Subject to this Act and the rules made under this Act, the Committee may make necessary regulations (2) Without prejudice to the generality of sub-section (1), the committee may make regulations on the following matters:-
(a) Service conditions, remuneration and facilities of employees working in the fund,
(b) Other matters deemed necessary in connection with the operation of the Contributory Pension System.
(3) The regulations under sub-section (1) shall come into force from the date of approval by the Ministry.