RKVIBPF Rules 18

Section 18 · Withdrawal on final closing of Accounts

(1)

When a subscriber dies, the amount shown at the credit of his account in the Provident Fund Ledger (Form P.F. I) plus interest accrued to date shall be withdrawn from the Savings Bank Account of the Fund and payment of such amount shall be made as follows:-

(a)

When the subscriber leaves a family. - (i) If a nomination made by the subscriber in accordance with provision of rule 17 in favour of a member or members of his family subsists, the amount standing to his credit in the fund or the part thereof to which the nomination relates, shall become payable to his nominee or nominees in proportion specified in the nominations.

(ii)If no such nomination, in favour of a member or members of the family of the subscriber subsists or if such nomination relates only to a part of the amount standing to his credit in the Fund, the whole amount or the part, not covered by the nomination shall notwithstanding any nomination purporting to be in favour of any person other than a member of the subscriber's family become payable as to one moiety to the husband or the window (or in equal shares to the windows) as the case may be, and as in the other moiety in equal shares to the children of the subscriber:

Provided that if one or more of his sons have died leaving behind their widows or sons or both, the respective shares of each such deceased son shall be payable in equal shares amongst their sons, widows or both:Provided further that if the subscriber has left only a husband or wife or widows, as the case may be, the amount shall become payable to such husband or widow or in equal shares to such widows, as the case may be or if the subscriber has left only children, the whole of the amount shall become payable to such children in equal shares subject to first proviso above or failing both children and widow or widows or husband, as the case may be, in equal shares among other members of the family:Provided also that no share shall be payable to (i) a married daughter, whose husband is alive (ii) married daughter of a deceased son whose husband is alive, if there is any member of family other than those specified in clauses (i) and (ii) above.

(b)

When the subscriber leaves on family. - (i) If a nomination made by him in accordance with the provisions of rule 17 in favour of any person or persons subsists the amount standing to his credit in the fund or the part thereof to which the nomination relates shall become payable to his nominee or nominees in the proportion specified in the nomination.

(ii)If no nomination, made by him in accordance with the provisions of rule 17, subsists, or if such nomination relates only to a part of the amount standing to his credit in the fund, the whole amount or part thereof to which nomination does not relate shall be payable to persons producing legal representation to the estate of the deceased subscriber.

Explanation. - (i) For the purpose of this rule, a subscriber's posthumous child shall be considered to be a member of his family at the time of his death and, if born alive, shall be treated in the same way as a surviving child born before the subscriber's death.

(ii)

The case of a posthumous child already born when the case is taken up by disbursing officer, will present no difficulty. For the rest, if the possibilities of the birth of a posthumous child is brought to the notice of the disbursing officer, the amount which will be due to the child in the event of its being born alive, shall be retained, and the balance distributed in the normal way under the sub-rule referred to above. If the child is born alive, payment of amount retained should be made as in the case of a minor child: but if no child is born or the child is still born the amount retained should be distributed among the family in accordance with the sub-rule above cited.

(2)

Subject to the provisions of rule 19 when a subscriber ceases to be an employee of the Board, the amount shown to the credit of his account in the Provident Fund Ledger (P.F.I.) plus interest accrued to date shall be withdrawn and paid to him.

(3)

When an account is closed under the provisions of this rule, a line shall be drawn in red-ink across the place below the last entry in the Provident Fund Ledger account and the words 'Dead Account' shall be recorded and signed by Accounts Officer of the Board.

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