Section 15A
Fund Deduction To Be Refunded
(1) Any employees shall get refund of lump sum of all amounts including the principal and interest deposited in his or her account immediately when he or she is relieved of service for any
reason. If he or she dies, his or her nominee or nominees shall obtain the amounts according to the will. If he or she has not nominated any person or if his or her nominee is also dead before the death of the nominator, the heir
as per the prevailing law relating to inheritance shall receive such amounts.
(1A) Any employee may nominate any person for the purposes of Sub- section (1). The procedure of so nominating any person by the employee shall be as specified by the Fund.
(2) If a person nominated by an employee dies or if the employee so wishes despite he or she is alive, the employee may nominate another person in his or her stead or alter the contents set forth in the letter of nomination.
(3) If, after the discontinuation of the service of an employee, the employee does not show up to get refund of the Fund amount or does not give any notice to the Fund in relation to the refunding, his or her nominee shall be
entitled to his or her Fund amount. If even the nominee does not show up to receive that amount until Two years Nine months after the date on which he or she may get it, the Fund shall arrange to publish a notice for information
to the people generally. If the nominee does not show up to receive the amount even within Three months of the date of publication of the notice,
74 Amended by An Act enacted for the Amendment of Some Laws to Maintain
Gender Equality and Eliminate Gender Violence, 2072 the heir as per the prevailing law relating to inheritance shall be entitled to get that amount .
(3A) Notwithstanding anything contained in Sub-section (5) of Section 15, if a person who is entitled to have the refund of the deposited amount even until Six years after the original date on which such amount has stood
refundable, the amount shall be deposited in a separate account, and after the amount is so deposited in a separate account, no interest shall be payable on that amount.
(4) Notwithstanding anything contained in Sub-section (1), the Fund shall …………..
deduct and recover such principal borrowed by an employee from the Fund and interest accrued thereon as may be due and payable by the employee.
reason. If he or she dies, his or her nominee or nominees shall obtain the amounts according to the will. If he or she has not nominated any person or if his or her nominee is also dead before the death of the nominator, the heir
as per the prevailing law relating to inheritance shall receive such amounts.
(1A) Any employee may nominate any person for the purposes of Sub- section (1). The procedure of so nominating any person by the employee shall be as specified by the Fund.
(2) If a person nominated by an employee dies or if the employee so wishes despite he or she is alive, the employee may nominate another person in his or her stead or alter the contents set forth in the letter of nomination.
(3) If, after the discontinuation of the service of an employee, the employee does not show up to get refund of the Fund amount or does not give any notice to the Fund in relation to the refunding, his or her nominee shall be
entitled to his or her Fund amount. If even the nominee does not show up to receive that amount until Two years Nine months after the date on which he or she may get it, the Fund shall arrange to publish a notice for information
to the people generally. If the nominee does not show up to receive the amount even within Three months of the date of publication of the notice,
74 Amended by An Act enacted for the Amendment of Some Laws to Maintain
Gender Equality and Eliminate Gender Violence, 2072 the heir as per the prevailing law relating to inheritance shall be entitled to get that amount .
(3A) Notwithstanding anything contained in Sub-section (5) of Section 15, if a person who is entitled to have the refund of the deposited amount even until Six years after the original date on which such amount has stood
refundable, the amount shall be deposited in a separate account, and after the amount is so deposited in a separate account, no interest shall be payable on that amount.
(4) Notwithstanding anything contained in Sub-section (1), the Fund shall …………..
deduct and recover such principal borrowed by an employee from the Fund and interest accrued thereon as may be due and payable by the employee.