IREC Rule No.925(6)(A): Final Withdrawal From Provident Fund For Purchase of conveyance

925(6)(A). Final Withdrawal From Provident Fund For Purchase of conveyance:-

Part final withdrawal from the fund may also be allowed for purchasing a Motor-Car, Motor-cycle, Scooter, Moped, etc. or for repaying the Government loan already taken by the Railway servant for the purpose subject to the following conditions;

(i)   The Railway Servant’s basic pay should be Rs.10500 p.m. or above in the case of purchase of motor-car and Rs.4600 p.m. or above in the case of motor-cycle, scooter, etc. (Basic pay as defined in Rule 2003(21)(a)(i)R-II [FR-9(21)(a)(i)] without special pay, dearness pay and such other additions to pay but  including non-Practicing Allowance).

(ii)    The amount of withdrawal is limited to Rs.110000 for purchase of motor-car and Rs.20000 for purchase of motor-cycle, scooter, moped, etc. In cases where railway servants have already been allowed a withdrawal for the purpose of making a deposit for booking these vehicles, they will be eligible only for the balance amount for the purchase of such vehicles on allotment. The amount of withdrawal is further subject to the condition that this amount (amount of withdrawal for booking plus the amount of withdrawal for purchase) should not exceed 50% of the amount standing to the credit of the subscriber in his Provident Fund account on the date of application for withdrawal for purchase, or the actual price of the vehicle, whichever is less.

(iii)  Railway servants who have been allowed advance for the purpose may be permitted to convert the outstanding amount of advance into final withdrawal after completion of 15 years of service

(iv)     Such withdrawal shall be allowed only on one occasion.