G.S.R. No. 487 (E) In exercise of the powers conferred by Section 3G of the Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948 (46 of 1948), the Central Government hereby makes the following Scheme, namely :
- Short title, commencement and application :
- This Scheme may be called the Coal Mines Deposit Linked Insurance Scheme, 1976.
- The Provisions of this Scheme shall come into force on the 1st day of August, 1976,
- Subject to the provisions of section 11C of the Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948, this Scheme shall apply to the employees as are covered by the Coal Mines Provident Fund Scheme.
- Definitions :-In this Scheme, unless the context otherwise requires;
- "Act" means the Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948 (46 of 1948).
- "Assurance benefit" means a payment linked to the average balance in the Provident Fund account of an employee, payable to a person belonging to his family or otherwise entitled to it in the event of death of the employee while being a member of the Coal Mines Provident Fund.
- All other words and expression used herein but not defined shall have the meaning respectively assigned to them in the Act or the Coal Mines Provident Fund Scheme.
- Administration of the Scheme : This Scheme shall be administered by the Board of Trustees constituted under .section 3A of the Act.
- Delegation of Power by the Board :
(1) The Board may, by a resolution, empower its Chairman or the Commissioner or both, to sanction expenditure, subject to such limits as may be specified in the resolution, on contingencies, supplies and purchases of articles required for a dminis-tering the Insurance Fund subject to financial provisions in the Budget, where such expenditure is beyond the limits upto which the Chairman or the Commissioner is authorised to sanction expenditure on any single item.