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Employees’ State Insurance Fund
Section 26 of the Act provides that all contributions paid under this Act. Also, all other money received on behalf of the Corporation. It shall be paid into a Fund called the Employees’ State Insurance Fund. Which shall be held and administered by the Corporation for the purposes of this Act. Therefore, a Bank account in the name of Employees’ State Insurance Fund shall be opened with the Reserve Bank of India. Or any other Bank approved by the Central Government. Also, only authorising officers shall operate such accounts. Those, who are authorised by the Standing Committee with the approval of the Corporation.
Purposes for which the Fund may Expands
Section 28 provides that Fund shall expand only for the following purposes:
- Payment of benefits and provisions of medical treatment and attendance to insured persons. Also where the medical benefit extends to their families, in accordance with the provisions of this Act and defraying the charge, and costs in connection therewith;
- Also, the payment of fees and allowances to members of the Corporation, the Standing Committee and Medical Benefit Council, the Regional Boards, Local Committees and Regional and Local Medical Benefit Councils
- Hence, under this Act, defraying the cost (including all expenses) of Employees Insurance Courts set up.
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