The Code on Social Security, 2020
Administered Ministry: Ministry of Labour and Employment
Section
Section 101 Interest payable on delay in payment of cess.
If any employer fails to pay any amount of cess payable under section 100 within such time as may be prescribed by the appropriate Government, such employer shall be liable to pay interest at such rate as may be prescribed by the Central Government, on the amount of cess, to be paid, for the period from the date on which such payment is due till such amount is actually paid.
Section 102 Power to exempt from cess.
Notwithstanding anything contained in this Chapter, the appropriate Government may, by notification, exempt any employer or class of employers in a State from the payment of cess payable under this Chapter where such cess is already levied and payable under any corresponding law in force in that State.
Section 103 Self-assessment of cess.
(1) The employer shall, within sixty days or such period as may be notified by the Central Government of the completion of his each building and other construction work, pay such cess (adjusting the advance cess already paid under section 100) payable under this Chapter on the basis of his self-assessment on the cost of construction worked out on the basis of the documents and in the manner prescribed by the Central Government and after such payment of cess, he shall file a return under clause (d) of section 123.
(2) If the officer or the authority to whom or to which the return has been filed under sub-section (1) finds any discrepancy in the payment under the self-assessment and the payment required under the return referred to in that sub-section, then, he or it shall, after making or causing to be made such inquiry as he or it thinks fit and after such inquiry make the appropriate assessment order.
(3) An order of assessment made under sub-section (2) shall specify the date within which the cess shall be paid by the employer, if any.
(2) If the officer or the authority to whom or to which the return has been filed under sub-section (1) finds any discrepancy in the payment under the self-assessment and the payment required under the return referred to in that sub-section, then, he or it shall, after making or causing to be made such inquiry as he or it thinks fit and after such inquiry make the appropriate assessment order.
(3) An order of assessment made under sub-section (2) shall specify the date within which the cess shall be paid by the employer, if any.
Section 104 Penalty for non-payment of cess within the specified time.
If any amount of cess payable by any employer under section 103 is not paid within the date specified in the order of assessment made under sub-section (2) of that section, it shall be deemed to be in arrears and the authority prescribed by the Central Government in this behalf may, after making such inquiry as it deems fit, impose on such employer a penalty not exceeding the amount of cess:
Provided that, before imposing any such penalty, such employer shall be given a reasonable opportunity of being heard and if after such hearing the said authority is satisfied that the default was for any good and sufficient reason, no penalty shall be imposed under this section.
Provided that, before imposing any such penalty, such employer shall be given a reasonable opportunity of being heard and if after such hearing the said authority is satisfied that the default was for any good and sufficient reason, no penalty shall be imposed under this section.
Section 105 Appeal to appellate authority.
(1) Any employer aggrieved by an order of assessment made under section 103 or by an order imposing penalty made under section 104 may, within such time as may be prescribed by the Central Government, appeal to such appellate authority in such form and in such manner as may be prescribed by the Central Government.
(2) Every appeal preferred under sub-section (1) shall be accompanied by such fees as may be prescribed by the appropriate Government.
(3) After the receipt of any appeal under sub-section (1), the appellate authority shall, after giving the appellant an opportunity of being heard in the matter, dispose of the appeal as expeditiously as possible.
(4) Every order passed in appeal under this section shall be final and shall not be called in question in any court of law.
(2) Every appeal preferred under sub-section (1) shall be accompanied by such fees as may be prescribed by the appropriate Government.
(3) After the receipt of any appeal under sub-section (1), the appellate authority shall, after giving the appellant an opportunity of being heard in the matter, dispose of the appeal as expeditiously as possible.
(4) Every order passed in appeal under this section shall be final and shall not be called in question in any court of law.
Section 106 Registration of building workers as beneficiaries.
Every building worker who has completed eighteen years of age, but has not completed sixty years of age, and who has been engaged in any building or other construction work for not less than ninety days during the preceding twelve months shall be registered by the officer authorised by the Building Workers' Welfare Board as a beneficiary under this Chapter in such manner as may be prescribed by the Central Government.
Section 107 Cessation as a beneficiary.
(1) A building worker who has been registered as a beneficiary under section 106 shall cease to be as such when he attains the age of sixty years or when he is not engaged in building or other construction work for not less than ninety days in a year:
Provided that in computing the period of ninety days under this sub-section, there shall be excluded any period of absence from the building or other construction work due to any personal injury caused to the building worker by accident arising out of and in the course of his employment.
(2) Notwithstanding anything contained in sub-section (1), if a person had been a beneficiary for at least three years continuously immediately before attaining the age of sixty years, then, he shall be eligible to get such benefits as may be prescribed by the Central Government.
Explanation.---For computing the period of three years under this sub-section as a beneficiary registered with a Building Workers' Welfare Board, there shall be added any period for which a person had been a beneficiary registered with any other such Board immediately before his registration with the Building Workers' Welfare Board.
Provided that in computing the period of ninety days under this sub-section, there shall be excluded any period of absence from the building or other construction work due to any personal injury caused to the building worker by accident arising out of and in the course of his employment.
(2) Notwithstanding anything contained in sub-section (1), if a person had been a beneficiary for at least three years continuously immediately before attaining the age of sixty years, then, he shall be eligible to get such benefits as may be prescribed by the Central Government.
Explanation.---For computing the period of three years under this sub-section as a beneficiary registered with a Building Workers' Welfare Board, there shall be added any period for which a person had been a beneficiary registered with any other such Board immediately before his registration with the Building Workers' Welfare Board.
Section 108 Building and other construction worker’s welfare Fund and its applications.
(1) There shall be constituted by a Building Workers' Welfare Board a fund to be called the Building and Other Construction Workers' Welfare Fund and there shall be credited thereto—
(a) the amount of any cess levied under sub-section (1) of section 100;
(b) any grants and loans made to the Building Workers' Welfare Board by the Central Government; and
(c) all sums received by the Building Workers' Welfare Board from such other sources as may be decided by the Central Government.
(2) The Building and Other Construction Workers' Welfare Fund shall be applied for meeting—
(a) expenses of the Building Workers' Welfare Board in the discharge of its functions under sub-section (6) of section 7;
(b) salaries, allowances and other remuneration of the members, officers and other employees of the Building Workers' Welfare Board; and
(c) expenses on objects and for purposes authorised by this Code.
(3) No Building Workers' Welfare Board shall, in any financial year, incur expenses towards salaries, allowances and other remuneration to its members, officers and other employees and for meeting the other administrative expenses exceeding five per cent. of its total expenses during that financial year.
(a) the amount of any cess levied under sub-section (1) of section 100;
(b) any grants and loans made to the Building Workers' Welfare Board by the Central Government; and
(c) all sums received by the Building Workers' Welfare Board from such other sources as may be decided by the Central Government.
(2) The Building and Other Construction Workers' Welfare Fund shall be applied for meeting—
(a) expenses of the Building Workers' Welfare Board in the discharge of its functions under sub-section (6) of section 7;
(b) salaries, allowances and other remuneration of the members, officers and other employees of the Building Workers' Welfare Board; and
(c) expenses on objects and for purposes authorised by this Code.
(3) No Building Workers' Welfare Board shall, in any financial year, incur expenses towards salaries, allowances and other remuneration to its members, officers and other employees and for meeting the other administrative expenses exceeding five per cent. of its total expenses during that financial year.
Section 109 Framing of schemes for unorganised workers.
(1) The Central Government shall frame and notify, from time to time, suitable welfare schemes for unorganised workers on matters relating to---
(i) life and disability cover;
(ii) health and maternity benefits;
(iii) old age protection;
(iv) education; and
(v) any other benefit as may be determined by the Central Government.
(2) The State Government shall frame and notify, from time to time, suitable welfare schemes for unorganised workers, including schemes relating to---
(i) provident fund;
(ii) employment injury benefit;
(iii) housing;
(iv) educational schemes for children;
(v) skill upgradation of workers;
(vi) funeral assistance; and
(vii) old age homes.
(3) Any scheme notified by the Central Government under sub-section (1), may be---
(i) wholly funded by the Central Government; or
(ii) partly funded by the Central Government and partly funded by the State Government; or
(iii) partly funded by the Central Government, partly funded by the State Government and partly funded through contributions collected from the beneficiaries of the scheme or the employers as may be specified in the scheme by the Central Government; or
(iv) funded from any source including corporate social responsibility fund within the meaning of the Companies Act, 2013 (18 of 2013) or any other such source as may be specified in the scheme.
(4) Every scheme notified by the Central Government under sub-section (1) shall provide for such matters that are necessary for the efficient implementation of the scheme including the matters relating to all or any of the following, namely:---
(i) scope of the scheme;
(ii) authority to implement the scheme;
(iii) beneficiaries of the scheme;
(iv) resources of the scheme;
(v) agency or agencies that will implement the scheme;
(vi) redressal of grievances; and
(vii) any other relevant matter,
and a special purpose vehicle may also be constituted by the Central Government for the purpose of implementation of any such scheme.
(i) life and disability cover;
(ii) health and maternity benefits;
(iii) old age protection;
(iv) education; and
(v) any other benefit as may be determined by the Central Government.
(2) The State Government shall frame and notify, from time to time, suitable welfare schemes for unorganised workers, including schemes relating to---
(i) provident fund;
(ii) employment injury benefit;
(iii) housing;
(iv) educational schemes for children;
(v) skill upgradation of workers;
(vi) funeral assistance; and
(vii) old age homes.
(3) Any scheme notified by the Central Government under sub-section (1), may be---
(i) wholly funded by the Central Government; or
(ii) partly funded by the Central Government and partly funded by the State Government; or
(iii) partly funded by the Central Government, partly funded by the State Government and partly funded through contributions collected from the beneficiaries of the scheme or the employers as may be specified in the scheme by the Central Government; or
(iv) funded from any source including corporate social responsibility fund within the meaning of the Companies Act, 2013 (18 of 2013) or any other such source as may be specified in the scheme.
(4) Every scheme notified by the Central Government under sub-section (1) shall provide for such matters that are necessary for the efficient implementation of the scheme including the matters relating to all or any of the following, namely:---
(i) scope of the scheme;
(ii) authority to implement the scheme;
(iii) beneficiaries of the scheme;
(iv) resources of the scheme;
(v) agency or agencies that will implement the scheme;
(vi) redressal of grievances; and
(vii) any other relevant matter,
and a special purpose vehicle may also be constituted by the Central Government for the purpose of implementation of any such scheme.
Section 110 Funding of state government schemes.
(1) Any scheme notified by the State Government under sub-section (2) of section 109 may be—
(a) wholly funded by the State Government; or
(b) partly funded by the State Government, partly funded through contributions collected from the beneficiaries of the scheme or the employers as may be specified in the scheme by the State Government; or
(c) funded from any source including corporate social responsibility fund referred to in clause (iv) of sub-section (3) of section 109 or any other such source as may be specified in the scheme.
(2) The State Government may seek financial assistance from the Central Government for the schemes framed by it.
(3) The Central Government may provide such financial assistance to the State Governments for the purpose of schemes for such period and on such terms and conditions as it may deem fit.
(a) wholly funded by the State Government; or
(b) partly funded by the State Government, partly funded through contributions collected from the beneficiaries of the scheme or the employers as may be specified in the scheme by the State Government; or
(c) funded from any source including corporate social responsibility fund referred to in clause (iv) of sub-section (3) of section 109 or any other such source as may be specified in the scheme.
(2) The State Government may seek financial assistance from the Central Government for the schemes framed by it.
(3) The Central Government may provide such financial assistance to the State Governments for the purpose of schemes for such period and on such terms and conditions as it may deem fit.
Section 111 Record keeping.
The Government formulating and notifying the scheme under this Chapter shall provide therein the form and manner of keeping the records electronically or otherwise relating to the scheme and the authority by whom such records shall be maintained:
Provided that such records shall, as far as may be possible, bear continuous number for the purpose of proper management of the scheme and for avoiding any duplication and overlapping in records.
Provided that such records shall, as far as may be possible, bear continuous number for the purpose of proper management of the scheme and for avoiding any duplication and overlapping in records.
Section 112 Helpline, facilitation centre, etc., for unorganised workers, gig workers and platform workers.
The appropriate Government may set up a toll free call centre or helpline or such facilitation centres as may be considered necessary from time to time to perform any or more of the following functions, namely:---
(a) to disseminate information on available social security schemes for the unorganised workers, gig workers and platform workers;
(b) to facilitate filing, processing and forwarding of application forms for registration of unorganised workers, gig workers and platform workers;
(c) to assist unorganised workers, gig workers and platform workers to obtain registration; and
(d) to facilitate the enrolment of the registered unorganised workers, gig workers and platform workers in the social security schemes.
(a) to disseminate information on available social security schemes for the unorganised workers, gig workers and platform workers;
(b) to facilitate filing, processing and forwarding of application forms for registration of unorganised workers, gig workers and platform workers;
(c) to assist unorganised workers, gig workers and platform workers to obtain registration; and
(d) to facilitate the enrolment of the registered unorganised workers, gig workers and platform workers in the social security schemes.
Section 113 Registration of unorganised workers, gig workers and platform workers.
(1) Every unorganised worker, gig worker or platform worker shall be required to be registered for the purposes of this Chapter, subject to the fulfilment of the following conditions, namely:---
(a) he has completed sixteen years of age or such age as may be prescribed by the Central Government;
(b) he has submitted a self-declaration electronically or otherwise in such form and in such manner containing such information as may be prescribed by the Central Government.
(2) Every eligible unorganised worker, gig worker or platform worker referred to in sub-section (1) shall make an application for registration in such form along with such documents including Aadhaar number as may be prescribed by the Central Government and such worker shall be assigned a distinguishable number to his application:
Provided that the system of electronic registration maintained by the appropriate Government shall also provide for self registration by any such worker in such manner as may be prescribed by the Central Government.
(3) A registered unorganised worker, gig worker or platform worker shall be eligible to avail the benefit of the concerned scheme framed under this Chapter.
(4) The Central Government, or as the case may be, the State Government shall make such contribution in a scheme as may be specified therein.
Explanation.---For the purposes of this section, the term Aadhaar shall have the same meaning as is assigned to it in section 142.
(a) he has completed sixteen years of age or such age as may be prescribed by the Central Government;
(b) he has submitted a self-declaration electronically or otherwise in such form and in such manner containing such information as may be prescribed by the Central Government.
(2) Every eligible unorganised worker, gig worker or platform worker referred to in sub-section (1) shall make an application for registration in such form along with such documents including Aadhaar number as may be prescribed by the Central Government and such worker shall be assigned a distinguishable number to his application:
Provided that the system of electronic registration maintained by the appropriate Government shall also provide for self registration by any such worker in such manner as may be prescribed by the Central Government.
(3) A registered unorganised worker, gig worker or platform worker shall be eligible to avail the benefit of the concerned scheme framed under this Chapter.
(4) The Central Government, or as the case may be, the State Government shall make such contribution in a scheme as may be specified therein.
Explanation.---For the purposes of this section, the term Aadhaar shall have the same meaning as is assigned to it in section 142.
Section 114 Schemes for gig workers and platform workers.
(1) The Central Government may frame and notify, from time to time, suitable social security schemes for gig workers and platform workers on matters relating to---
(a) life and disability cover;
(b) accident insurance;
(c) health and maternity benefits;
(d) old age protection;
(e) creche; and
(f) any other benefit as may be determined by the Central Government.
(2) Every scheme framed and notified under sub-section (1) may provide for---
(a) the manner of administration of the scheme;
(b) the agency or agencies for implementing the scheme;
(c) the role of aggregators in the scheme;
(d) the sources of funding of the scheme; and
(e) any other matter as the Central Government may consider necessary for the efficient administration of the scheme.
(3) Any scheme notified by the Central Government under sub-section (1), may be---
(a) wholly funded by the Central Government; or
(b) partly funded by the Central Government and partly funded by the State Government; or
(c) wholly funded by the contributions of the aggregators; or
(d) partly funded by the Central Government, partly funded by the State Government and partly funded through contributions collected from the beneficiaries of the scheme or the aggregators, as may be specified in the scheme framed by the Central Government; or
(e) funded from corporate social responsibility fund within the meaning of Companies Act, 2013 (18 of 2013); or
(f) any other source.
(4) The contribution to be paid by the aggregators for the funding referred to in clause (ii) of sub-section (1) of section 141, shall be at such rate not exceeding two per cent., but not less than one per cent., as may be notified by the Central Government, of the annual turnover of every such aggregator who falls within a category of aggregators, as are specified in the Seventh Schedule:
Provided that the contribution by an aggregator shall not exceed five per cent. of the amount paid or payable by an aggregator to gig workers and platform workers.
Explanation.--- For the purposes of this sub-section, the annual turnover of an aggregator shall not include any tax, levy and cess paid or payable to the Central Government.
(5) The date of commencement of contribution from aggregator under this section shall be notified by the Central Government.
(6) The National Social Security Board constituted under sub-section (1) of section 6 shall be the Board for the purposes of the welfare of gig workers and platform workers under the provisions of this Code:
Provided that while such Board serves the purposes of welfare of, or matters relating to, gig workers and platform workers, the following members shall constitute the Board instead of the members specified in clauses (c) and (d) of sub-section (2) of section 6, namely:---
(a) five representatives of the aggregators as the Central Government may nominate;
(b) five representatives of the gig workers and platform workers as the Central Government may nominate;
(c) Director General of the Corporation;
(d) Central Provident Fund Commissioner of the Central Board;
(e) such expert members as the Central Government may consider appropriate;
(f) five representatives of the State Governments by such rotation as the Central Government may consider appropriate;
(g) Joint Secretary to the Government of India in the Ministry of Labour and Employment, who shall be the Member Secretary to the Board.
(7) (i) The Central Government may provide that---
(a) the authority to collect and to expend the proceeds of contribution collected;
(b) the rate of interest to be paid by an aggregator in case of delayed payment, less payment or nonpayment of contribution;
(c) self-assessment of contribution by aggregators;
(d) conditions for cessation of a gig worker or a platform worker; and
(e) any other matter relating to smooth functioning of the social security scheme notified under this section, shall be such as may be prescribed by that Government.
(ii) The Central Government may by notification, exempt such aggregator or class of aggregators from paying of contribution under sub-section (4), subject to such conditions as may be specified in the notification.
Explanation.---For the purposes of this section, an aggregator having more than one business shall be treated as a separate business entity or aggregator.
(a) life and disability cover;
(b) accident insurance;
(c) health and maternity benefits;
(d) old age protection;
(e) creche; and
(f) any other benefit as may be determined by the Central Government.
(2) Every scheme framed and notified under sub-section (1) may provide for---
(a) the manner of administration of the scheme;
(b) the agency or agencies for implementing the scheme;
(c) the role of aggregators in the scheme;
(d) the sources of funding of the scheme; and
(e) any other matter as the Central Government may consider necessary for the efficient administration of the scheme.
(3) Any scheme notified by the Central Government under sub-section (1), may be---
(a) wholly funded by the Central Government; or
(b) partly funded by the Central Government and partly funded by the State Government; or
(c) wholly funded by the contributions of the aggregators; or
(d) partly funded by the Central Government, partly funded by the State Government and partly funded through contributions collected from the beneficiaries of the scheme or the aggregators, as may be specified in the scheme framed by the Central Government; or
(e) funded from corporate social responsibility fund within the meaning of Companies Act, 2013 (18 of 2013); or
(f) any other source.
(4) The contribution to be paid by the aggregators for the funding referred to in clause (ii) of sub-section (1) of section 141, shall be at such rate not exceeding two per cent., but not less than one per cent., as may be notified by the Central Government, of the annual turnover of every such aggregator who falls within a category of aggregators, as are specified in the Seventh Schedule:
Provided that the contribution by an aggregator shall not exceed five per cent. of the amount paid or payable by an aggregator to gig workers and platform workers.
Explanation.--- For the purposes of this sub-section, the annual turnover of an aggregator shall not include any tax, levy and cess paid or payable to the Central Government.
(5) The date of commencement of contribution from aggregator under this section shall be notified by the Central Government.
(6) The National Social Security Board constituted under sub-section (1) of section 6 shall be the Board for the purposes of the welfare of gig workers and platform workers under the provisions of this Code:
Provided that while such Board serves the purposes of welfare of, or matters relating to, gig workers and platform workers, the following members shall constitute the Board instead of the members specified in clauses (c) and (d) of sub-section (2) of section 6, namely:---
(a) five representatives of the aggregators as the Central Government may nominate;
(b) five representatives of the gig workers and platform workers as the Central Government may nominate;
(c) Director General of the Corporation;
(d) Central Provident Fund Commissioner of the Central Board;
(e) such expert members as the Central Government may consider appropriate;
(f) five representatives of the State Governments by such rotation as the Central Government may consider appropriate;
(g) Joint Secretary to the Government of India in the Ministry of Labour and Employment, who shall be the Member Secretary to the Board.
(7) (i) The Central Government may provide that---
(a) the authority to collect and to expend the proceeds of contribution collected;
(b) the rate of interest to be paid by an aggregator in case of delayed payment, less payment or nonpayment of contribution;
(c) self-assessment of contribution by aggregators;
(d) conditions for cessation of a gig worker or a platform worker; and
(e) any other matter relating to smooth functioning of the social security scheme notified under this section, shall be such as may be prescribed by that Government.
(ii) The Central Government may by notification, exempt such aggregator or class of aggregators from paying of contribution under sub-section (4), subject to such conditions as may be specified in the notification.
Explanation.---For the purposes of this section, an aggregator having more than one business shall be treated as a separate business entity or aggregator.
Section 115 Accounts.
Each of the Social Security Organisations shall maintain proper accounts of its income and expenditure in such form and in such manner as the appropriate Government may, after consultation with the Comptroller and Auditor-General of India, specify.
Section 116 Audit.
The accounts of each of the Social Security Organisations shall be audited annually by the Comptroller and Auditor-General of India and any expenditure incurred by him in connection with such audit shall be payable by the respective Social Security Organisation to the Comptroller and AuditorGeneral of India.
(2) The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of a Social Security Organisation shall have the same rights and privileges and authority in connection with such audit as the Comptroller and Auditor-General of India has, in connection with the audit of Government accounts and, in particular, shall have the right to demand the production of books, accounts, connected vouchers, documents and papers and to inspect any of the offices of the Social Security Organisation.
(3) The accounts of a Social Security Organisation as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded to the Social Security Organisation which shall along with its comments on the audit report of the Comptroller and Auditor-General of India forward the same to the appropriate Government.
(2) The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of a Social Security Organisation shall have the same rights and privileges and authority in connection with such audit as the Comptroller and Auditor-General of India has, in connection with the audit of Government accounts and, in particular, shall have the right to demand the production of books, accounts, connected vouchers, documents and papers and to inspect any of the offices of the Social Security Organisation.
(3) The accounts of a Social Security Organisation as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded to the Social Security Organisation which shall along with its comments on the audit report of the Comptroller and Auditor-General of India forward the same to the appropriate Government.
Section 117 Budget estimates.
(1) Each of the Social Security Organisations shall in each year frame a budget showing the probable receipts and the expenditure which it proposes to incur during the following year and shall submit a copy of the budget for the approval of the appropriate Government before such date as may be fixed by it in that behalf.
(2) The budget shall contain provisions adequate in the opinion of the appropriate Government for the discharge of the liabilities incurred by the Social Security Organisation and for the maintenance of a working balance.
(2) The budget shall contain provisions adequate in the opinion of the appropriate Government for the discharge of the liabilities incurred by the Social Security Organisation and for the maintenance of a working balance.
Section 118 Annual report.
(1) Each of the Social Security Organisations shall submit to the appropriate Government an annual report of its work and activities and the budget finally adopted by the Social Security Organisation.
(2) The appropriate Government shall cause a copy of the annual report, budget and the audited accounts together with the report of the Comptroller and Auditor-General of India and the comments of the respective Social Security Organisation thereon to be laid before each House of Parliament or the State legislature, as the case may be.
(2) The appropriate Government shall cause a copy of the annual report, budget and the audited accounts together with the report of the Comptroller and Auditor-General of India and the comments of the respective Social Security Organisation thereon to be laid before each House of Parliament or the State legislature, as the case may be.
Section 119 Valuation of assets and liabilities.
Each of the fund maintained by a Social Security Organisation or by an establishment under this Code shall have a valuation of its assets and liabilities made by a valuer or actuary, as the case may be, appointed, with the prior approval of the appropriate Government, by such Social Security Organisation or the establishment, as the case may be, in the following manner, namely:—
(a) in case of Central Board, annually;
(b) in case of Corporation, once in every three years;
(c) in case of any other Social Security Organisation or establishment, as specified by the appropriate Government, by order:
Provided that the appropriate Government, if it considers necessary, may direct such valuation to be made at such intervals other than provided in this section.
(a) in case of Central Board, annually;
(b) in case of Corporation, once in every three years;
(c) in case of any other Social Security Organisation or establishment, as specified by the appropriate Government, by order:
Provided that the appropriate Government, if it considers necessary, may direct such valuation to be made at such intervals other than provided in this section.
Section 120 Holding of property, etc., by social security organisation.
(1) A Social Security Organisation (except Corporation) may, subject to such conditions as may by Social Security Organisation be prescribed by the appropriate Government, acquire and hold property, both movable and immovable, sell or otherwise transfer any movable or immovable property which may have become vested in or have been acquired by it and do all things necessary for such purposes and for the purposes for which the said Social Security Organisation is established.
(2) Subject to such conditions as may be prescribed by the appropriate Government, a Social Security Organisation may, from time to time invest any moneys vested in it, which are not immediately required for expenses properly defrayable and may, subject to as aforesaid, from time to time re-invest or realise such investments:
Provided that in case of Provident Fund, Pension Fund or Insurance Fund, such investment, reinvestment or realisation shall be specified in the Provident Fund Scheme or Pension Scheme or Insurance Scheme, as the case may be.
(3) Each of the Social Security Organisations (except Corporation) may, with the previous sanction of the appropriate Government and on such terms as may be prescribed by such Government, raise loans and take measures for discharging such loans.
(4) Each of the Social Security Organisations (except Corporation) may, with the previous sanction of the appropriate Government and on such terms as may be prescribed by such Government, constitute for the benefit of its officers and staff or any class of them, such provident or other benefit funds as it may think fit:
Provided that in case of officers and staff of the Central Board, such terms shall be specified in the Provident Fund Scheme.
(2) Subject to such conditions as may be prescribed by the appropriate Government, a Social Security Organisation may, from time to time invest any moneys vested in it, which are not immediately required for expenses properly defrayable and may, subject to as aforesaid, from time to time re-invest or realise such investments:
Provided that in case of Provident Fund, Pension Fund or Insurance Fund, such investment, reinvestment or realisation shall be specified in the Provident Fund Scheme or Pension Scheme or Insurance Scheme, as the case may be.
(3) Each of the Social Security Organisations (except Corporation) may, with the previous sanction of the appropriate Government and on such terms as may be prescribed by such Government, raise loans and take measures for discharging such loans.
(4) Each of the Social Security Organisations (except Corporation) may, with the previous sanction of the appropriate Government and on such terms as may be prescribed by such Government, constitute for the benefit of its officers and staff or any class of them, such provident or other benefit funds as it may think fit:
Provided that in case of officers and staff of the Central Board, such terms shall be specified in the Provident Fund Scheme.