas: The ministry responsible for issuing the notification and overseeing the Oil Industry Development Board.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-22042024-253808 CG-DxLx-xEG-I2D2H0x4x2x0 24-253808 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 235] नई ददल्ली, सोमिार, अप्रैल 22, 2024/ििै ाख 2, 1946 No. 235] NEW DELHI, MONDAY, APRIL 22, 2024/VAISAKHA 2, 1946 परे ोजलयम और प्राकृजतक गसै मत्रं ालय अजधसचू ना नई ददल्ली, 22 अप्रैल, 2024 सा.का.जन. 249(अ).—केंद्रीय सरकार, तेल उद्योग (जिकास) अजधजनयम, 1974 (1974 का 47) की धारा 31 की उप-धारा (2) के खंड (आर) द्वारा प्रदत्त िजियों का प्रयोग करते हुए तेल उद्योग जिकास बोडड कमडचारी भजिष्य जनजध जनयम, 2013 में संिोधन करन े के जलए जनम्नजलजखत जनयम एतद्द्वारा बनाती ह,ै अथाडत ् :- 1. इन जनयमों को तले उद्योग जिकास बोडड कमडचारी भजिष्य जनजध (संिोधन) जनयम, 2024 कहा िाएगा। 2. िे सरकारी रािपत्र में इनके प्रकािन की तारीख से प्रिृत्त होंगे। 2. तले उद्योग जिकास बोडड कमचड ारी भजिष्य जनजध जनयम, 2013 में - (क) जनयम 8 म,ें उप-जनयम (1) के बाद, जनम्नजलजखत उप-जनयम को अंत:स्ट्थाजपत दकया िाएगा, अथातड ्: “(1क) एक जित्त िर्ड के दौरान उप-धारा (1) में संदर्भभत माजसक अजभदान की राजि, उस जित्त िर्ड में िमा की गई बकाया अजभदान की राजि के साथ, जनयम 9 के उप-जनयम (1) के खंड (ख) के दसू रे परंतुक म ें जिजनर्ददष्ट सीमा स ेअजधक नहीं होगी।“; (ख) जनयम 9 म,ें - (i) उप-जनयम (1) म,ें खंड (ख) में, परंतुक के बाद, जनम्नजलजखत परंतुक अतं :स्ट्थाजपत दकया िाएगा, अथातड ्: - “बिते दक एक जित्त िर्ड में माजसक अजभदान का योग आयकर जनयम, 1962 के जनयम 9 घ के उप-जनयम (2) के नीच े 2647 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] स्ट्पष्टीकरण के खंड (ग) के उप-खंड (i) में जनर्ददष्ट सीमा से अजधक नहीं होगा।” ; (ii) उपजनयम (4) म,ें - (क) पहल े परंतुक का लोप दकया िाएगा; (ख) दसू रे परंतुक म,ें "आग"े िब्द का लोप दकया िाएगा; (iii) उप-जनयम (4) के बाद, जनम्नजलजखत उप-जनयम अंत:स्ट्थाजपत दकया िाएगा, अथाडत:् - "(5) उप-जनयम (3) के तहत तय की गई अथिा उप-जनयम (4) के तहत घटाई अथिा बढाई गई अजभदान की राजि, उप-जनयम (1) में जिजनर्ददष्ट न्यनू तम और अजधकतम सीमा के अधीन होगी।"; (ग) जनयम 10 म,ें उप-जनयम (3) म,ें जनम्नजलजखत परंतुक अतं :स्ट्थाजपत दकया िाएगा, अथाडत:् - “बिते दक एक जित्त िर् ड के दौरान माजसक अजभदान का योग, अजभदान की बकाया राजि और उस जित्त िर्ड म ें िसूल े गए ब्याि के साथ, दकसी भी जस्ट्थजत म,ें जनयम 9 के उप-जनयम (1) के खंड (ख) के दसू रे प्रािधान में जिजनर्ददष्ट सीमा स े अजधक नहीं होगा।" नोट:- मूल जनयम भारत के रािपत्र, असाधारण, भाग II, खंड 3, उप-खंड (i) में तारीख 29 िनिरी, 2013 को अजधसूचना संख्या सा.का.जन. 49 (ई) तारीख 29 िनिरी, 2013 द्वारा प्रकाजित दकए गए थे। [फा. स.ं ईएक्सपीएल-11032(11)/17/2022-ईएक्सपीएल-आई-पीएनिी) (ई-46530)] अजमत बंसल, उप सजचि MINISTRY OF PETROLEUM AND NATURAL GAS NOTIFICATION New Delhi, the 22nd April , 2024 G.S.R. 249(E).—In exercise of the powers conferred by clause (r) of sub-section (2) of Section 31 of the Oil Industry (Development) Act, 1974 (47 of 1974), the Central Government hereby makes the following rules to amend the Oil Industry Development Board Staff Provident Fund Rules, 2013, namely :- 1. These rules may be called the Oil Industry Development Board Staff Provident Fund (Amendment) Rules, 2024. 2. They shall come into force on the date of its publication in the Official Gazette. 2. In the Oil Industry Development Board Staff Provident Fund Rules, 2013, - (a) in rule 8, after sub-rule (1), the following sub-rule shall be inserted, namely: - “(1A) The sum of monthly subscription referred to in sub-section (1) during a financial year together with the amount of arrear subscriptions deposited in that financial year shall not exceed the limit as specified in the second proviso to clause (b) of sub-rule (1) of rule 9.”; (b) in rule 9, - (i) in sub-rule (1), in clause (b), after the proviso, the following proviso shall be inserted, namely :- “Provided further that the sum of monthly subscriptions in a financial year shall not exceed the threshold limit referred to in sub-clause (i) of clause (c) of the Explanation below sub-rule (2) of rule 9D of the Income Tax Rules, 1962.” ; (ii) in sub-rule (4), - (A) the first proviso shall be omitted; (B) in the second proviso, the word “further” shall be omitted;[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3 (iii) after sub-rule (4), the following sub-rule shall be inserted, namely: - “(5) The amount of subscription fixed under sub-rule (3), or reduced or enhanced under sub-rule (4), shall be subject to the minimum and maximum limit specified in sub-rule (1).”; (c) in rule 10, in sub-rule (3), the following proviso shall be inserted, namely: - “Provided that the sum of monthly subscriptions during a financial year together with arrears of subscription and the interest thereon recovered in that financial year shall, in no case, exceed the limit as specified in the second proviso to clause (b) of sub-rule (1) of rule 9.” Note: - The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), dated the 29th January, 2013 vide notification number G.S.R 49 (E) dated the 29th January, 2013. [F. No. Expl-11032(11)/17/2022-EXPL-I-PNG) (E- 46530)] AMIT BANSAL, Dy. Secy. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

Continue your research

Related Documents from Ministry of Petroleum and Natural Gas