Executive Summary:
This document notifies amendments to the Central Warehousing Corporation Employees Provident Fund Regulations, 1962, under Section 42 of the Warehousing Corporations Act, 1962. These amendments, effective from the date of publication in the Official Gazette, concern the calculation of interest on provident fund accumulations and the payment of amounts standing to the credit of a subscriber. It also includes provisions for withdrawal before retirement and protection from attachment.
Key Points / Main Content:
Provident Fund Regulations Amendment:
* The regulations are called the Central Warehousing Corporation Employees Provident Fund Amendment Regulations, 2017.
* The regulations come into force on the date of their publication in the Official Gazette.
Interest Calculation:
* Interest on provident fund accumulations for transfers or final settlements is payable up to the month preceding authorization or up to 36 months after the amount becomes payable, whichever is less.
* The interest rate for broken currency periods will be the rate declared for the financial year in which payment is authorized.
* Interest on transferred accumulations from other provident funds is credited from the beginning of the month in which the accumulations are received.
Payment to Subscriber:
* The amount standing to the credit of a subscriber becomes payable upon leaving the service of the Corporation.
* If a subscriber takes up service under a Government, body corporate, or autonomous body with Provident Fund recognized under the Income Tax Act, the amount is remitted to their new provident fund account.
Withdrawal Before Retirement:
* A subscriber may withdraw up to 90% of the amount standing to their credit within one year before retirement on superannuation.
Protection from Attachment:
* The amount in a subscriber's fund cannot be assigned, charged, or attached.
* The amount is protected from withholding, forfeiture, deduction, adjustment, or recovery due to disciplinary proceedings.
* Subscribers cannot be compelled to provide undertakings for recovery from their fund.
Impact Analysis:
Central Warehousing Corporation Employees:
Impact: Changes in interest calculation, payment terms, withdrawal options, and protection of their provident fund.
Action Required: Understand the revised regulations concerning interest, payment, and withdrawal, and ensure compliance.
Central Government:
Impact: Oversight and sanctioning of amendments to the Central Warehousing Corporation Employees Provident Fund Regulations.
Action Required: Monitor the implementation and effectiveness of the amended regulations.
Central Warehousing Corporation:
Impact: Implementation of the amended regulations.
Action Required: Update internal procedures and systems to reflect the new regulations and communicate changes to employees.
Provident Fund Administrators:
Impact: Changes to the calculation of interest, and processing of fund transfers and withdrawals.
Action Required: Adjust procedures to comply with the new regulations for calculating interest and processing transfers and withdrawals.
Key Entities Referenced
Central Warehousing Corporation: A Government of India undertaking responsible for warehousing.
Warehousing Corporations Act, 1962: The Act under which the Central Warehousing Corporation operates. Section 42 is specifically mentioned as the source of power for the regulations.
Central Government: The Government of India, which provides sanction for amendments to the Central Warehousing Corporation Employees Provident Fund Regulations.
Central Warehousing Corporation Employees Provident Fund Regulations, 1962: The set of regulations governing the provident fund for employees of the Central Warehousing Corporation.
Central Warehousing Corporation Employees Provident Fund Amendment Regulations, 2017: The specific amendment regulations being introduced in the document.
Income Tax Act 1961: Indian Legislation regarding Income Tax
P. K. SAW: Dy. General ManagerPersonnel
New Delhi, Delhi: Place of Publication
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EXTRAORDINARY
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PART III—Section 4
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PUBLISHED BY AUTHORITY
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No. 198] NEW DELHI, FRIDAY, MAY 12, 2017/VAISAKHA 22, 1939
केन्(cid:7076)ीय भांडागारण िनगम
(भारत सरकार का उप(cid:7059)म)
अिधसूचना
नई िदल्ली, 19 अ(cid:7079)ैल, 2017
सं. केन् (cid:7076)ीय भाडं ागारण िनगम/एफडी-ईपीएफ-िविनयम/सशं ोधन/16-17.—केन् (cid:7076)ीय भांडागारण िनगम अिधिनयम,
1962 (1962 का 58) की धारा 42 (cid:7367)ारा (cid:7079)द(cid:7275) शि(cid:7334)य(cid:7298) का (cid:7079)योग करते हुए, केन्(cid:7076)ीय सरकार की पूवर् मंजूरी से केन्(cid:7076)ीय
भांडागारण िनगम कमर्चारी भिवष् य िनिध िविनयम, 1962 म(cid:7286) और संशोधन करने के िलए िन(cid:7388)िलिखत िविनयम बनाता ह,ै
अथार्त् :—
1. (1) इन िविनयम(cid:7298) का नाम केन्(cid:7076)ीय भांडागारण िनगम कमर्चारी भिवष् य िनिध संशोधन िविनयम, 2017 ह।ै
(2) ये राजप(cid:7074) म(cid:7286) (cid:7079)कािशत होने की तारीख को (cid:7079)वृत् त ह(cid:7298)गे ।
2. केन्(cid:7076)ीय भांडागारण िनगम कमर्चारी भिवष् य िनिध िविनयम, 1962 के िविनयम-14 और 15 के स् थान पर िनम् निलिखत
िविनयम(cid:7298) को रखा जाएगा, अथार्त्—
‘14 ब्य ाज की संगणना (1) खाते के अंितम पिरिनधार्रण पर भिवष् य िनिध संचय के अंतरण या संदाय के मामले म(cid:7286) खाते
म(cid:7286) जमा शेष धनरािश पर ब् याज पूवर्वत(cid:7278) माह की उस अंितम तारीख को िजस पर अंतरण या संदाय (cid:7079)ािधकृत ह ैया ऐसी
रािश के दये होने के माह के पश् चात् 36 महीन(cid:7298) की समाप् ती तक, इनम(cid:7286) जो भी अविध कम हो, दये होगा:
परंतु खंिडत कर(cid:7286)सी अविध के िलए स् वीकृत िकया गया ब् याज दर उस िवत् तीय वषर् िजसके िलए संदाय (cid:7079)ािधकृत िकया
गया ह,ै घोिषत दर होगा ।
(2) अन् य भिवष् य िनिध से आने वाले अिभदाता के मामले म(cid:7286), उसके अंतिरत संचयन पर ब् याज उसके लेखे म(cid:7286) उस माह के
(cid:7079)ारम् भ से जमा िकया जाएगा, िजस माह संचयन रािश (cid:7079)ाप् त हुई ह।ै
3102 GI/2017 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
15. अिभदाता के खात ेम (cid:7286)जमा रािश का सदं ाय: अिभदाता के खाते म(cid:7286) जमा रािश उनके (cid:7367)ारा िनगम की सेवा छोड़ने पर संदये
हाे गी ।
परंतु जब िकसी अिभदाता ने िनगम की सेवा से त् याग प(cid:7074) िदया हो और सरकारी अथवा िनगिमत िनकाय अथवा िकसी
स् वायत् त िनकाय म(cid:7286) सेवा (cid:7061)हण की ह ै िजसम(cid:7286) आयकर अिधिनयम 1961 के अधीन मान् य (cid:7079)ाप् त भिवष् य िनिध म(cid:7286) अंशदान
का दाियत् व हो, तब ऐसे अिभदाता को संदेय रािश उसके नए भिवष् य िनिध खाते म(cid:7286) जमा िकये जाने के िलए (cid:7079)ेिषत की
जाएगी।
15 क. अिधविषतर् ा पर सवे ािनविृ (cid:7275) स े पूव र् एक वष र् की अविध के भीतर िनकासी – अिभदाता को अिधविषर्ता पर
उसकी सेवािनवृि(cid:7275) से पूवर् एक वषर् की अविध के भीतर उसकी जमा रािश म(cid:7286) से 90% तक की रािश की िनकासी की
अनमु ित होगी।
15 ख. कुक(cid:7417) स े सरं क्षण–(1) िकसी अिभदाता की िनिध म(cid:7286) जमा रािश को िकसी भी (cid:7079)कार समनुदिे शत या (cid:7079)भािरत नह(cid:7277)
की जाएगी और कुक(cid:7417) के िलए दायी नह(cid:7277) होगी।
(2) िकसी अिभदाता की िनिध म(cid:7286) जमा बकाया रािश अनुशासनात् मक कारर्वाई के अधीन िकसी आदशे के पिरणामस् वरूप
िवधािरत, सं(cid:7079)दरण, कटौती, समायोिजत या वसूली के न तो तो योग् य होगा और नह(cid:7277) दायी होगा तथा िनिध के
अिभदाता को अपनी िनिध म(cid:7286) जमा बकाया रािश म(cid:7286) से िकसी वसूली के िलए कोई बचनबध या सहमित देने के िलए
बाध् य नह(cid:7277) िकया जाएगा तथा ऐसा कोई बचनबध शून् य होगा ।
पी. के. साव, उप महा(cid:7079)बंधक (कािमर्क)
[िवज्ञापन III/4/असा./45/17]
िटप्पणी: मूल िविनयम, का.आ. संख् याक-1014 तारीख 30.03.1962 (cid:7367)ारा अिधसूिचत िकए गए थे जो भारत के राजप(cid:7074),
असाधारण, भाग II, खंड 3 (ii) म(cid:7286) तारीख 07.04.1962 को (cid:7079)कािशत हुए थे, और िनम् न (cid:7079)कार संशोिधत िकए गए:
1. तारीख 17.06.1963 की का.आ.संख् यांक 1694 तारीख 22.06.1963 को राजप(cid:7074) म(cid:7286) (cid:7079)कािशत
2. तारीख 17.12.1963 की का.आ.संख् याकं 3563 तारीख 21.12.1963 को राजप(cid:7074) म(cid:7286) (cid:7079)कािशत
3. तारीख 08.12.1964 की का.आ.संख् यांक. 4258 तारीख 12.12.1964 को राजप(cid:7074) म(cid:7286) (cid:7079)कािशत
4. तारीख 18.09.1967 की का.आ.संख् यांक 3382 तारीख 23.09.1967 को राजप(cid:7074) म(cid:7286) (cid:7079)कािशत
5. तारीख 11.10.1968 की का.आ.संख् यांक 3666 तारीख 19.10.1968 को राजप(cid:7074) म(cid:7286) (cid:7079)कािशत
6. तारीख 20.03.1971 की का.आ.संख् यांक 1801 तारीख 01.05.1971 को राजप(cid:7074) म(cid:7286) (cid:7079)कािशत
7. तारीख 06.02.1976 की का.आ.संख् यांक 787 तारीख 21.02.1976 को राजप(cid:7074) म(cid:7286) (cid:7079)कािशत
8. तारीख 05.03.1979 की का.आ.संख् यांक 983 तारीख 17.03.1979 को राजप(cid:7074) म(cid:7286) (cid:7079)कािशत
9. तारीख 07.01.1982 की का.आ.संख् यांक 197 तारीख 23.01.1982 को राजप(cid:7074) म(cid:7286) (cid:7079)कािशत
10. तारीख 02.05.1985 की का.आ.संख् यांक 2 तारीख 18.05.1985 (भाग-3-खंड-4) को राजप(cid:7074) म(cid:7286) (cid:7079)कािशत
11. तारीख 29.08.1991 की का.आ.संख् यांक 35 तारीख 30.08.1991 को राजप(cid:7074) म(cid:7286) (cid:7079)कािशत
12. तारीख 24.12.1991 की का.आ.संख् यांक 49 तारीख 24.12.1991 को राजप(cid:7074) म(cid:7286) (cid:7079)कािशत
13. तारीख 18.04.1999 की का.आ.संख् यांक 7 तारीख 25.01.1999 को राजप(cid:7074) म(cid:7286) (cid:7079)कािशत
14. तारीख 20.07.2006 की का.आ.संख् यांक 113 तारीख 24.07.2006 को राजप(cid:7074) म(cid:7286) (cid:7079)कािशत¹Hkkx IIIμ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
CENTRAL WAREHOUSING CORPORATION
(A GOVERNMENT OF INDIA UNDERTAKING)
NOTIFICATION
New Delhi, the 19th April, 2017
No.CWC/FD-EPF-Regulation/Amendment/16-17: In exercise of powers conferred by section 42
of the Warehousing Corporations Act,1962 (58 of 1962), the Central Warehousing Corporation, with the
previous sanction of the Central Government, hereby makes the following regulations further to amend the
Central Warehousing Corporation Employees’ Provident Fund Regulations,1962, namely:—
1. (1)These regulations may be called the Central Warehousing Corporation Employees’ Provident Fund
Amendment Regulations, 2017.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Central Warehousing Corporation Employees’ Provident Fund Regulations, 1962, for
regulations 14 & 15, the following regulations shall be substituted, namely:—
“14. Calculation of interest—(1) In case of transfer or payment of provident fund accumulations
on final settlement of an account, interest on the balance standing at the credit of the account shall be
payable upto the end of the month preceding of the date on which the transfer or payment is
authorized or up to the end of the thirty six months after the month in which such amount becomes
payable, whichever of these period is less:
Provided that rate of interest to be allowed for the broken currency period shall be the rate declared
for the financial year in which payment is authorised.
(2) In case of a subscriber coming from other provident fund, interest on his transferred accumulation is
to be credited to his account from the beginning of the month in which the accumulations are received.
15. Payment of amount standing to credit of subscriber- The sum standing to the credit of a subscriber shall
become payable on his leaving the service of the Corporation:
Provided that when a subscriber has resigned from the service of the Corporation and taken up service
under a Government or a body corporate or any autonomous body with liability to subscribe to a Provident
Fund recognised under Income Tax Act 1961, the amount payable to such subscriber shall be remitted for
credit to his new provident fund account.
15A. Withdrawal within one year before the retirement on superannuation – A subscriber may be allowed to
withdraw upto 90 percent of the amount standing to his credit within one year before his retirement on
superannuation.
15B. Protection from attachment – (1) The amount standing to the credit of any subscriber in the fund shall
not in any way be capable of being assigned or charged and shall not be liable to attachment.
(2) The amount standing to the credit of any subscriber in the fund is neither capable of nor liable to
withholding, forfeiture, deduction, adjustment, recovery as a consequence of any order under disciplinary
proceedings and subscriber of the fund shall not be compelled to give any undertaking, assigning or giving
consent for any recovery from the amount standing to his credit in the fund and any such undertaking shall be
void”.
P. K. SAW, Dy. General Manager(Personnel)
[ADVT.-III/4/Exty./45/17]
Note : The original regulations were notified vide S.O. No.1014 dated 30.03.1962 published in the Gazette
of India, Part-II, Section 3(ii) dated 07.04.1962 and subsequently amended as follows:-
1. S.O. No. 1694 dated 17.06.1963 published in the Gazette dated 22.06.1963
2. S.O. No. 3563 dated 17.12.1963 published in the Gazette dated 21.12.1963
3. S.O. No. 4258 dated 08.12.1964 published in the Gazette dated 12.12.1964
4. S.O. No. 3382 dated 18.9.1967 published in the Gazette dated 23.09.19674 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
5. S.O. No. 3666 dated 11.10.1968 published in the Gazette dated 19.10.1968
6. S.O. No. 1801 dated 20.03.1971 published in the Gazette dated 01.05.1971
7. S.O. No. 787 dated 06.02.1976 published in the Gazette dated 21.02.1976
8. S.O. No. 983 dated 05.03.1979 published in the Gazette dated 17.03.1979
9. S.O. No. 197 dated 07.01.1982 published in the Gazette dated 23.01.1982
10. S.O. No. 2 dated 02.05.1985 published in the Gazette dated 18.05.1985 (part III-Section 4)
11. S.O. No. 35 dated 29.08.1991 published in the Gazette dated 30.08.1991
12. S.O. No. 49 dated 24.12.1991 published in the Gazette dated 24.12.1991
13. S.O. No. 7 dated 18.04.1999 published in the Gazette dated 25.01.1999
14. S.O. No. 113 dated 20.07.2006 published in the Gazette dated 24.07.2006
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.