Oil Industry Development Board Staff Provident Fund (Amendment) Rules, 2024
MINISTRY OF PETROLEUM AND NATURAL GAS
NOTIFICATION
New Delhi, the 22nd April , 2024
G.S.R. 249(E).—In exercise of the powers conferred by clause (r) of sub-section (2) of Section 31 of the Oil Industry (Development) Act, 1974 (47 of 1974), the Central Government hereby makes the following rules to amend the Oil Industry Development Board Staff Provident Fund Rules, 2013, namely :-
1. These rules may be called the Oil Industry Development Board Staff Provident Fund (Amendment) Rules, 2024.
2. They shall come into force on the date of its publication in the Official Gazette.
2. In the Oil Industry Development Board Staff Provident Fund Rules, 2013, –
(a) in rule 8, after sub-rule (1), the following sub-rule shall be inserted, namely: –
“(1A) The sum of monthly subscription referred to in sub-section (1) during a financial year together with the amount of arrear subscriptions deposited in that financial year shall not exceed the limit as specified in the second proviso to clause
(b) of sub-rule (1) of rule 9.”;
(b) in rule 9, –
(i) in sub-rule (1), in clause (b), after the proviso, the following proviso shall be inserted, namely :-
“Provided further that the sum of monthly subscriptions in a financial year shall not exceed the threshold limit referred to in sub-clause (i) of clause (c) of the Explanation below sub-rule (2) of rule 9D of the Income Tax Rules, 1962.” ;
(ii) in sub-rule (4), –
(A) the first proviso shall be omitted;
(B) in the second proviso, the word “further” shall be omitted;
(iii) after sub-rule (4), the following sub-rule shall be inserted, namely: –
“(5) The amount of subscription fixed under sub-rule (3), or reduced or enhanced under sub-rule (4), shall be subject to the minimum and maximum limit specified in sub-rule (1).”;
(c) in rule 10, in sub-rule (3), the following proviso shall be inserted, namely: –
“Provided that the sum of monthly subscriptions during a financial year together with arrears of subscription and the interest thereon recovered in that financial year shall, in no case, exceed the limit as specified in the second proviso to clause (b) of sub-rule (1) of rule 9.”
Note: – The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), dated the 29th January, 2013 vide notification number G.S.R 49 (E) dated the 29th January, 2013.
[F. No. Expl-11032(11)/17/2022-EXPL-I-PNG) (E- 46530)]
AMIT BANSAL, Dy. Secy.
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