IREC Rule No.925(6)(C): Final Withdrawal From Provident Fund For Extensive Repairs Or Overhauling Of Their Motor Cars
925(6)(C).Final Withdrawal From Provident Fund For Extensive Repairs Or Overhauling Of Their Motor Cars:-
Railway servants who have completed 28 years of service or who have less than 3 years to attain the age of superannuation may be permitted to make final withdrawals from SRPF account for the extensive repairs or overhauling of their Motor Cars subject to the following conditions;
(i) The officer’s pay is Rs.10500 or more under the Railway Service (Revised Pay) Rules, 1997.
(ii) The amount of withdrawal is limited to Rs.10000 or 1/3rd of the amount standing to the credit of the subscriber in the SRPF account or the actual amount of repairing / overhauling, whichever is the least.
(iii) Not less than 5 years should have elapsed since the car was purchased by the officer concerned. In the case of a second-hand car, the initial date of purchase by the first purchaser will be taken into account.
(iv) Such withdrawal shall be allowed only once in the service career of the subscriber.
The authority competent to sanction an advance for special reasons under the Provident Fund Rules may sanction a final withdrawal in terms of these orders subject to the fulfillment of the condition mentioned above. The procedural details will be as in the case of other withdrawals.
[Authority: RBE No.68/1998, No.F(E)III/98/PF-1/2, 30.03.1998, ACS No.43]