Companies Act, 1956
Section - 418 - Provisions applicable to provident funds of employees
Provisions applicable to provident funds of employees.418. [(1) Where a provident fund has been constituted by a company for its employees or any class of its employees, all moneys contributed to such fund (whether by the company or by the employees) or received or accruing by way of interest or otherwise to such fund shall, within fifteen days from the date of contribution, receipt or accrual, as the case may be, either— (a) be deposited— (i) in a post office savings bank account, or (ii) in a special account to be opened by the company for the purpose in the State Bank of India or in a Scheduled Bank, or (iii) where the company itself is a Scheduled Bank, in a special account to be opened by the company for the purpose either in itself or in the State Bank of India or in any other Scheduled Bank; or .... To read the full section download the app from Google Play store
CAclubindia
