Provident Funds Act, 1925 Quiz

Full release of the Government or railway administration from liability for a sum paid by a subscriber/depositor.

A nominated person's right to receive funds, or part of them, upon the death of the subscriber/depositor, overriding other claims.

Modifying a nomination by creating a new nomination or cancelling the original one according to fund rules.

A nomination becoming void due to a specified event or contingency mentioned in the rules.

A nomination that specifies an alternate recipient in the case of the first nominee's death.

Payment made to the entitled nominee, despite other claims (like probate), to receive their funds.

If the first nominee dies before the subscriber/depositor, the nomination related to the deceased becomes void, and the subsequent nominee inherits their rights if defined in the nomination.

A formal designation of a beneficiary to receive funds from a provident fund in case of death or other circumstances set out in the rules.

An Act that amended the rules regarding provident fund nominations.

The amended rules apply even to nominations made before the act's effective date.

Amounts can be deducted from a provident fund account to cover outstanding liabilities to the government or railway administration.

Financial obligations to the government or railway administration.

An individual who contributes to the provident fund.

A provident fund where both the employee and employer contribute.

Termination of employment due to disciplinary or other reasons defined by the rules of the provident fund.

Leaving a job within 5 years of starting, under specific conditions, might impact provident fund payouts.

Contributions made to a provident fund by the Central Government, State Government, or a local authority after the Provident Fund (Amendment) Act, 1975.

This act defines what counts as a 'Government contribution' to a provident fund.

A body like a municipality or council, governed by the Local Authorities Loans Act, 1914.

A job in the private sector, typically outside of government service.

An individual employed by the Central Government.

Formal approval granted by the Central Government before a government officer takes up a commercial job after retirement.

The last day a Central Government officer is employed, even if re-employed after a break.

Time off before an officer retires, where they can take on a specific commercial job.

Defined by rules set by the Central Government and published in the official gazette.

A formal written decision by the Central Government regarding permission to take up commercial employment.

A Central Government officer cannot take up commercial work within two years of retirement without permission, or face penalties.

A Central Government officer must get permission from their employer before taking up any commercial work after retirement.

If a Central Government officer breaches the conditions of their commercial employment permission, they can lose a portion of government contributions.

The Central Government can issue an order in writing stating that an officer is not entitled to a part of their government contributions due to breaching commercial employment rules.

An officer who has received a part of their government contributions they are not entitled to due to breaching commercial employment rules must refund the amount.

Before an order is made regarding a penalty for breaching commercial employment rules, the officer has a chance to explain themselves.

When deciding on a penalty for breaching commercial employment rules, the Central Government considers the officer's financial situation, the new job, and other relevant factors.

If an officer doesn't refund the money they owe for breaching commercial employment rules, it can be recovered like land revenue.

The Central Government must inform the officer about the order made regarding a penalty for breaching commercial employment rules.

The rules about commercial employment for retiring government officers are stronger than any other rules in the act.

Rules made by the Central Government under this section must be presented to both houses of Parliament for 30 days for review. If both houses agree on modifications or to nullify the rule, it will be modified or voided, respectively.

Individuals acting in good faith while following the provisions of this Act are protected from legal action.

The government can, by notification, apply this Act to provident funds established for employees of local authorities.

The government can apply this Act to provident funds of institutions on the schedules, or any group of institutions.

The government can add new public institutions to the schedule, officially expanding the scope of the Act.

A fund where employees' contributions and interest are held in individual accounts, managed according to specific rules.

A deposit made to a Provident Fund that cannot be withdrawn on demand before specified events like retirement or death, and includes accumulated interest.

An amount added to a Provident Fund account, either by the employee or employer, increasing the individual's total fund value.

A Provident Fund established by the government for employees of the government or institutions funded by the government.

A Provident Fund set up by a railway administration for its employees, following specific rules.

The entity managing a railway, either a company or the government, responsible for setting up the Railway Provident Fund.

A relative who can inherit from a deceased subscriber/depositor of a Provident Fund, as defined by the rules.

Compulsory deposits in government or railway provident funds are protected from assignment, charges, and attachment by courts. They cannot be seized for debts.

Upon a subscriber's death, funds in a provident fund are protected from the deceased's debts and are payable to dependents or legal representatives. It's typically free from any liabilities of the deceased or dependent incurred before the death.

This section deals with the rules regarding repayment of funds from government and railway provident funds to subscribers. It ensures proper disbursement, emphasizing protection of the funds.

The Provident Fund (Amendment) Act, 1946, amended the rules regarding provident funds, particularly concerning nominations and payments. The amended rules apply even to older nominations.

Central Government officers are typically restricted from taking up commercial employment within two years of retirement without explicit permission from the government. They may lose a portion of their government contributions if this rule is violated.

Central Government officers who breach the rules regarding commercial employment after retirement may face penalties, including losing a part of their government contributions, which may be recovered.

Rules regarding commercial employment restrictions and other provisions in the Act are presented to both houses of Parliament for review. Parliament can modify or nullify the rules if needed.

A nomination made before the Provident Funds (Amendment) Act, 1946, is still valid, unless it was already paid out.

Deductions from a subscriber's provident fund for debt can't exceed the total contributions and interest earned.

If a subscriber is dismissed for reasons specified in the fund rules, the government can deduct all or part of their contributions, interest, and increment.

If a subscriber resigns within five years of starting employment, the government can deduct all or part of their contributions, interest, and increment.

This act amended the rules regarding provident fund nominations, making the amended rules applicable to nominations made before the act's effective date.

When a subscriber's provident fund becomes payable, the government or railway administration can deduct any debt owed to them by the subscriber.

The government can deduct from a subscriber's provident fund only if the fund's rules allow it.

A subscriber is responsible for any debt they owe to the government or railway administration, which can be deducted from their provident fund.

When a subscriber dies, their dependent(s), as defined by the fund rules, have the right to inherit the provident fund balance.

Legal documents that prove a person's right to inherit property (including provident fund money) after someone's death.

A person can legally transfer their rights to their provident fund balance to someone else before their death.

If a retired government officer breaks the rules about commercial employment, they may lose a portion of their government contributions.