<s>[INST] What are the permissible modes for investment or deposit under Section 11(5) read with Rule 17C? [/INST] ​​​The fund shall be invested or deposited in the following permissible modes:

(a)   Immovable property;

(b)   Investment in Government Savings Certificates;

(c)   Deposit in any Post Office Savings Bank Account;

(d)  Deposit in any account with any scheduled bank or a cooperative bank (including a cooperative land mortgage bank or cooperative land development bank);

(e)   Investment in units of UTI;

(f)    Investment in Central Government or State Government Securities;

(g)  Investment in debentures of any corporate body, the principal whereof and the interest whereon are guaranteed by the Central or a State Government;

(h)  Investment or deposit in any public sector company. It is to be noted that if the company ceases to be a public sector company subsequent to investment or deposit, the investment in shares will be considered as valid for 3 years from the date the company ceases to be a public sector company. Any other investment or deposit will be considered valid until the company repays them.

(i)    Investment or deposits in any bonds issued by a financial corporation engaged in providing long-term funds for industrial development in India, if the corporation is eligible for deduction under Section 36(1)(vii);

(j)    Investment or Deposits in any bonds issued by any public sector company carrying on the business of providing long-term finance for the construction or purchase of houses in India for residential purposes, provided the company is eligible to claim deduction under Section 36(1)(viii);

(k)   Deposits with a public sector company or investment in any bonds issued by a public sector company providing long-term finance for urban infrastructure in India.

(l)    Deposits with IDBI;

(m) Investment in the units issued under any scheme of mutual fund;

(n)  Investment in any transfer of deposit to the Public Account of India;

(o)   Deposits with authority constituted in India under any law for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns and villages, or for both;

(p)  Investment by way of acquiring equity shares of a depository as defined in section 2(1)(e) of the Depositories Act, 1996;

(q)   Investment in certain securities by a recognised stock exchange;

(r)   Investment by way of acquiring equity shares of an incubatee by an incubator;

(s)   Investment by way of acquiring shares of National Skill Development Corporation;

(t)   Investment in debt instruments issued by any infrastructure finance company registered with the RBI;

(u)  Investment in 'stock certificate' as defined in paragraph 2(c) of the Sovereign Gold Bonds Scheme, 2015;

(v)  Investment made by a person authorised under section 4 of the Payment and Settlement Systems Act, 2007 in the equity share capital or bonds or debentures of a company:

Which is engaged in operations of retail payments system or digital payments settlement or similar activities in India and abroad and is approved by the RBI for this purpose; and
In which at least 25% of equity shares are held by the National Payments Corporation of India.
(w) Investment made by a person authorised under Section 4 of the Payment and Settlement Systems Act, 2007 in the equity share capital or bonds or debentures of Open Network for Digital Commerce Ltd, being a company incorporated under Section 7(2)read with Section 8(1) of the Companies Act, 2013, for participating in network-based open protocol models which enable digital commerce and inter-operable digital payments in India.​ </s>