Employees Provident Fund Scheme
Nominations, Payments and Withdrawals From The Fund
Section 68-BB: Withdrawal from the Fund for repayment of loans in special cases
(1) (a) The Commissioner, or where so authorised by the Commissioner, any officer subordinate to him, may on an application from a member, sanction from the amount standing to the credit of the member in the Fund,withdrawal for the repayment, wholly or partly, of any outstanding principal and interest of a loan obtained in the name of the member or spouse of the member or jointly by the member and spouse from a State Government, Cooperative Society, Housing Board, Nationalised Banks, Public Financial Institutions, Municipal Corporation or a body similar to the Delhi Development Authority solely for the purposes specified in sub-paragraph (i) of Paragraph 68-B.
(b) The amount of withdrawal shall not exceed the member's basic wages and dearness allowance for thirty-six months or his own share of contributions together with the employer's share of contributions, with interest thereon, in the member's account in the Fund or the amount of outstanding principal and interest of the said loan, which ever is least.
(2) No withdrawal shall be sanctioned under this paragraph unless-
(a) the member has completed ten years membership of the Fund, and
(b) the member's own share of contribution, with interest thereon, in the amount standing to his credit in the Fund, is one thousand rupees or more; and
(c) the member produces a certificate or such other documents, as may be prescribed by the Commissioner, or where so authorised by the Commissioner , any officer subordinate to him , from such agency, indicating the particulars of the members, the loan granted, the outstanding principal and interest of the loan and such other particulars as may be required.
(3) The payment of the withdrawal under this paragraph shall be made direct to such agency on receipt of an authorisation from the member in such manner as may be specified by the Commissioner, or where so authorised by the Commissioner, any officer subordinate to him,and in no event the payment shall be made to the member.