Clause 10
Amendment of section 18B
of Central Provident Fund (Amendment) Bill
BillNot in forceProvision 10 of 25
Clause 10
Section 18B of the principal Act is amended by deleting subsection (1) and substituting the following subsection:“(1) Subject to subsection (2), a member who has less than the prescribed amount standing to his credit in his special account may apply to the Board to transfer to his special account a sum standing to his credit in his ordinary account, being a sum not exceeding the difference between —
(a)
the prescribed amount; and
(b)
the aggregate of —
(i)
the amount standing to his credit in his special account; and
(ii)
any amount withdrawn from his special account for the making of investments under any scheme in accordance with any regulations made under section 77(1)(n).”.