Compulsory Deposite - Definition - Law Dictionary Home Dictionary Definition compulsory-deposite

Definition :

Compulsory deposite, 'Compulsory deposit means a subscription to, or deposit in a Provident Fund which under the rules of the Fund, is not until the happening of some specified contingency repayable on demand otherwise than for the purpose of the payment of premia in respect of a policy of life insurance (or the payment of subscriptions or premia in respect of a family pension fund), and includes any contribution and any interest or increment which has accrued under the rules of the fund on any such subscription, deposit, contribution, and also any such subscription, deposit, contribution interest or increment remaining to the credit of the subscriber or depositor after the happening of any such contingency', Union of India v. Hira Devi, AIR 1952 SC 227 (228): (1952) SCR 765. [The Provident Funds Act XIX of 1925, s. 2 (a)]