Section 15 - Insertion of new Third Schedule - Labour Provident Fund Laws (Amendment) Act, 1976

15. Insertion of new Third Schedule. The Third Schedule to the Coal Mines Provident Fund Act shall be re-numbered as the Fourth Schedule and before the Fourth Schedule as so re-numbered, the following Schedule shall be inserted, namely :- THE THIRD SCHEDULE (See section 3G) MATTERS TO BE PROVIDED FOR IN THE COAL MINES DEPOSIT-LINKED INSURANCE SCHEME 1. The employees or class of employees who shall be covered by the Insurance Scheme. 2. The manner in which the accounts of the Insurance Fund shall be kept and the investment of moneys belonging to the Insurance Fund, subject to such pattern of investment as may be determined, by order, by the Central Government. 3. The form in which an employee shall furnish particulars about himself and the members of his family whenever required. 4. The nomination of a person to receive the insurance amount due to the employee after his death and the cancellation or variation of such nomination. 5. The registers and records to be maintained in respect of employees; the form or design of any identity card, token or disc for the purpose of identifying any employee or his nominee or member of his family entitled to receive the insurance amount. 6. The scales of insurance amount which shall not be less than the average balance in the account of the employee concerned in the Fund during a period of three years immediately preceding his death or more than rupees ten thousand. 7. The minimum average balance to be maintained by an employee in the Fund to make him eligible for the benefits under the scheme. 8. The manner in which the amount due to the nominee or the member of the family of the employee under the scheme is to be paid including a provision that the amount shall not be paid otherwise than in the form of a deposit in a savings bank account, in the name of such nominee or member of family, in any corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970). 9. Any other matter which is to be provided for in the Insurance Scheme or which may be necessary or proper for the purpose of implementing that scheme. .