NOTIFICATION

New Delhi, Dated, 20^th December 1991

In exercise of the powers conferred by rules 24 (5) of the rules of the Navodaya Vidyalaya  Samiti, the Executive Committee,  NVS,  hereby make the following rules:-

1.Short titles

1. These rules may be called the ‘Navodaya Vidyalaya Samiti Contributory Provident Fund’ Rules, 1988.
2. These Rules shall be deemed to have come into force the 1st of April, 1988.

2.Definitions 

In these rules, unless the context otherwise requires -

1. ‘Samiti’ means Navodaya Vidyalaya Samiti.
2. ‘Accounts Officer’ means the officer to whom the duty to maintain the Provident Fund account of the subscriber has been assigned by the Samiti.
3. ‘Employee’ means regular employee of the Samiti.
4. ‘Competent authority’ means the authority prescribed under these rules.
5. ‘Fund’ means the Navodaya Vidyalaya Samiti Contributory Provident Fund.

Any other expression/definition employed in these rules which is defined in the Contributory Provident Fund Rules (India) 1962, is used in the sense defined therein.

3. The Samiti will follow Mutatis Mutandis Central Govt. CPF Rules (India) 1962, as amended from time to time unless prescribed otherwise in these rules.

4.Constitution of the Fund

1. The Fund shall be maintained in rupees in a Nationalised Bank.
2. All sums paid into the Fund under these rules shall be credited in the books of Samiti to an account named ‘Navodaya Vidyalaya Samiti Contributory Provident Fund Account.’
3. The Fund shall be governed by the following officers of the Samiti and jointly operated by any two of the officers.
   1. Commissioner, Navodaya Vidyalaya Samiti.
   2. Internal Financial Adviser and Chief Accounts Officer.
   3. Deputy Commissioner (Finance).
   4. Joint Commissioner (Admn.).
   5. Deputy Commissioner (Admn.).

5.Investments

1. All moneys from time to time credited to the fund and not immediately requires for making any payment in pursuant hereto, shall be invested in such a manner as approved by the Govt. of India in the case of recognised Provident Funds in accordance with the procedure prescribed in G.O.I. Notification No.12 (1)-P.D/86, dated 17.3.86 and as amended from time to time.
2. All the investment shall be made in the name of Navodaya Vidyalaya Samiti Contributory Provident Fund Accounts. All purchase, sales or alterations of such investments shall be effected on the authority of the Commissioner (NVS) and all contracts, transfer deeds or other documents for purchasing selling or altering the investments shall be executed by the IFA & CAO of the Samiti for safe custody.

6.Interest

1. Samiti shall pay to the credit of a subscriber interest, at such rates as Govt. of India may from time to time prescribe for the payment of interest on subscription to the Contributory Provident Fund, on the amount, to his credit in the Fund.
2. In case the revenue earned from investments made happens to fall short of the interest payable to subscribers, the Samiti shall augment the Fund to that extent necessary from the Grant-in-aid given by Govt. of India to Samiti for its functioning. On the other hand if the revenue earned is more than the interest liability it will form part of Revenue receipt of the Fund.

7.Conditions Of Eligibility

1. These Rules shall apply to all regular employees on the rolls of the Samiti on or after 1st April, 1988 but before the date of coming into force the New Pension Scheme (NPS) i.e. 1st April, 2009.
2. Subscription to the Fund shall be compulsory for all regular employees of the Samiti, as admitted to the Fund at the rates prescribed by the Govt. of India from time to time to be deducted monthly from the salary payable to each subscriber.

8.Contribution By Samiti

Samiti shall on the 31^st March of each year make a contribution to the account of each subscriber as per Govt. of India instructions from time to time as provided in Contributory Provident Fund Rules (India) 1962.   The rate of Contribution present is 10% of emoluments as on 31^st March of the year.

9. In regard to matters not specifically provided for in these rules, the provisions of the Contributory Provident Fund Rules (India) 1962 shall apply mutatis-matandis to every employee of the Samiti who has been or may be admitted to the benefit of Navodaya Vidyalaya Samiti Contributory Provident Fund Rules. In such matters, the Samiti shall also follow the procedure prescribed by Govt. of India.

10. The appropriate competent authority for sanction of Advances and withdrawals from the fund shall be as under:-

A. ADVANCE

B. WITHDRAWALS

11.Accounts/Audit

The Accounts of the fund shall be maintained at the Hqrs. of the Samiti. The Annual Receipts and Payments and Balance Sheet prepared therefrom shall form part of General Fund Annual Accounts of the Samiti and got Audited by the ‘Auditors’ of the Samiti.

12.Amendment

Amendment to these rules can be done by the approval of the Executive Committee on the recommendation of the Finance Committee of the Samiti after consultation with Ministry of Finance, Department of Pension & Pensioners Welfare.

13.Interpretation

The power of interpretation/relaxation of these rules shall vest with the Commissioner, Navodaya Vidyalaya Samiti, but any relaxation involving policy change would be done after consultation with the Ministry of Finance/Deptt. Of Pension & Pensioners Welfare.