IREC Rule No.940: Withdrawal When Subscriber Is Permitted To Retire

940.  Withdrawal When Subscriber Is Permitted To Retire:-

(1)   When a subscriber, while on leave, has been permitted to retire at the end of his leave or been declared by a competent medical authority, to be unfit for further service, the controlling officer, or in the case of a non-gazetted servant, the Divisional Officer, under whom the subscriber is for the time being employed, may, on the application of the subscriber, permit him to withdraw any amount not exceeding the total amount of his subscription and interest thereon.

Railway Board’s Decisions:

(i)    Withdrawals under the above rule should normally be permitted only in one installment. Withdrawals for a second time (total withdrawals not exceeding the limit laid down in the rule may, however, be allowed in a few exceptional cases on the recommendations of the sanctioning authorities and with the concurrence of the FA&CAO.

[Authority: No.F(E)6/5, 16.05.1956]

(ii)    When a subscriber under suspension who is not permitted to retire from service in terms of Rule 2046(j) (FR-56) attains the age of superannuation and there is no early prospects of settling him up, the controlling officer or in the case of a non-gazetted servant the Divisional Officer under whom the subscriber is for the time being employed may, on his application, permit him to withdraw any amount not exceeding 90 per cent of his own subscription plus interest thereon.

(2) If the subscriber returns to duty, he shall, as a condition of continued employment, repay to the fund for credit to his account the whole of the amount withdrawn by him under sub-rule (1) either in a lump sum or in such installments as may be fixed by the controlling officer.