Punjab
Mandi Board
The
Punjab State Agricultural Marketing Board and
Market
Committees EmployeesPension, Provident Fund, Gratuity &
Surplus
Marketing Development Fund & Market Committee Fund Rule
Punjab
Mandi Board
The
Punjab State Agricultural Marketing Board and
Market
Committees EmployeesPension, Provident Fund, Gratuity &
Surplus
Marketing Development Fund & Market Committee Fund Rule
CONTENTS The Punjab State Agricultural Marketing Board & Market Committees
Employees Pension, Provident Fund and Gratuity Rules, 1987.Rules
1. Short title and commencement
2. Application
3. Definition
4. Establishment of Fund
4-A. Investment of General Provident Fund of Pension Fund
5. Operation of Fund
6. Maintenance of the Fund
7. General provisions relating to grant of pension
8. Pension payment order
9. Payment of pension
9-A Audit of Pension etc.
10. General Provident Fund
1. Short title and commencement -(i) These rules shall be called 'The Punjab State Agricultural Marketing Board and Market Committees Employees Pension, Provident Fund and Gratuity Rules, 1987.
Section 43 (2) (XXVIII).(ii) They shall be deemed to have come into force on and with effect from the first day of April 1983.
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(i) These shall apply to all the employees of The Punjab State Agricultural Marketing Board and Market Committees established and constituted under the Punjab Agricultural Produce Markets Act, 1961. who join service on or after coming into force of these Rules and such existing employees who opt for these Rules. The later category for employees shall have to exercise this option form 'A' appended to these rules within three months from the date of notification of these rules.
[ Provided that where an employee has died during the period commencing form the 1st day of April, 1983 ending with the 30th November, 1987, or where an employee, who retired from service during that period but died before the date of commencement of Government of Punjab Department of Agriculture Notification No. GSR. 22/PA.23/S.43/Amd./89 date the 8th February, 1989 without exercising his option under this rule his or her spouse or in the absence of such any other family member may exercise the option in Form B appended to these rules within a period of one year from the date of commencement of The Punjab State Agricultural Marketing Board and Market Committees Employees Pension, provident Fund and Gratuity (Amendment) Rules, 1994. ]
(ii) The employee who do not opt for these rules shall be governed by The Punjab State Agricultural Marketing Board and Market Committees Employees Provident fund and Gratuity Rules, 1965.
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unless there be something repugnant in the subject or context the terms defined in these rules shall be under in the sense hereinafter explained :-
(1) 'Act'- Act means 'The Punjab Agricultural produce Market Act, 1961.
(2) 'Active Service'- active Service for the purpose of these rules, includes besides time spent on duty, all kinds of leave as given in chapter 8 of the Punjab Civil Service rules, Volume 1, part 1, except extraordinary leave taken otherwise than on medical certificate.
(3) Age - Age means the age as defined in rule 2,5 of the Punjab civil Services Rules, Volume-1, Part-1.
(4) Average Emoluments - the term average Emoluments means the average calculated upon the emoluments of the last ten months of qualifying service.
(5) Board - Board means "The Punjab State Agricultural Marketing Board" constituted and establishment under the Act. Section 3 (1).
(6) Competent Authority - (i) Competent Authority means the authority competent to sanction Pension, Gratuity and provident Fund to the employees of the Marketing Board and Market Committees. Competent Authority for the purpose of these rules shall be the Punjab State Agricultural Marketing Board in case of employees of the board and concerned Committee in the case of employees of the Market committees. Section 3 (12) and Section 20 (2) .
(ii) The Board may however with the prior approval of the Government, delegate its powers under the preceding clause to the Chairman Secretary or any other officer under Section 3(17) (ii) of the Act. Section 3 (17) 2.
7. Duty - The term 'Duty' in these rules shall have the same meaning as defined in Rule 2,16 of the Punjab Civil Services Rules, Volume 1, Part 1.
8. Employees - Employees means the employee of the Punjab State Agricultural Marketing Board or Market Committees in the State as the case may be. Section 3 (12) and Section 20 (2).
9. Emoluments - the term Emoluments for the purpose of these rules means pay as defined in Rule 2.44 of the Punjab Civil Services Rules Volume -1, Part-1, including Dearness pay as determined by the orders of the Punjab Government issued from time to time, which the employee may be receiving immediately before his retirement of the date of his death.
10. Family- Family means the family as defined in rule 2.17 of the Punjab Civil Services Rules Volume -1, Part-1. Section 26 (8) and Section 28 (5).
11. Fund- Fund means the Punjab State Agricultural Marketing Board Pension Fund and Market Committee Pension Fund, as the case may be.
12. Market Committee- The Market Committee means the Market Committee constituted under the Act under which the employee serves. Section 12.
13. Pay- Pay means the pay as defined in Rule 2.44 of the Punjab Civil Services Rules.
Note- Unless the contrary appears from the context or subject the term "pay" defined in Rule2.44 of Punjab Civil Services Rules. volume-1, Part-1does not include "Special Pay".
14. Qualifying Service - Qualifying service for the purpose of these rules means the service of the Punjab Sate Agricultural Marketing Board and the Market Committees paid from the Marketing Development Fund and Market Committee Fund as the case may be. This also includes the service rendered under the Punjab Government or under the Board or under the Market Committee immediately before joining the service of the Board and or of the Market Committee as the case may be.
15. Pension - Except when the term Pension is used in contradistinction or to "Gratuity'. Pension includes Gratuity.
16. Pension Payment Authority - The Pension Payment Authority shall be one who is delegated such powers by the Board in the case of pensioners of the board and the respective Committees in the case of pension of the Market Committees. Section 3 (12) and Section 20 (2).
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(i)For the payment of pension a fund namely Punjab State Agricultural Marketing Board Pension fund and Market committees Pension as the case may be shall be established. The Board and Market Committees in respect of their employees shall make monthly contribution @ 9.5 % of the maximum of the scale for class III and IV employees and 11.5 % of the maximum of the scale for class I and II employees. For the purpose of contribution the employees would be classified into I, II, III, and IV as per instructions of State Government issued from time to time in case of Government employees. Section 26 (8) and Section 28 (5).
(ii) The fund shall be kept in the savings bank account in any branch of the Punjab State Co-operative Bank Limited or the Central Co-operative Bank Limited or in any other nationalised bank..]
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4-A Investment of General Provident or Pension Fund
The amount lying in the General provident Fund or in the Pension Fund which is not immediately required to meet the current liabilities shall with the approval of a committee as the case may be and one another member nominated by the Board or the Market Committee as the case may be, be invested in long term deposits in any nationalised bank or in the State Bank of India or in any of its subsidiaries or in any Co-operative Bank or Post Office or in any or the Central Government or State Government approved securities, bonds. Section 3 (17) (ii) Section 25 (2).
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(i) The fund shall be held and administered by an Authority to whom the competent Authority with the prior approval of the State Government delegates its powers.
(ii) Board/ Market Committee's contribution as mentioned in Rule 4 shall be drawn out of Marketing development Fund/ Market Committees Fund as the case may be and credited into the pension Fund concerned.
(iii) All payment to be made to the employees of the Board/ Market Committees on the account of Pension and Gratuity shall be withdrawn from the Fund, established for the purpose.
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The accounts of the Fund shall be maintained in the office of the Punjab State Agricultural Marketing Board in case of employees of the Board and in concerned market Committee in case of employees of the Committee in case of the employees of the Committees. The Bank through which Pension is disbursed may also be required to keep account as per instructions issued from time to time.
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7. General provisions relating to grant of pension
Subject to the provisions of the Act and rules framed thereunder the Rules contained in Chapter-II chapter-III Rule 3.8 3.9,3.17 to 3.29 Chapter -IV, chapter-V, Chapter VI, Chapter VIII, Chapter IX of the Punjab Civil Services Rules Volume II, shall apply mutatis mutandis to the employees of the Board" may be read in place of word " Accountant General Punjab" where ever occurring in the rules referred to above. Section 43 (e) (XXVIII).
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(a) After completion of the pension papers of the employees in the form and manner given in Punjab Civil Services Rules, Volume II (with necessary changes) the same shall be sent to Resident Assistant Examiner. Local Fund Accounts Punjab State Agricultural Marketing Board concerned for verification of qualifying service emoluments.
(b) After verification of qualifying service and emoluments by the concerned Resident Audit Examiner the competent authority shall issue sanction to the grant of pension and Death-cum- Retirement Gratuity and shall simultaneously issue Pension Payment order in the from and manner as explained in Punjab Civil Services Rules, Volume-II with necessary changes.
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(a) On the basis of Pension Payment the Secretary Board or the Market Committee as the case may be shall also issue a copy of pension payment order to the State Bank of Patiala or State Bank of India or any other the Bank to make payment of pension to the pensioner employee every month regularly till a revised order/ instruction is issued by the competent authority.
(b) While making payment of pension the pension payment authority shall be guided by the Rules 4.92 to 4.106 contained in subsidiary Treasury Rules issued under the Punjab Treasury rules, which shall apply mutandis to the pensioners of the Board and the Market Committee.
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The first payment to a retiring employee with regard to pension and gratuity shall be made by the Board or the market Committee, as the case may be after getting the same audited by the examiner, Local Fund Accounts, Punjab State Agricultural Marketing Board and all subsequent monthly payment and arrears shall be paid and checked by the Examiner, Local Fund Accounts, Punjab Agricultural Marketing Board at the Post audit stage.
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(I) On coming into force of the Pension Scheme the Contributory Provident Fund established by the Board/ Market Committees shall be converted into General Provident Fund and the subscription portion of the Employees Contributory Provident Fund along with interest accrued thereon shall be credited to the General Provident Fund in respect of employees who opt for these rules.
(ii) The portion representing to the Board's / Market Committee contribution shall be credited to the Pension Fund of the Board/ market Committee as the case may be.
(iii) The Subscribers of the Contributory Provident Fund who before the issue of these Rules and invested their balance in term deposits in accordance with the provisions of the Punjab State Agricultural Marketing board and Market Committee Employees Provident Fund and Gratuity Rules 1965 and opt for these rules shall have to deposit the [ ] amount board / Market Committee Contribution. Such deposits or receipts or certificate or papers will thenceforth be given to the concerned employees for realisation on maturity or otherwise.
(iv) Subject to the provisions of Act and the Rules framed there under the rule contained in Chapter XIII of Punjab Civil Services to the employees of the Board/ Market Committees who opt for these rules. Section 43 (2) (XXVIII).
(v) The employees joining the service of the Board / Market Committees on or after the date of coming into force of the Punjab State Agricultural Marketing Board and Market Committees Employees Pension, Provident Fund and Gratuity Rules 1987 shall be governed by the General Provident Fund rules contained in Chapter XII of the Punjab Civil Services Rules Volume- II.
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I .............. hereby opt for the Punjab State Agricultural Marketing Board and Committees Employees Pension, General Provident Fund and Gratuity Rules 1987 with effect from ...........
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1. ............. Wife/ husband of late Shri / Shrimati .......... who died on ......... while in service/ after retirement hereby opt for Punjab State Agricultural Marketing Board and Market Committees Employees pension Provident Fund and Gratuity rules 1987.
2. I hereby undertake to deposit the Board's Market Committee's share of the Contributory provident Fund paid to late Shri/ shrimati ............. along with compound interest at the rate fixed by the Government till the date of deposit of such share.
* Strike out which is not applicable.
Signatures
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The Punjab State Agricultural Marketing Board
&
Market Committees Employees
Provident Fund and Gratuity Rules, 1965.Rules
1. Short title and commencement
2. Definition
3. Competent authority to administer the fund
4. Admission to the fund
5. Subscription to fund
6. Contribution
7. Payment of subscription and Contribution to be made monthly to the scheduled bank.
8. Disposal of fund on determination of service
9. Nomination
10. Advances from the Provident Fund
11. Charge on Provident Fund by way of securities
12. Investment of Provident Fund
13. Forfeited balance of the Provident Fund
14. Payments towards a policy of insurance fund
15. Gratuity to employees
16. General accounts to be maintained1. Short title extent and commencement -
(1) These rules may be called the Punjab State Agricultural Marketing Board and Market employees Provident Fund and Gratuity Rules 1965.
(2) They shall apply to all employees of the State Agricultural Marketing Board and market Committees established and constituted under the Punjab Agricultural Produce Markets Act, 1961.
(3) they shall be deemed to have come into force with effect from the 26th May 1961.
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(1) 'Act'- Act means 'The Punjab Agricultural produce Market Act, 1961.
(2) Competent Authority Means the State Agricultural Marketing Board in case of employees of the Board and the Market Committees in case of employees of the Committee.
(3) Contribution means the amount contribution by the competent authority towards the Provident Fund of the Subscriber.
(4) Administrator means the Secretary of the Board in case of the employees of the Board and chairman of the Committee in case of the employees of the Committee.
(5) Employee means a person in the employment of the Board or the Committee as the case may be.
(6) Fund means a provident fund established by the competent authority for the benefit of its employees.
(7) Form means a form appended to these rules
(8) Subscriber means an employee subscribing to the funds.
(9) subscription means the amount subscribed by the employee to the fund.
(10) All other expressions used in these rules but not defined therein or in the Act shall have the meaning assigned to them in the Provident Fund Act 1925 as amended from time to time.
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3. Competent authority to administer the fund -
The fund shall be held and administered by the competent authority.
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Unless otherwise agrees to in writing at the time entry into service admission to the fund shall be compulsory for a permanent employee.
Provident that where a temporary employee is subsequently made permanent he shall be entitled to the benefit of the fund from the date of his initial appointment.
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Every subscriber shall subscribe every month to the fund one tenth of his salary which shall deducted from his salary by the competent authority where a temporary employee is subsequently made permanent the arrears of subscription due from him shall be recovered in convenient instalment in addition to regular subscription.
Provident that the subscription of the subscriber absent on leave shall during the period of such absence be assessed on his leave salary but such subscriber shall be at liberty to subscribe on full amount of his salary by giving a notice in writing of his intention to do so to the competent authority not less than fourteen days before the payment of his leave salary.
Explanation - In this rule salary includes substantive pay personal pay dearness pay and acting allowance but does not include local conveyance, travelling halting or any other allowance.
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At the end of each month the competent authority shall place to the credit of each subscriber an amount equivalent to the amount subscribed by him to the provident fund.
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7. Payment of Subscription and contribution to be made monthly to the Scheduled Bank -
(1) the competent authority shall open a provident fund account in the name of each subscriber through its Administrator in any Scheduled Bank or Co-operative Bank approved by the State Agricultural marketing Board.
Note :- Though the account shall be in the name of subscribers they shall not be competent to operate upon them as these accounts are not in the nature of deposit or current accounts withdrawal shall be permitted only under these rules an orders of the competent authority.
(2) The amount of subscription and contribution for a month shall be deposited in the Bank before the fifth day of the next following month and in case of loss of interest due to ant delay in the deposit the competent authority shall deposit to the fund the amount of loss incurred along with the realised amount of contribution and subscription.
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8. Disposal of fund on determination of service -
(1) The total amount of subscription and contribution together with interest accrued thereon shall be payable to the employee on termination of his service or to his nominee if the employee does not subsist or the legal heir of the employee in case both the employee and nominee do not subsist after deducting the amount of temporary advance if any.
Provided that the competent authority may in its discretion forfeit the whole of any portion of the contribution credited in respect of an employee together with the interest accrued thereon if the employee is dismissed within five years of his joining permanent service on account of charges involving moral turpitude corruption and indiscipline .
Provided further that if an employee leaves service within five years on grounds of ill health or for joining the Indian armed forces while a proclamation of emergency declared under the Constitution of India is in operation or if his post is brought under retrenchment no deduction shall be made from the amount of the fund payable to him.
(2) If the subscriber is transferred otherwise than temporarily to the service of another Market Committee the amount standing to his credit in the fund shall be paid to such other market Committee in case his account cannot be transferred to his new place of duty for credit to the fund of such committee.
Provided that if he is transferred temporarily to the service of another Committee the account standing to his credit in the fund shall not be transferred to that Committee but shall remain to the credit of his account.(3) If a subscriber has proceeded on leave preparatory to retirement of while on leave has been permitted to retire of has been declared by the competent authority to be unit for further service the amount standing to his credit in the shall upon his application become payable to him.
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(1) Every subscriber shall nominate in form 'A' one or more persons to whom the amount standing to his credit in the fund shall be payable in the event of his death.
(2) Where a subscriber nominates more than one person he shall specify in the nomination the amount share payable to each of the nominee in such manner as to cover the whole of amount that may stand to his credit in the fund at any time.
(3) A subscriber may at any time cancel nomination made by him by sending a notice in writing to the competent authority provided that the subscriber shall along with such notice send a fresh nomination in accordance with sub rules (1) and (2).
(4) If minors are nominated the person or persons to whom the fund intended for their benefit is to be paid shall be clearly stated in the nomination.
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10. Advances from the provident fund -
(1) At the discretion of the competent authority a temporary advance not exceeding the subscribers own subscription and interest thereon may be granted to the subscribers on his application from the amount standing to his credit in the fund subject to the following conditions :-
(a) The competent authority is satisfied that the amount will be expended on the following objects and not otherwise :-
(i) To pay expenses to be incurred in connection with the illness of the employee or any person dependent upon him.
(ii) To pay obligatory expenses on a scale appropriate to the applicant's status in connection with the marriage funeral/ or other ceremonies which it is incumbent upon him to perform according to his religion or social customs.
(iii) To meet the expenses of higher education of the persons dependent on him where the competent authority is satisfied that the subscriber concerned cannot meet the same out of his monthly salary.
(iv) To meet the expenses of higher studies of employee himself.
(v) To meet the expenses for purchasing a site for building a house or for constructing a house or for affecting improvement in or repairs to a house.(vi) To meet any other essential expenses or liabilities which in the the opinion of the competent authority are extraordinary or beyond the means of the subscriber.
(b) The powers vested in the competent authority under this rule shall be exercised by the Administrator if the amount of advance does not exceed three months salary of the employee.
(c) No advance shall be sanctioned to the employee unless all previous together with interest thereon have been finally paid by him.
(2)(a) An advance shall be recovered from the subscriber in such number of equal monthly instalments as the competent authority or the Administrator may direct at the time of sanctioning the amount of advance but such in instalments shall not be less than twelve unless the subscriber so elect in any case more that twenty four. A subscriber may at his option repay more than one instalment in any one month.
(b) Recoveries of the advance shall commence when the subscriber draws his pay for the full month for the first time after the advance is made to him. Recovery shall not be made except with the subscriber's consent while he is on leave other than ordinary leave or is in receipt of subsistence grant.
(c) Recoveries made under this rule shall be credited to the subscriber's account in the fund.
(d) Such advances shall bear interest at six percent per annum.
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11. Charge on provident fund by way of securities
In case a subscriber is required to furnish security to a competent authority and his subscription including interest accrued thereon is sufficient to cover the security demanded a charge on the amount subscribed by the subscriber may be created to serve as a security for the purpose for which the same is required. If such charges is created but the security amount has already been deposited by the subscriber the amount so deposited by him as security shall be refunded.
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12. Investment of Provident Fund
(1) The fund shall be held and administered by the competent authority and it shall be operated upon by its Administrator.
(2) Funds to the credit of the subscriber shall be invested in his name and in such manner so as to fetch maximum interest.
(3) Every subscriber shall at the close of each financial year be intimated the amount standing to his credit in the fund in Form 'B'.
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13. Forfeited balance of the Provident Fund
The contribution and interest forfeited under rule 8 shall be credited to the Marketing Development Fund of the Board of the Market Committee's fund as the case may be.
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14. Payment towards a policy of insurance fund
Payments towards a policy of insurance may at the option of subscriber the substituted for or deducted form subscriptions to the fund subject to the following conditions :-
(a) Only the amount of subscription with interest thereon standing to the credit of the subscriber in the fund may be withdrawn to meet the payment of premia.
(b) If the total amount of any subscription of payment subscription of payment substituted under the rule less than the amount of subscription payable to the fund under rule 5 the difference shall be paid by the subscriber as subscription to the fund.
(c) The policy to be financed from the fund shall be the one effected by the subscriber himself on his own life and the policy shall be such as is legally assign able to the Administrator.
(d) The competent authority shall not make any payment on behalf of the subscriber to insurance Companies nor shall it take steps to keep the policy alive if a subscriber certifies every month at the time of the insurance Companies is not less than the monthly premium payable by him to the Insurance Companies is not less than the amount of his subscription under rule 5 the Chairman shall accept the same. he can however demand and scrutinise at any time the premium receipts of certified copies thereof showing that such payments have actually been made to the insurance companies in the event of the insurant not furnishing the same the Administrator shall make the necessary deductions from the subscriber's pay for deposit in his fund should the subscriber prefer to do so he may apply for an advance from the fund for payment of his quarterly half yearly or yearly premia. The advance given for payment of such premia shall not be treated as an advance given under rule 10.
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(1) The competent authority shall grant gratuity at the scale of 15 days [ ] pay for every year completed service to :-
(i) An employee :-
(a) Whose services are terminated by the competent authority for ant reason whatsoever otherwise than as a punishment inflicted by way of disciplinary action or for offences involving moral turpitude and corruption provided the employee has put in at least 5 year's continuous service or
(b) Who voluntary resigns from the service of the competent authority provided he has put in at least 10 years service or
(ii) A permanent employee :-
(a) Who dies while in service the competent authority provided he has put in at least 10 years service.
(b) For calculating gratuity pay shall mean "pay" as defined in rule 2.44 of the Punjab Civil Services Rules Volume 1, Part 1, which the employee was receiving immediately before is retirement.
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16. General Accounts to be maintained
The competent authority shall maintain -
(1) A Provident Fund Ledger in Form 'C' of which separate person shall be assigned to each subscriber.
(2) Provident Fund Liability account Form 'D' which shall be posted on the very day on which amounts are credited or debited to the accounts (in Form 'C') of the subscribers.
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FORM A
(See Rule 9)
Board's Market Committees Employees
PROVIDENT FUND
Form of nominationName of Subscriber ............................................. Account No. .................................
I hereby declare that in the event of my death the amount to my credit in the Provident Fund shall be
distributed among the persons mentioned below in the manner shown against their names.The amount due to the nominee who is a minor at the time of my death shall be paid to the person whose name appears in column 5 :-
__________________________________________________________________________
1 2 3 4 5 6 7
Name and address ofthe nominee or nominees Relationship with thesubscriber whether major or minor (state his age) Amount of share ofDeposit Name and address of the person to be made onbehalf of the minor Sex and parentage of person mentioned in column 5 Remarks
* Here state unmarried or married or widower .
Two witnesses to the signature of the subscriber :-Witness No. 1 Witness No. 2
Signature ..................................... Signature..................................... Signature....................
Occupation .............................. Occupation .............................. Occupation .......................
Address.................................. Address.................................. Address..................................Note :-Column 4 should be filled in so as to cover whole amount that may stand to the credit of the subscriber in the fund at any time.
FORM B
(see Rule 12)
Subscriber's Annual Report
BOARD'S / MARKET COMMITTEE'S EMPLOYEES PROVIDENT FUNDName of Subscriber ......................................................................................................
Detail Amount
Balance at credit of account 31MArch ,2............ Subscription and Rs...................
Contribution received during the year ............................................ .......................
Interest accrued .......................
Less Interest on balance of advance .......................
Less amount of advance outstanding .......................
Balance at credit of account on 31st March, 2............. .......................Any representation with regard to the correctness of this account which the subscriber which the subscriber may wish to make should be made in writing within one month from the date noted below to the Secretary of the Board/ Chairman of the Market Committee as the case may be.
Secretary, Board/ Chairman
Market Committee ............................
Date .......................
Initial of Accountant .......................
(see Rule 16) FORM C
Provident Fund Ledger
BOARD'S / MARKET COMMITTEE'S EMPLOYEES PROVIDENT FUND
NUMBER OF ACCOUNT.................... NAME OF SUBSCRIBER ....................................
FOLIO NUMBER OF ESTABLISHMENT CHECK REGISTER ........................................
19 20 Deposit contributions Total With drawals Actual monthly balance in hand Monthly balance on which interest is calculated Monthly balance of withdrawals on which loss of interest is calculated Remarks
OpeningBalance
April
May
June
July
August
Sept
October
Nov.
Dec.
Jan.
Feb.
March
Total
interestfor
balance on 31st March
Board's/ Market Committee's Employees FORM D
PROVIDENT FUND LIAILITIES ACCOUNT FOR THE YEAR 20....April May June July August September
Number of depositerName and designationOpening balanceDate of creditDeductions from SalaryMarket Committee contributionTotal Date of credit.Deductions from salaryMarket Committee contributionTotal Date of creditDeductions from salaryMarket Committee contributionTotal Date of creditDeductions from salaryMarket Committee contributionTotal Date of creditDeductions from salaryMarket Committee contributionTotal Date of creditDeductions from salaryMarket Committee contributionTotal
October November December January February March
Date of creditDeductions from salaryMarket Committee contributionTotalDate of creditDeductions from salaryMarket Committee contribution TotalDate of creditDeductions from salaryMarket Committee contribution TotalDate of creditDeductions from salaryMarket Committee contribution TotalDate of creditDeductions from salaryMarket Committee contribution TotalDate of creditDeductions from salaryMarket Committee contribution TotalInterest added for the yearTotal carried forward to next years accountREMARKS
Note: Withdrawls, if any, are to be noted in red ink after the total for the month in which it occurs, the net balance being shown from the next month onwards _____________________________
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THE PUNJAB INVESTMENT OF SURPLUS MARKETING DEVELOPMENT FUND
&
MARKET COMMITTEE FUND RULES, 1988CONTENTS
Rules
1. Short Title
2. Definitions
3. Investment of Surplus Marketing Development Fund and Market Committee Fund
These rules may be called the Punjab Investment of surplus Marketing Development and Market Committee Fund Rules, 1988.
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In these rules unless the context otherwise requires :-
(i) Act means the Punjab Agricultural Produce Markets Act.
(ii) Appex Co-operative Institution :- means a Co-operative Society as defined in the Punjab Co-operative Societies Act 1961 organised at apex level and whose area of operation covers the whole of the State of Punjab.
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3. Investment of Surplus Marketing Development Fund and Market Committee Fund
The Surplus of the Marketing Development Fund and Market Committee Fund referred to in sections 25 and 27 respectively of the Act may be invested by way of deposits made.
(i) In the Punjab State co-operative Bank limited :
Provided that where in the opinion of the State Government there are sufficient reasons for doing so, it may direct that deposits may also be made in any other bank ; and
(ii) In any Apex Co-operative Institution of the State level or State promoted Corporation operating in the primary sector with the prior approval of the State Government.
Provided that no deposit under this clause shall be made for a term exceeding two years at a time and for a total period exceeding five years.
Provided further that no deposit shall be made without executing an agreement.
[(iii) In any of the post office Small Saving Scheme, as may be decided by the Board from time to time.]