The GPF rules liberalized the conditions for taking advance from the fund for education, illness and purchase of consumer durable with effect from 7 March 2017.
With effect from 7th March 2017, Government
has simplified and liberalized the conditions for taking advance from
the fund by the subscribers for education, illness, purchase of consumer
durable.
Conditions and procedures for withdrawal from the fund for the purpose of education, illness, housing, purchase of motor vehicles etc. have also been liberalized.
Conditions and procedures for withdrawal from the fund for the purpose of education, illness, housing, purchase of motor vehicles etc. have also been liberalized.
No documentary proof is required to be
submitted now for advance and withdrawal applications. A simple
declaration by the subscriber is sufficient. A time limit for sanction
and payment of advance/withdrawal has also been fixed.
There is no proposal under consideration of
Government to increase/link the rate of interest on GPF at parity with
that of EPF. The interest rates on EPF are decided on the
recommendations of the Central Board of Trustee (EPF) taking into
account the yearly income from the investment made by EPFO. The GPF
interest rate is presently fixed at par with that of PPF interest rate.
This was stated by the Minister of State in
the Ministry of Personnel, Public Grievances and Pensions and Minister
of State in the Prime Minister’s Office, Dr. Jitendra Singh in a written
reply to question by Dr. Sunil Baliram Gaikwad, Kunwar Haribansh Singh,
Shri T. Radhakrishnan, Shri Gajanan Kirtikar and Shri Bidyut Baran
Mahato in the Lok Sabha today.
Source:PIB
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