Amendment in Paragraphs 3, 11 and Form a of Public Provident Fund Scheme, 2011, As Per Notification issued on 25-11-2011

In exercise of the powers conferred by sub-section (4) of section 3 of the Public Provident Fund Act, 1968 (23 of 1958), the Central Government hereby makes the following further amendment to the Public Provident Fund Scheme, 1968, namely :-

1. (1) This Scheme may be called the Public Provident Fund (Amendment) Scheme, 2011.

(2) It shall come into force on the 1st day of December 2011.

2. In the Public Provident Fund Scheme, 1968, –

 (i) in paragraph 3, in sub-paragraph (1), for the letters and figures “Rs 70,000/-“, the letters and figures “Rs 1,00,000” shall be substituted;

(ii) in paragraph 11, in sub-paragraph (2), for the words “one per cent, per annum”, the words “two per cent, per annum” shall be substituted;

(iii) in Form-A, in paragraph (iv), for the letters and figures “Rs 70,000/-“, the letters and figures “Rs 1,00,000” shall be substituted.

 

Reference: Section 3 of the Public Provident Fund Act,1968

Public Provident Fund Scheme

(1) The Central Government may, by notification in the Official Gazette, frame a scheme to be called the Public Provident Fund Scheme for the establishment of a provident fund for the general public and there shall be established, as soon as may be after the framing of the Scheme, a Fund in accordance with the provisions of this Act and the Scheme.

(2) Subject to the provisions of this Act, the Scheme may provide for all or any of the matters specified in the Schedule.

(3) The Scheme shall have effect notwithstanding anything contained in any law for the time being in force other than this Act or in any instrument having effect by virtue of any law other than this Act.

(4) The Central Government may, from time to time, by notification in the Official Gazette, add to, amend or vary the Scheme.

 
 

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