Question

    What types of funds are included in the transfer to the

    Indian insurance company? 
    A Only provident funds Correct Answer Incorrect Answer
    B Only funds that have been active for more than five years Correct Answer Incorrect Answer
    C Only those funds that are registered with the Central Government. Correct Answer Incorrect Answer
    D All funds irrespective of their purpose. Correct Answer Incorrect Answer
    E Any provident, superannuation, welfare, or other funds established for employee benefit Correct Answer Incorrect Answer

    Solution

    Section 8. Provident, superannuation, welfare and other funds: (1) Where an  existing insurer has established a provident, superannuation, welfare or any other fund for  the benefit of his employees and constituted a trust in respect thereof (hereafter in this  section referred to as an existing trust), the moneys standing to the credit of such fund on  the  appointed  day,  together  with  any  other  assets  belonging  to  such  fund,  shall  stand  transferred to and vested in the Indian insurance company on the appointed day free from  any such trust.

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