Welfare Fund Manual-2012 - Central Industrial Security Force

withdrawn may be recovered from individual on joining. If an individual is overstaying on
leave or remains absent and also not paying his subscription regularly will stand
disqualified from the membership of the fund. He may apply for annulment of
disqualification by paying the amount of arrears in one installment with penalty @ Rs.5/-
per quarterly per installment. The annulment is permissible only with the approval of
Governing Body/Managing Committee of the fund. The total amount on account of
subscriptions thus recovered shall be reflected in the schedule of recoveries (Annexure
`A`) indicating the period for which recovery has been made. The amount of subscription
is to be sub-divided in two sub- heads i.e. Risk Element @ Rs.50/- p.m. and Saving
Element @ Rs.70/- p.m. Nominal roll of personnel in whose respect subscription on
account of revised Risk Premia cum Saving scheme 2002 is outstanding, will be
prepared as per Annexure "B" and enclosed with the schedule.
(ii) Remittance of Subscriptions.
The amount of subscriptions towards CISF Central Welfare (Risk Premia -cum-
saving) fund so collected shall be remitted to FHQrs by 15th of the month by means of
bank draft in favour of "DG CISF RS Fund" payable at SBI Service branch, New Delhi,
(Code No.7687) or State Bank of Hyderabad, Scope Complex, Lodhi Road, New Delhi
(Code No.2511). The amount of bank draft should tally with the total amount shown in
the statement of summary of schedules of recoveries. No amount shall be shown left as
outstanding except those long OSL/AWL.
18. MODE OF PAYMENT
LUMPSUM PAYMENT OF SAVING ELEMENT of contributions with compound
interest as decided by the competent authority will be made ON THE DATE OF
RETIREMENT. All out efforts will be made to arrange payment of saving elements of
contributions with compound interest to the personnel who are proceeding on retirement
on attaining the age of superannuation on the last working day of the month in which
retiring. For this the complete papers alongwith Fund Book will be submitted to Force
HQrs three months ( 90 days) in advance i.e. prior to the date of superannuation
retirement so that individuals can be paid Saving Element on the last working day.
CONTRIBUTION OF LAST THREE MONTHS WILL BE DEDUCTED FROM THE FINAL
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