Rule 101 - Investment of fund moneys - Income-tax Rules, 1962

Investment of fund moneys. 101. All moneys contributed to the fund after the 31st day of October, 1974 or received or accruing after that date by way of interest or otherwise to the fund may be deposited in a Post Office Savings Bank Account in India or in a current account or in a savings account with any scheduled bank or utilised for the purpose of making contributions under Group Gratuity Scheme entered into with the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956) or any other insurer as defined in clause ( 28BB ) of section 2 of the Income-tax Act, 1961; and to the extent such moneys as are not so deposited or utilised shall be invested in the manner specified in sub-rule (2) of rule 67, and for this purpose, the expression investible moneys in that sub-rule shall mean the moneys of the fund as are not deposited or utilised as aforesaid.