IREC Rule No.910: Realization Of Subscriptions

910.  Realization of subscriptions:-

(1)   When emoluments are drawn from a Government treasury in India or from an authorized office of disbursement outside India, recovery of subscription on account of these emoluments and of the principal and interest of advance shall be made from the emoluments themselves.

(2)   When emoluments are drawn from, any other source the subscriber shall forward his dues monthly to the Accounts Officer:

Provided that in the case of a subscriber on deputation to a body corporate owned or controlled by Government, the subscription shall be recovered and forwarded to the Accounts Officer by such body.

(3)   If a subscriber fails to subscribe with effect from the date on which he is required to join the Fund or is in default in any month or months during the course of a year otherwise than as provided in Rule 908, the total amount due to the fund on account of arrears of subscription shall with interest thereon at ‘the rate’ provided in Rule 920, forthwith be paid by the subscriber to the Fund or in default be ordered by the Account Officer to be recovered by deduction from the emoluments of the subscriber by installments or otherwise, as may be directed by the authority Competent to sanction an advance.

Provided that the subscribers, whose deposits in the Fund carry no interest, shall not be required to pay any interest.

Provided further that the sum of the 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 sub-rule (1) of Rule 909.

Above proviso inserted vide RBE No.14/2023 (ACS No.144)