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FUNDS MANAGEMENT (BANKING) S.No. 1. 6.1. 611 2. 6.2. 61L 3. 6.3. 6/2

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FUNDS MANAGEMENT (BANKING) S.No. 1. 6.1. 611 2. 6.2. 61L 3. 6.3. 6/2 C H APT E R --- 6 FUNDS MANAGEMENT (BANKING) S.No. CONTENTS PARA PAGE NO. 1. Administration of Funds 6.1. 611 2. Banking arrangements 6.2. 61l 3. Nature of account 6.3. 6/2 . 4. Challan Fonns 6.4. 612 5. Bank accounts 6.5. 6/3 6. Co-ordinating Branch 6.6. 6/5 7. Acceptance of deposit in State Bank of India 6.7. 6/5 8. Roll of Link branch 6.8. 6/6 9. Claiming interest from State Bank of India 6.9. 6/8 10. Payment of service charges etc., 6.10. 6/9 11. Operation of Bank Account 6.11. 6110 12. Maintenance of Bank Accounts 6.12. 6111- 13. Other Bank Accounts 6.13. 6119 14. Confirmation and transfer of funds 6.14. 6/20 15. Fund Management 6.15. 6/21 Annexure-I --CHALLANS 6 CHAPTER- 6 BANKING FUNDS MANAGEMENT 6.1. ADMINISTRATION OF FUNDS - 6.1.1. The Central Board of Trustees, Employees' Provident Fund Administers the Funds Viz. Employee' Provident Fund, Pension Fund and Insurance Fund established under the Employees' Provident Funds scheme, 1952, Employees' Pension Scheme, 1995 and Employees' Deposit-Linked Insurance Scheme, 1976, respectively. 6.1.2. The establishments brought under the Employees' Provident Funds and Miscellaceous Provisions Act, 1952 and complying with the provisions of the Schemes framed thereunder are required to pay the dues towards Employees' Provident Fund, Pension and Insurance Fund contributions and administrative charges under the Employees' Provident Fund and Employees' Deposit-Linked Insurance Schemes. The establishments, which are exempted from the operation of Employees' Provident Funds Scheme, 52 and Employees' Deposit Linked Insurance Scheme,76 are required to pay Inspection charges. These dues are to be paid within 15 days of the close of every month. Paragraph 38 of the Employees' Provident Fund Scheme,52, Para 3 of the Employees" Pension Scheme, 1995 and Para 8 of the Employees' Deposit Linked Insurance Scheme, 1976 specify the mode and manner of payment of dues by the employer. 6.2. BANKING ARRANGEMENT 6.2.1. Under Para 52 of the Employees' Provident Funds Scheme, 1952 moneys belonging .to the Fund are to be deposited in the Reserve Bank of India, State Bank of India or such other Scheduled Bank, as may be approved by the Central Government. 6.2.2. With the approval of the Central Government, the State Bank of India has been appointed as the banker of the Fund Viz. -Employees' Provident Fund, Pension Fund and Insurance Fund. Accordingly, the employers are required to deposit their dues direct to the State Bank of India. All branches of the State Bank of India ( except extension counters) and its subsidiary Banks viz. State Bank of Hyderabad, State Bank of Travancore, State Bank of Mysore, State Bank of Indore, State Bank of Bikaner & Jaipur, State Bank of Patiala are authorised to collect the dues. Only where there is no branch of the State Bank of India or its subsidiaries at the station where the factoryor other establishment is situated, the employer shall remit the dues through a Demand Draft and forward the same to the Regional! Sub-Regional office concerned. 6/1 ,~~ ;41 e.~ 6.2.2. Wherever the dues are paid directly to the State Bank of India or its subsidiary branch, the payment may be made by cash, Demand draft/Bankers Pay Order. or by Cheque. If the payment is made by a Cheque, it should be drawn only on the local bank of the place in which deposits are made. Under no circumstances, outstation Cheques should be accepted either by the Bank or the Regional Office/Sub-Regional office. The date of presentation of cheque to the Bank should be obtained by the employer, either through a stamp affixed by the Bank on the reverse of the challan or an acknowledgement in the copy of the letter forwarding the cheque to the Bank. MAINTENANCE OF BANK ACCOUNT 6.2.3. The Head Office of the Employees' Provident Fund Organisation in New Delhi and all the Regional and Sub-Regional and Sub-Accounts Offices are required to maintain their Bank accounts in a branch of the State Bank of India (not in subsidiary bank) located in the station at which the Regional office/Sub-Regional office/Sub-Accounts office is functioning. As and when a Sub-Regional office is opened, prior approval should be obtained for opening an account from the State Bank of India, Central Office, Mumbai through the Head office. No bank account should be opened without the prior approval of Financial Adviser & Chief Accounts Officer in Head Office. BASE BRANCHES AND LINK BRANCH 6.2.4. All branches of the State Bank of India and its subsidiaries. shall act as base branches and authorised to collect the dues paid by employees' and to transmit on the same day to the link-branch in which accounts of the funds are maintained by the Regional Office/Sub-Regional office/Sub-Accounts office. The branch which maintains the accounts is known as Link Branch. Link branch is also authorised to accept the dues directly from the employers. NATURE OF ACCOUNT 6.3. The Head Office/ Regional offices/ Sub-Regional Offices/SAOs are authorised to . open and operate only a Saving Bank account in the State Bank of India. Interest at saving bank rate, as admissible from to time to time shaIl be realised from the link branch of the State Bank of India and from State Bank of India, Mumbai & New Delhi. (The Fund accounts were maintained as current account till September, 1977). CHALLAN FORMS 6.4. The employers are required to deposit their dues in the account of the Fund kept in State Bank of India only through the prescribed challans. A separate challan is designed for each account maintained by the Regional Office/Sub-Regional office/ Sub-Account offices. The challans bears a number which denotes the type of account it relates. Each challan is to be prepared in quadruplicate. With a view to ensure visual segregation of the type of challans, the challans are required to be printed in a specific colour. The challans should be supplied to the employers, free of cost, in a booklet for each deposit account covering the No. of challans required for a year; The specimen of the challans prescribed (indicating the size & colour) alongwith the instructions for filling up the challans are shown in Annexure -I. 6/2 6.5 BANK ACCOUNTS The Bank Accounts to be operated by the Head Office, Regional office, Sub-Regional Office and Sub-Accounts Office are as under: Scheme Alc No. Name of the Operated by Maintained by SBI maintained Account authorised officers by In R.O. H.O. S.R.O. EPF S'52 I EPF Contribution R.O.lS.R.O.lS.A.O Link branch in the Account R.O.lSRO/SAO 2 EPF Regional --do-- --do-- Administration Account 4 EPF Central Head Office S.B.I.,New Delhi Administration Account 4-A Central office RPFC(LA) --do-- Local Head Office I administration Nc 5 EPF Investment Head Office S.B.I., Mumbai mairi Account branch 8 S.P.F. Account --do-- --do-- 9 Pension-cum- --do-- --do-- gratuity fund Alc EPS '95 to Pension Fund R.O./S.R.O./S.A.O Link Branch of contribution R.O.lS.R.O.lSAOs I Account I 11 Pension Fund IHead Office. with effect from Investment Ale 16-I 1-95 SBI Main branch, Mumbai. EDLI'76 21 EDLI Fund RO/SRO/SAOs Link Branch of Contribution Alc , RO/S RO/S AO 22 EDLI Fund -do-- --do-- Administration Ale 24 EDLI Fund Head Office Centra 1- SBI, New Delhi Administration Ale 25 EDLI Fund --do-- w.e.f. 1-7-97 SBI Main Investment Ale Branch, Mumbai The State Bank of India has also been entrusted with the portfolio management of . the Fund-moneys of Employees' Provident Fund Organisation. Accordingly, the following Accounts are maintained by the State Bank ofIndia, on behalf of Employees' Provident Fund Organisation in its Security Services Branch, Bombay. 6/3 Name of the Account Nature of Maintained at Scheme Account Employees' A-Central Board of Trustees- Current Securities Provident Employees Provident Funds account Service Branch Funds Scheme, Investment Account, Empl- Mumbai 1952 oyees' Provident Fund Ale Employees' B-Central Board of Trustees' Pension Employees' Provident Funds --do-- --do-- Scheme, 1995 Investment account.Employees' Pension Fund Account C-Central Board of Trustees- --do-- Employees Provident Funds Investment Account, EDLI Fund Account D-Central Board of Trustees --do-- --do-- Employees' Provident Funds Investment Account- Staff Provident Fund Account E-Central Board of Trustees, --do-- --do-- Employees' Provident Funds -t. Investment Account-Pension -cum-Gratuity Fund Account Address of State Bank of India: 1. The General Manager SBI Main Branch Institutional Banking Division • Samachar Marg, Mumbai 400023. 2. SBI Central Office Treasury & Investment Management Department Central Office Madama Cama Road Post Box No. 12 Mumbai 400021. 6/4 3. State Bank of India Securities Service Branch 2nd Floor, Samachar Marg Mumbai 400023. CO-ORDINATING BRANCH 6.6. The State Bank of India, Main Branch (Employees' Provident Fund Cell in C & I Division) New Delhi will act as co-ordinating branch.to ensure that all the base branches and the link branches of the State Bank of India adopt the Banking arrangements entered into with the Employees' Provident Fund Organisation. In case of any difficulty in getting prompt service, the co-ordinating branch will assist the Employees' Provident Fund Organisation authorities to sort out the same. A liasion officer of the State Bank of India from each link branch will have periodical meetings with the Regional Office I Sub-Regional offices/ Sub-Accounts offices for the proper maintenance of account and in getting the compliance in regard to receipt of challans, advices.
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