Para 4 - Manner of making the subscription - Public Provident Fund Scheme, 1968

Manner of making the subscription. 4. (1) Every individual desirous of subscribing to the Fund under this Scheme for the first time, either in his own behalf or on behalf of a minor of whom he is the guardian or on behalf of a Hindu undivided family of which he is a member or on behalf of an association of persons or a body of individuals as referred to in clause (g) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), shall apply to the accounts office in Form A, or as near thereto as possible, together with the amount of initial subscription, which shall be in integral multiples of ₹ 5. (2) On receipt of an application under sub-paragraph (1), the accounts office shall open an account in the name of the subscriber and issue a pass book to him, wherein all amounts of deposits, withdrawals, loans and repayment thereof together with interest due shall be entered over the signature of the accounts officer with the date stamp. (3) The subscriber shall deposit his subscription with the accounts office with a challan in Form B, or as near thereto as possible. The counterfoils of the challan shall be returned to the depositor by the accounts office, duly evidenced by receipt. In the case of deposits made by cheque or draft or postal order, the accounts office may issue a paper token to the depositor pending realisation of the proceeds. [ (4) Every subscription shall be made in cash or by crossed cheque or draft or pay order in favour of the Accounts Office at the place at which that office is situated. ] 1 [ (5) Where a deposit is made by means of an outstation cheque or instrument, collection charges at the prescribed rate shall be payable along with the deposit and the date of realisation of the amount shall be the date of deposit. ] ********* Notes 1. Inserted vide Notification No.G.S.R. 690(E) 27-08-2003