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of <h1>Companies Act Section 418: Manage Employee Provident Funds Properly; Deposit Contributions Within 15 Days, Limit Interest to Yield.</h1> Section 418 of the Companies Act, 1956, outlines the management of employee provident funds. Companies must deposit or invest contributions within fifteen days of receipt in specified bank accounts or securities. Employees cannot receive interest exceeding the investment yield. The section does not affect employee rights to advance or withdraw funds if the provident fund is recognized under the Indian Income-tax Act or follows specific rules. If a trust is created for the provident fund, the company must collect and pay contributions to trustees within fifteen days, with trustees assuming the company's obligations thereafter.
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