Withdrawal from the GPF Maximum limit Amendments issued.

                                                                T A N G E D C O

GENERAL PROVIDENT FUND – Withdrawal from the GPF – Maximum limit – Amendments to 18-B of TNEB GPF Regulations – Orders issued.

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                                                     AUDIT BRANCH

(Per) FB.TANGEDCO Pro. No. 5 Dt. 04 -11-2013        Iyppsi 18

                                                                                   Kara Anndu,

                                                                                  Thiruvalluvar Aandu , 2044. 

Read: 1. Per. F.B TANGEDCO Pro.4. (Audit Branch) Dt.08.08.2011

                   2. G.O. Ms.No.103, Finance (Allowances) Dept.Dt.01.04.2013.

PROCEEDINGS:-

The Government of Tamil Nadu in its order second cited have amended the GPF (TN) Rules 15-B, in sub-rule (1), substituting the expression Rs.5,00,000/- for some reasons and Rs.9,00,000/- for other reasons.

2. In exercise of the powers conferred by section 131 and 133 of the Elecy. Act, 2003 (Central Act 36 of 2003) read with Regulation 3 (a) of the TNEB GPF Regulations the TNEB hereby makes the following orders for implementation in TANGEDCO, TANTRANSCO and TNEB Limited.

                                               AMENDMENTS

“In the said Regulation, in Regulation 18-B, for the provisions, the following shall be substituted namely:-”           “Provided that the maximum amount of withdrawal for the purposes specified in Clauses (a),(b),(c) and (h) of Regulation 18-A (Extract of TNEB Regulation enclosed) shall not exceed Rs.5,00,000/-(Rupees five lakhs only) or 75 times of the monthly pay whichever is less.:

Provided further, that the maximum amount of withdrawal for the purposes specified in Clauses (d),(e),(f) and (g) of Regulation 18-A (Extract of TNEB Regulation enclosed) shall not exceed Rs.9,00,000/-(Rupees Nine lakhs only) or 75 times of the monthly pay whichever is less.:

Provided also that in the case of a subscriber who has availed himself of an advance under the Scheme for the grant of advances for house building purpose, sponsored by the TANGEDCO, State or the Central Government or the Public or Private Financial institutions, the sum withdrawn under this sub-rule together with                                                                                                         Contd..2

..2.. the amount of advance taken under the afore-said Scheme or the assistance taken from the above said sources shall not exceed Rs.25,00,000/- (Rupees Twenty five lakh only).”                   6. This order come into force from the date of issue of order. Receipt of the Board Proceedings shall be acknowledged.                                                  (By Order of the Board)                                                                                            G.RAJAGOPAL                                                                                      DIRECTOR (Finance) Encl: Extract of Regulation 18A of TNEB GPF Regulation.            Extract of TNEB GPF Regulations                     Eligible amount                      Rs. 18-A (a)meeting the cost of higher education, including where necessary, the travelling expenses, of any child of the subscriber in the following cases, namely: (1)for education outside India for academic, technical, professional or Vocational course and (2) for education in India. 5,00,000 (b) meeting the expenditure in connection with the marriage of the subscriber’s sons and daughters, and any other female relation actually dependent on him.                    5,00,000 (c) meeting the expenses in connection with illness including where necessary, the travelling expenses, of the subscriber or any person actually dependent on him.                  5,00,000 (d) Building or acquiring a suitable house for his residence including the cost of the site or repaying any outstanding amount on account of loan expressly taken for this purpose , or reconstructing, or making additions or alterations to a house already owned or acquired by a subscriber.                   9,00,000 (e) Purchasing a house site or repaying any out-standing amount on account of loan expressly taken for this purpose.                 9,00,000 (f) for constructing a house on a site purchased utilising the sum withdrawn under clause (e)…..                 9,00,000 (g)(1) for constructing a house for subscriber’s residence on a site owned by his/her spouse. (ii) for reconstructing or making additions or alteration to a house already owned or acquired by his/her spouse…..                9,00,000                                                                                                                           (h) meeting the cost of Consumer, durables such as Television, Video Casette Recorder / Vedio Casette Player, Washing Machine, Cooking Range, Geyser and Computer. ……                                                                                                                                                                     5,00,000 18-B Any sum withdrawn by a subscriber at any one time for one or more of the purposes specified in rule 18-A from the amount standing to his credit in the Fund, shall not ordinarily exceed one-half of such amount or six month’s pay whichever is less. The sanctioning authority may however, sanction the withdrawal of an amount in excess of this limit up to 3/5 of the balance at his credit in the Fund having due regard to (i) the object for which the withdrawal is being made (ii) the status of the subscriber and (iii) the amount ……………                                          //TRUE EXTRACT //                                                                        ASSISTANT AUDIT OFFICER/F24                                                                           AUDIT BRANCH/TANGEDCO,                                                                                      CHENNAI-2.