COAL MINES PROVIDENT FUND SCHEME
a[(4) 8(On receipt of contribution card of a member in respect of a currency period or quarter, as the case may be,) the Commissioner or such other Officer subordinate to him as may be authorised by him in this behalf shall ascertain therefrom the total amount of the member's and employer's contributions 8[to the Coal Mines Provident Fund] paid for the member and shall credit the amount to the account of the member as at the last day of the period of currency or quarter as ths case may be.]

61. Interest

  1. The Commissioner shall credit to the account of eash member interest at such rate as may be determined by the Central Government in consultation with the Board in respect of the periods of currency of the cards expiring in each financial year.
  2. Interest for the period of currency of the card shall be credited with effect from the last day of the period on the opening balance at the credit of the member on the first day thereof ;
  3. 1[ Provided that when the amount standing at the credit of the member;; has become payable, interest shall thereupon be credit:; 1 under this sub-paragraph for the period upto the end of the month preceding the date of the tender of payment].

    **[Provided further that the rate of interest to be allowed on claims for refund for the broken period of currency of cards shall be the rate fixed for the financial year in which [+the claim becomes payable].

  4. The aggregate amount of interest credited to the accounts of the members shall be debited to "Interest Suspense Account".
  5. *
  6. Interest shall not be credited to the account of a member if he informs in writing to the Commissioner, or, where so authorised by the Commissioner, to any officer subordinate to him, that he does not wish to receive it. If, however, the member subsequently asks for interest, it shall be credited to his account with effect from the first day of the period of currency, in which he makes a request therefor.
62. Nomination (1) Each member, or if he is a minor his guardian shall make in his declaration in Form 'A' 4(to be submitted in duplicate) a nomination conferring the right to receive the amount that may stand to his credit in the Fund in the event of his death before the amount standing to his credit has become payable, or where the amount has become payable, before payment has been made.

2 Sub-para (4) of para 60 first inserted vide S.R.O. 3306 dated 22.10.54 and then reconstituted vide G.S.R. 1203 dt. 20.8.1964.
3 Substituted vide G.S.R. 2191, dated 21.10.1969.
5 [ ] Inserted vide Notification No. 11011 (I)/72-PFI (i) dated 8.8.1972.
1 Reconstituted under S.R.O. 424 dated 22.1.58 (published and effective from 1st February 1958.)
** Inserted by Govt. of India, Ministry of Labour Notification No. PF 5(21)/51 dated the 18th January, 1952.
+ These words were inserted under the Govt. of India, Ministry of Labour Notification No. PF 5(21)/51 dated 12.2.1952.
* Sub-para (4) added vide G.S.R. 1577 dated 5.10.66.
4 ( ) Inserted vide G.S.R, 463 dated 24.3.79.

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