IREC Rule No.938: Utilization Of Fund For Other Purposes
938. Utilization Of Fund For Other Purposes:-
Notwithstanding anything contained in Rules 921 to 937, if the sanctioning authority is satisfied that money withheld or withdrawn from the fund under clause (a) or clause (b) of Rule 927 has been utilized for a purpose other than that for which sanction was given to the withholding or withdrawal of the money, the amount in question, shall, with interest, forthwith be repaid or paid, as the case may be, by the subscriber to the fund or, in default, be ordered to be recovered by deduction in one sum from the emoluments of the subscriber, even if he be on leave. If the total amount to be repaid or paid, as the case may be, be more than half the subscriber’s emoluments recoveries shall be made in monthly installments of moieties of his emoluments till the entire amount recoverable be repaid or paid, as the case may be, by him.
Note: The term ‘Emoluments’ used in this rule does not include ‘Subsistence Allowance’.
Government Of India’s Decision: Subscribers whose postal life insurance policies are financed from the Provident Fund, may pay the premia towards such policies in substitution for subscriptions to the fund by deduction from their salary bills. In case where the monthly premium payable on a policy is not wholly covered by the amount of monthly subscription to the fund or where a subscriber has suspended his subscription to the fund as permitted under the rules the balance of the amount or the whole amount as the case may be, may, at the request of the subscriber, be adjusted monthly by the Accounts Officer against the accumulation in the fund through the salary bill in accordance with the following procedure;
(i) If the subscription to the State Railway Provident Fund be more than the amount of monthly premium-say, the subscription is Rs.50 and postal life insurance is Rs.40, the net amount to be credited to the fund will be Rs.10.
(ii) If the subscription to the fund less than the amount of the monthly premium say, the subscription is Rs.30- and postal life insurance is Rs.45, the net amount which will be debited to the fund will be Rs.15.
[Authority: Ministry of Finance O.M.No.F.30(9)/EV/53, 07.11.1995, and CAG No. T.1109-NGE/235/33, 07.09.1933]