50. Withdrawal from the provident fund

50. Withdrawal from the provident fund.—

(1) Withdrawals by employees shall not be allowed by the trustees except on special grounds in the following circumstances or circumstances of a similar nature—

(a) to pay expenses incurred in connection with the illness of a subscriber or a member of his family;

(b) to pay for the passage over the sea or by air of a subscriber or any member of his family;

(c) to pay expenses in connection with marriages, funerals or ceremonies which, by the religion of the subscriber, it is incumbent upon him to perform and in connection with which it is obligatory that expenditure should be incurred;

(d) to meet the expenditure on building or purchasing a house or a site for a house provided that such house or site is assigned to the trustees of the fund:

Provided that at the discretion of the trustees of the fund, the condition of such house or site being assigned to the trustees of the fund may be waived in the case of an employee whose income under the head “Salaries” does not exceed taka 10,000 per annum;

(e) to pay premia on policies of insurance on the life of the subscriber or of his wife provided that the policy is assigned to the trustees of the fund or, at their discretion, deposited with them and that receipts granted by the insurance company for the piemia are from time to time handed over to the trustees for inspection by the Deputy Commis­sioner of Taxes.

Explanation.— Forthe purpose of sub-rule

(1) “family” means any of the following persons who reside with and are wholly dependent on the employees, family, the employee’s wife, legitimate children, step-children, parents, sisters and minor brothers.

(2) No such withdrawal shall exceed—

(a) the pay of the employees for three months or in the case of with­drawals for the purpose specified in clause (c) of sub-rule (1), the pay of the employees for six months, or the total of the accumulation of exempted contributions and ‘exempted interest contained in the balance to the credit of the employee, whichever is less;

(b) in the case of withdrawals for the purpose specified in clause (d) of sub-rule (1), eighty parcent, of the total of accumulation of exempted contribution and exempted interest standing to the credit of the employee; and

(c) in the case of withdrawals for the purpose specified in clause (e) of sub-rule (1), the restriction imposed by clause (a) shah1 apply to each withdrawal and not to the total withdrawals.

(3)

(a) Save as provided in clauses (b), (c), (d) and (e) of sub-rule (1), a second withdrawal shall not be permitted until the sum. first withdrawn has been fully repaid.

(b) A withdrawal may be permitted for the purposes specified in clause (e) of sub-rule (1) notwithstanding that the sum or sums previously withdrawn for fie same purpose has or have not been repaid.

(c) A withdrawal for any one of the purposes of sub-rule (1) other than that specified in clauses (d) and (e) of that sub-rule may be permitted notwith­standing that the sum or sums withdrawn for the purposes of clauses (d) and (e) of the same sub-rule has or have not been repaid.

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