IREC Rule No.925(6)(B): Final Withdrawal From Provident Fund For Booking of Car/Motor cycle/Scooter/Moped etc
925(6)(B). Final Withdrawal From Provident Fund For Booking of Car/Motor cycle/Scooter/Moped etc:-
Railway servants who have completed 15 years of service (including broken period of service, if any) or who have less than 5 years to attain the age of superannuation may make a part final withdrawal for booking a motor car/motor cycle/moped etc subject to the following conditions;
(i) Railway servant’s basic pay of Rs.1500 p.m. or above for registration of motor car and a basic pay of Rs.500 p.m. or above in the case of motorcycle / scooter etc.
(ii) The amount of withdrawal is limited to Rs.10000 in the case of car and Rs.500 in the case of motor cycle / scooter etc or 50% of the amount standing to the credit of the subscriber in the State Railway Provident Fund (non-contributory) or 50% of the amount of subscription with interest thereon standing to the credit of the subscriber in the State Railway Provident Fund (contributory) as the case may be, or the actual amount of the registration of the car / motor cycle / scooter, whichever is less.
(iii) The amount of withdrawal shall not exceed the amount required for booking car or motor cycle / scooter etc as the case may be.
(iv) The deposit receipt must be produced for verification by the concerned administrative authority within a period of one month from the date of drawal. Failure to do so would involve refund of the total amount of the withdrawal.
(v) If the Railway servant does not purchase a car / motor cycle Scooter etc. or opts out of the scheme he should immediately deposit the amount of final withdrawal together with interest received thereon from the manufacturer / dealer into the Provident Fund account.
(vi) Railway servants who have been allowed an advance for the purpose may be permitted to convert the outstanding amount of advance into final withdrawal after completion of 15 years of service.
(vii) Such withdrawal shall be allowed only on one occasion; and
(viii) The amount of Rs.10000 or Rs.500 as the case may be, referred to above, shall be taken into account for determining the overall ceiling [at present] fixed for withdrawal from the Provident Fund i.e. Rs.25000 for purchase of Motor car and Rs.4000 for motor cycle / scooter etc.