BackAmendment-01
The Punjab State Agricultural Marketing Board and Market Committees Employees Pension, Provident Fund and Gratuity Rules, 2012.

1. Short title and commencement -
(1) These rules may be called 'The Punjab State Agricultural Marketing Board and Market Committees Employees Pension, Provident Fund and Gratuity(Amendment) Rules, 2012. 1
(2) They shall come into force and with effect from the date of their publication in the Official Gazette.1

2. Application -
1[(ii) The employees, who failed to opt for these rules or who opted for these rules, but their options are not becoming avalable in the record, shall be deemed to have opted for these rules; provided the subscription portion of Employees Contributory Provident Fund alongwith interest accrued thereon in respect of such employees was credited to the General Provident Fund and subsequently such employees had made regular monthly contribution or are making regular monthly contribution towards General Provident Fund. ]



5. Operation of Fund -
(i) The fund shall be held and administered by an Authority to whom the competent Authority with the prior approval of the State Government delegates its powers.
(ii) Board/ Market Committee's contribution as mentioned in Rule 4 shall be drawn out of Marketing development Fund / Market Committees Fund as the case may be and credited into the pension Fund concerned.
(iii) All payment to be made to the employees of the Board/ Market Committees on the account of Pension and Gratuity shall be withdrawn from the Fund, established for the purpose1[;
Provided that in case the amount in the Fund is found not to be sufficient to pay Pension and Gratuity to any employee, in such a case, the payment of the Pension and Gratuity may be made out of the Marketing Development Fund or the Market Committee Fund, as the case may be.]


1. Substituted vide Notification No. G.S.R. 52/P.A. 23/1961/S. 43/Amd. (3)/2012 dated 10-09-2012. Published in the Gazatte dated 17-09-2012.