The Reserve Bank of India (RBI) has notified the RBI Employees’ Gratuity and Superannuation Fund (Amendment) Regulations, 2021, which shall come into effect from March 31, 2021.
As per the regulation, in Regulation 2, for clause (c), “Year”means the year ending on the 31st March.
The regulation further amended clause 7 to include that “The accounts of the Fund shall be made up as at the end of each year and an audited statement of the accounts shall be submitted to the Central Board or its committee not later than the end of September every year.”
The notification further stated that the Reserve Bank of India shall have a Fund to be called the Reserve Bank of India Employees’ Gratuity and Superannuation Fund and there shall be credited thereto- (a) all the assets transferred to it under sub-regulation (2) of regulation 8; (b) all moneys appropriated by the Bank, before the date of commencement of these regulations, for meeting the liability, on account of gratuities, including additional gratuities or other superannuation benefits payable to officers and other employees of the Bank; (c) the amount, as determined, on the basis of actuarial valuation of the Bank’s liability towards gratuity and pension payments done at such periodicity, as decided by the Bank; (d) the amounts transferred to it by the Administrators of the Reserve Bank of India Employees’ Provident Fund in terms of Regulation 8B of the Reserve Bank of India Employees’ Provident Fund Regulations, 1935; (e) the amounts refunded by the retired employees in terms of Regulation 31 of the Reserve Bank of India Pension Regulations, 1990;(f) an amount equal to the total contributions made under the Reserve Bank of India Employees’ Provident Fund Regulations by all the employees governed by the Reserve Bank of India Pension Regulations, 1990; (g) such amount, as in the opinion of the Bank, may be necessary having regard to – (i) the balance of the amount standing to the credit of the Fund; (ii) the number of officers and other employees of the Bank; (iii)the accrued liability of the Bank for the payment of gratuities, including additional gratuities or other superannuation benefits; and (iv) any other relevant consideration.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to TaxscanAdFree. Follow us on Telegram for quick updates.
