Employees Provident Fund Scheme

Administration of the Fund, Accounts and Audit

Section 53: Disposal of the Fund

(1) Subject to the Provision of the Act and of this Scheme, the Fund, not including therein the Administration Account, shall not, except with the previous sanction of the Central Government, be expended for any purpose other than the payment of the sums standing to the credit of individual members of the Fund or to their nominees or heirs or legal representatives in accordance with the Provisions of this Scheme.

(2) The Fund shall be operated open by such officers as may be authorised in this behalf by the Central Board.