3rd PF withdrawal - is it permissible under Income Tax PF rules

[radiam]

SIR, I am working in SEBI and we follow Income Tax PF Rules.



I had previously worked in an Central Govt. department for 10 years and later joined SEBI. I had transferred my PF amount from my earlier employer to SEBI. Now I have been working in SEBI for the past 11 years. I therefore, have total service of 21 years as of now. My age is 42 years.



In SEBI I had applied for 1st PF withdrawal (non refundable) to purchase a housing plot and 2nd PF withdrawal (non refundable) to construct a house in the plot. Now I would like to go for a 3rd PF withdrawal to repay the outstanding loan amount taken from the ICICI Bank as the rate of interest is exoribantly high. I would like to close this liability as I am financially finding it difficult to repay. I have 9 lakhs in my PF account. But SEBI has refused for a 3rd withdrawal stating that there is no provision for a 3rd withdrawal as per Income Tax PF Rules which SEBI follows. SEBI is having its own Employees' Provident Fund Trust. It is a Contributory Provident Fund Scheme. It appears I am not eligible for any more withdrawals till my retirement.



Please kindly let me know whether I am eligibility for a 3rd withdrawal. If so please quote the relevant rule provision and help me.

Anticipating your reply.

YOurs faithfully,

A.H. RAVI KUMAR.

[karira]

Ravi Kumar,

This portal is for discussions regarding RTI Act 2005 (Right To Information Act 2005).

For help or discussion regarding any other matters, please visit our sister website: www.bighelpers.org