IREC Rule No.925(5): Final Withdrawal From Provident Fund For Medical Expenses

925(5).Final Withdrawal From Provident Fund For Medical Expenses:-

Withdrawals from the fund may also be, allowed for meeting expenses in connection with the illness including, where necessary, the traveling expenses, of the subscriber or any person actually dependent on him subject to the following conditions;

(a)  The amount withdrawn shall be limited to 6 month’s pay of the subscriber or 50% of the amount of his own subscription along with interest thereon, standing to his credit in the fund, whichever is less;

(b)   In special cases, keeping in view the type of illness, status of the subscriber and the amount standing to his / her credit, the sanctioning authority may relax the limit laid down in proviso to Rule 923, but in no case should more than ¾ of the amount standing to the credit of the subscriber in the Fund be sanctioned.

(c)  In respect of illness of the same person only one withdrawal shall be permissible. Only either a withdrawal under this rule or an advance under Rule 923, shall be allowed at a time; and

(d)      The subscriber shall furnish a certificate to the sanctioning authority within one month after the course of treatment is over that the amount withdrawn has actually been utilized for the purpose for which it was intended; any unspent amount being refunded forthwith. If the subscriber fails to give the requisite certificate or fails to refund the unspent amount, the same shall be recovered from him forthwith in lump sum together with interest thereon at the rate provided for in Rule 920 (1) from the month of the withdrawal, for being credited to his account in the provident fund.