Punjab General Provident Investment Fund Act, 2009

From: 2009-07-08 - To: 0000-00-00 An Act to provide for the establishment of the Punjab General Provident Investment Fund to generate revenue for the discharge of the liabilities of the General Provident Fund. Preamble.– Whereas it is expedient to establish the Punjab General Provident Investment Fund to generate revenue for the discharge of the General Provident Fund liabilities of the Government and to make provisions for ancillary matters. It is enacted as follows:- CHAPTER I PRELIMINARY 1. Short title, extent and commencement.– (1) This Act may be cited as the Punjab General Provident Investment Fund Act 2009. (2) It extends to the whole of the Province. (3) It shall come into force at once. 2. Definitions.– In this Act– (a) “family” means a spouse, a parent, a grand parent, sibling or adopted sibling, child or an adopted child, or a maternal or paternal first cousin; or a parent, sibling or adopted sibling, child or an adopted child, or a maternal or paternal first cousin of the spouse; (b) “financial year” means the year starting from first day of July and ending on 30th day of June of the succeeding year; (c) “Fund” means the Punjab General Provident Investment Fund established under the Act; (d) “General Manager” means the General Manager of the Fund; (e) “General Provident Fund” means the General Provident Fund established under the Punjab Civil Servants Act, 1974 (VIII of 1974) and the Punjab General Provident Fund Rules, 1978; (f) “Government” means the Government of the Punjab; (g) “Government bonds” include the bonds issued by or under the authority of the Federal Government, a Provincial Government or by a body or entity owned or controlled by the Government, a Provincial Government or the Federal Government or a prescribed body or entity; (h) “Management Committee” means the General Provident Investment Fund Management Committee; (i) “Member” means a Member of the Management Committee; (j) “prescribed” means prescribed by the rules made under the Act; (k) “Province” means the Province of the Punjab; (l) “regulations” means the regulations framed under the Act; (m) “Reserve Fund” means the Reserve General Provident Fund created under section 3 of…