52. Interest on repayment of withdrawals and mode of recovery

52. Interest on repayment of withdrawals and mode of recovery.—

(1) In respect of withdrawals which are repaid in not more than twelve monthly instalments an additional instalment at the rate of 4 per cent of the amount withdrawn shall be paid on account of interest; and, in respect of withdrawals which are repaid in more than twelve monthly installments, two such instalments at the rate of 4 per cent, of the amount withdrawn shall be paid on account of interest:

Provided that the trustees of the fund may recover interest on the amount withdrawn or the balance thereof outstanding from time to time at 1 per cent, above the rate which is payable for the time being on the balance in the fund at the credit of the member.

(2) The employer shall deduct such installments from the employee’s salary and pay them to the trustees and such deductions shall commence from the second monthly payment made after the withdrawal or, in the case of an employee on leave without pay, from the second monthly payment made after his return to duty.

(3) In case of default of repayment of installments under sub-rules (1) and (2), the Commissioner may order that the amount of the withdrawal of the amount outstanding shall be added to the total income of the employee for the year in which the default occurs and the Deputy Commissioner of Taxes shall assess the employee accordingly.

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