https://www.taxtmi.com/caselaws?id=162283 Provident fund money retained under railway administration control and routed through the Reserve Bank for conversion into sterling continued to retain its provident fund character until it was converted and transmitted in the prescribed manner. The Reserve Bank acted only as the railway administration's agent for conversion and remittance, not as the subscriber's agent to receive payment. As the statutory immunity from attachment attached so long as the money had not been effectively paid out to the subscriber, the amount remained immune from execution. Section 50 of the Indian Contract Act did not assist the attaching creditor because prescribed transmission had not yet resulted in payment to the subscriber, and the attachment order was therefore illegal and without jurisdiction. en-us Fri, 06 Dec 1968 00:00:00 +0530 Mon, 11 Aug 2014 10:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=162283 Provident fund money retained under railway administration control and routed through the Reserve Bank for conversion into sterling continued to retain its provident fund character until it was converted and transmitted in the prescribed manner. The Reserve Bank acted only as the railway administration's agent for conversion and remittance, not as the subscriber's agent to receive payment. As the statutory immunity from attachment attached so long as the money had not been effectively paid out to the subscriber, the amount remained immune from execution. Section 50 of the Indian Contract Act did not assist the attaching creditor because prescribed transmission had not yet resulted in payment to the subscriber, and the attachment order was therefore illegal and without jurisdiction. Case-Laws Income Tax Fri, 06 Dec 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=162283