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<h1>Withdrawal of recognition of provident funds permitted where statutory conditions or exemption are lost, subject to a show cause opportunity.</h1> Rule 298 authorises the approving authority to revoke recognition of a provident fund if it fails to meet the prescribed statutory conditions for tax-favoured status or if the statutory exemption under the Employees' Provident Funds and Miscellaneous Provisions Act is withdrawn, and requires the authority to give the employer and trustees an opportunity to show cause before withdrawal.