TMI BlogConditions for withdrawal for various purposesX X X X Extracts X X X X X X X X Extracts X X X X ..... rule 68, by an employee, whose pay does not exceed rupees five thousand per month, shall be subject to the following conditions, namely :- ( a ) the amount of withdrawal shall not exceed one-half of the employees contributions to the fund with interest thereon; ( b ) the employee shall have completed seven years of service; ( c ) the amount of the employees contributions to the fund with interest thereon is not less than rupees one thousand. (2) The withdrawal for the purpose specified in clause ( d ) and clause ( dd ) of sub-rule (1) of rule 68 , by any employee whose pay exceeds rupees five thousand per month, shall be subject to the following conditions:- ( i ) the amount of withdrawal shall not exceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ithdrawn, the excess or the whole amount, as the case may be, shall be refunded to the trustees forthwith in one lump sum together with interest from the month of such withdrawal at the rate prescribed in sub-rule (4) of rule 71. The amount refunded shall be credited to the employees account in the provident fund. (2A) The withdrawal for the purpose specified in clause ( d ) of sub-rule (1) of rule 68, by any employee whose pay does not exceed rupees five thousand per month, shall be subject to the following conditions, namely:- ( i ) the amount of withdrawal shall not exceed ( a ) the employees basic wages and dearness allowance for thirty-six months; or ( b ) the actual cost of building the house or of purchasing the house or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the house should be commenced within six months of the withdrawal and should be completed within twelve months of the withdrawal of final instalment; ( vii ) if the withdrawal is made for the purchase of a house and/or a site for a house, the purchase should be made within six months of the withdrawal; ( viii ) if the amount withdrawn exceeds the actual cost of the purchase or construction of the house and/or site or if the amount is not utilised for the purpose for which it is withdrawn, the excess or the whole amount, as the case may be, shall be refunded to the trustees forthwith in one lump sum together with interest from the month of such withdrawal at the rate prescribed in sub-rule (4) of rule 71 and the amount so refund ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the pay (including increments, if any) which he would have received had he not entered the armed forces of the Union or being taken into or employed in the national service. (3) The withdrawal for the purpose specified in clause ( f ) of sub-rule (1) of rule 68 shall not exceed three months pay or ₹ 500, whichever is greater, but shall in no case exceed half the amount to the credit of the employee. (4) The withdrawal for any other purpose referred to in sub-rule (1) of rule 68 except as provided in sub-rule (1A) shall not exceed three months pay or the total of the accumulation of exempted contributions and exempted interest lying to the credit of the employee, whichever is less. (5) For the purpose of this rule except sub-r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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