Employees Provident Fund Act 1991 · Updated to 1 Jul 2022 · Part VI · Withdrawal of Contributions
58A. Amount withdrawn not to be utilized for other purpose
Feedback & supportAn amount withdrawn by any member of the Fund under this Act shall be utilized solely for the purpose for which the withdrawal was authorized.
member of the Fund
“member of the Fund” means a person who has an account and credit with the Fund;
Where all of the amount withdrawn under this Act or any part of the amount is not utilized for the purpose for which such withdrawal was authorized, the member of the Fund shall return all the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.
Board
“Board” means the Employees Provident Fund Board established under section 3;
For the purpose of subsection (2), “date of withdrawal”
means the date of withdrawal as provided in section 54B.
Any member of the Fund who contravenes subsections (1) and
shall be guilty of an offence.
Employees Provident Fund 75
PART VIA
TAKING UP OF INSURANCE POLICY BY
MEMBER OF THE FUND
Taking up of insurance policy