Section 58A
Amount withdrawn not to be utilized for other purpose
of Employees Provident Fund Act 1991
An amount withdrawn by any member of the Fund under this Act shall be utilized solely for the purpose for which the withdrawal was authorized.
(2)
Where all of the amount withdrawn under this Act or any part of the amount is not utilized for the purpose for which such withdrawal was authorized, the member of the Fund shall return all the amount or the part which is not utilized to the Board within six months from the date of withdrawal.
(3)
For the purpose of subsection (2), “date of withdrawal”
means the date of withdrawal as provided in section 54B.
(4)
Any member of the Fund who contravenes subsections (1) and
(2)
shall be guilty of an offence.
Employees Provident Fund 75
PART VIA
TAKING UP OF INSURANCE POLICY BY
MEMBER OF THE FUND