Provident fund to be deposited in Government Treasury

(1) Where the University has established a provident fund for the benefit of its officers, teachers and other employees under section 53, such fund shall, notwithstanding anything contained in any law for the time being in force, be deposited in the State Government treasury in accordance with such directions as the State Government may, from time to time by an order in writing give, and thereupon,- (i) the subscriber to the fund shall be entitled to interest on the balance in his provident fund account at the same rate, at which the State Government employee is for the time being entitled to on the balance in provident fund account; and (ii) the rules for the time being in force relating to the limits of withdrawals from the provident fund as applicable to such Government employees shall, so far as may be, apply to the subscriber. (2) Nothing in this section shall apply to a provident fund established by the University to which the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 applies.