Regularization process for Unauthorized G.P. Fund subscription

Memo no. 8297-F Dated: 10-09-1985 Finance Department Govt. Of West Bengal

Summary: Memorandum No. 8297-F (1985) issued by the West Bengal Finance Department addresses unauthorized General Provident Fund (G.P. Fund) subscriptions—defined as monthly contributions falling below 6% or exceeding 100% of a subscriber's emoluments. It outlines that subscribers will only earn interest on contributions up to their total monthly emoluments, with any excess marked as unauthorized and excluded from interest calculations. Additionally, it establishes that under-subscriptions will be corrected through recoveries in subsequent months, while over-subscriptions will be regularized by deducting the excess amount from future monthly contributions.

Government of West Bengal
FINANCE DEPARTMENT AUDIT BRANCH

No. 8297-F Calcutta, the 10th September., 1985

MEMORANDUM

Sub.: Unauthorised G.P. Fund subscription.

The undersigned is directed to say that in terms of Rule 11(1)(b) of the G.P. Fund (W.B.S.) Rules the amount of monthly subscription should not be less than 6% of the subscriber's emoluments and more than his total emoluments. Under the G.P. Fund Rules "emoluments" means pay as defined in Rule  of the W.B.S.R., Part-I.

It has been reported by Accountant General, West Bengal that in some cases monthly amount of subscriptions in G.P. Fund of subscribes falls below 6% of their emoluments and in some other cases the monthly amount of their subscriptions exceeds their monthly emoluments. Obviously such subscriptions are unauthorised i.e. not in accordance with the rules. Accountant General, West Bengal has, however, raised two points in this connection, namely, (1) in case where the subscription exceeds subscriber's emoluments whether his total subscription should be considered unauthorised or whether payment of interest should be limited to the amount of emoluments, (2) whether any over-payment or short-payment of subscription to the fund in any one month may be adjusted by deduction from or addition to subscription in subsequent month.

After careful consideration of the matter, the Governor has been pleased to decide as follows:

  1. The subscriber may be allowed interest only for that part of subscription which does not exceed to his total monthly emoluments. The rest of his subscription may be treated as unauthorised subscription.

  2. Where the monthly subscription falls below 6% of subscriber's emoluments, this must be regularised by recovery from the subscriber's emoluments in subsequent months the exact amount which actually falls short of the prescribed minimum i.e. 6% of emoluments. Likewise, where the monthly subscription exceeds the subscriber’s emoluments this should be regularised by making deduction from his subscription in subsequent months the exact amount by which his monthly subscription exceeds his emoluments.

Sd/-
S. K. Chakrabarti
Deputy Secretary
to the Government of West Bengal

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