Public Provident Fund Act,1968

Act No : 23

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Section : SHORT TITLE AND EXTENT

PUBLIC PROVIDENT FUND ACT, 1968
23 of 1968
16th May, 1968

STATEMENT OF OBJECTS AND REASONS The object of this Bill is. to provide for the institution of a provident fund for the general public. The Fund is meant to be a medium of long term savings for individuals. The Bill inter alias seeks to empower the Central Government to frame a Scheme specifying the maximum and minimum limits in respect of subscriptions to the Fund; the extent to which withdrawals may be made from the Fund; the procedure for making subscriptions to; and withdrawals from the Fund; and other relevant matters. Interest on subscriptions will be credited to the Individual account of subscribers to the Fund at the rate notified by the Central Government from time to time-Gaz. Of Ind. 18-4-1968, Pt. II, S. 2, Ext., p. 414.

An Act to provide for the institution of a provident fund for the general public. Be it enacted by Parliament in the Nineteenth Year of the Republic of India as follows:

SECTION 01: SHORT TITLE AND EXTENT

(1) This Act may be called the Public Provident Fund Act, 1968.

(2) It extends to the whole of India.

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