Additional Emoluments (Compulsory Deposit) Act,1974
Act No : 37
Section :
Repayment of deposits.
9. Repayment of deposits. (1) Subject to the provisions of sub- section (2), every amount credited to the Deposit Accounts shall be repayable with interest due thereon,-- (a) in the case of an amount credited to the Additional Wages Deposit Account, at any time after the expiry of one year from the appointed day; and 1[(b) in the case of an amount credited to the Additional Dearness Allowance Deposit Account,- (i) for any period ending on the 30th day of June, 1976, in cash, at any time after the expiry of two years from the appointed day; and (ii) for any period ending after the 30th day of June, 1976,- (a) by crediting tithe provident fund account of the employee, at any time after the expiry of a period of four years from the appointed day, if such employee is a subscriber to any provident fund; (b) in cash, at any time after the expiry of a period of four years from the appointed day, in the case of an employee who is not a subscriber to any provident fund:] Provided that nothing in this section shall prevent earlier repayment of any amount credited to either of the Deposit Accounts with interest due thereon in any case in which any person authorised by the Central Government in this behalf is satisfied that extreme hardship will be caused unless such repayment is made: Provided further that an employee may, at his option, retain the whole or any part of the amount, credited in relation to him in the Additional Wages Deposit Account or the Additional Dearness Allowance Deposit Account, or both, until his superannuation or until such date as may be specified by the Central Government in this behalf: Provided also that the whole of the amount standing to the credit of an employee (not being an employee in a seasonal establishment) in 1[the additional Wages Deposit Account shall be repaid to him in cash."] on his 1[the Additional Wages Deposit Account shall be repaid to him in cash] superannuation or resignation from office or on the termination of his employment. (2) The aggregate amount credited to 1[any Additional Wages Deposit Account] relation to an employee shall be repaid to the employee in five equal annual instalments commencing from the expiry of one year ***1 from the appointed day, together with interest due on the whole, or, as the case may be, part of the amount of compulsory deposit which remains unpaid. 1[(3) The aggregate amount credited to the Additional Dearness Allowance Deposit Account by or in relation to an employee for the period ending on the 30th day of June, 1976, shall subject to the provisions of sub-section (5), be repaid, in cash, to the employee in five equal annual instalments commencing from the expiry of a period of two years from the appointed day,. together with interest due on the whole or, as the case may be, part of the amount of compulsory deposit which remains unpaid. (4) The aggregate amount credited to the Additional Dearness Allowance Deposit Account by or in relation to an employee for the period commencing on the 1st day of July, 1976, and ending on the 5th day of July, 1977, together with interest due on the whole, or, as the case may be, part of the amount of' compulsory deposit which remains unpaid, shall, subject to the provisions of sub-section (5), be repaid to the employee in five, equal annual instalments commencing on the 6th day of July, 1978, and each such instalment shall be credited to the provident fund account of the employee: Provided that the employer shall not be required to make any contribution under the Employees Provident Funds Act, 1952, or under any other law for the time being in force, in relation to the amounts so credited to the provident fund account of the employee: Provided further that, in the case of the employees who do not subscribe to any provident fund, the aggregate amount so repayable shall be repaid in cash in five equal annual instalments commencing on the 6th day of July, 1978. (5) On the superannuation, resignation or termination of employment of an employee, the whole of the amount standing to the credit of such employee in the Additional Dearness, Allowance Deposit Account, shall be repaid,- (a) in cash, in the case of any amount credited to the Additional Dearness Allowance Deposit Account for any period ending on the 30th day of June, 1976; (b) in the case of any amount credited to the Additional Dearness Allowance Deposit Account for any period ending, after the 30th day of June, 1976,- (i) by crediting such amount-to the provident fund account of such employee, if he is the subscriber of any such account, or (ii) in cash, where such employee is not a subscriber to any provident fund. Explanation.-For the purposes of this section, "provident. fund" has the meaning assigned to it in section 2(e) of the Provident Funds Act, 1925.]
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