Friends,
Seeking your inputs/clarifications regarding the closure/withdrawal of Provident Fund. Is there a mandate that PF can be withdrawn only after 60 days from the date of relieving? Other than Form 19 & Form 10 C, are employees required to submit an affidavit? This affidavit would state about his/her employment details, and not being employed with any other org since his relieving from his previous employer. Is this affidavit also to be notarized by a notary officer? Appreciate if anybody could shed some light on this.
Thanks in advance!
From India, Bangalore
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19Seeking your inputs/clarifications regarding the closure/withdrawal of Provident Fund. Is there a mandate that PF can be withdrawn only after 60 days from the date of relieving? Other than Form 19 & Form 10 C, are employees required to submit an affidavit? This affidavit would state about his/her employment details, and not being employed with any other org since his relieving from his previous employer. Is this affidavit also to be notarized by a notary officer? Appreciate if anybody could shed some light on this.
Thanks in advance!
From India, Bangalore
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Forwarding a reply from Madhu - This may help you..... Thanks, Vanitha.
Indemnity bond/affidavit for PF withdrawal
The PF authorities might have asked for an indemnity bond following scheme 72(6)(ii) of the Employees Provident Fund Schemes. Correct me if I am wrong. According to the said provision, if an employee's account remains unclaimed for three years from the date on which the amount became due, the same will be transferred to the Unclaimed Deposit Account. When a claim comes after such transfer, the amount will be paid out of it but only after a confirmation that the claimant is the member or is authorized to claim the amount as a spouse or children nominated by the member before his death. You can mention the reason for not withdrawing the PF as "I kept the account pending for transfer to a new account when I get employed in a new establishment but unfortunately, that did not happen and in the due course, and due to oversight, I missed to withdraw the funds". The bond/affidavit shall be made in the presence of a Notary public. In case you had an overseas assignment for these three years, you can mention that you left India but not permanently but with an idea of coming back to India and to take up employment but failed to get into. Regards, Madhu.T.K
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Indemnity bond/affidavit for PF withdrawal
The PF authorities might have asked for an indemnity bond following scheme 72(6)(ii) of the Employees Provident Fund Schemes. Correct me if I am wrong. According to the said provision, if an employee's account remains unclaimed for three years from the date on which the amount became due, the same will be transferred to the Unclaimed Deposit Account. When a claim comes after such transfer, the amount will be paid out of it but only after a confirmation that the claimant is the member or is authorized to claim the amount as a spouse or children nominated by the member before his death. You can mention the reason for not withdrawing the PF as "I kept the account pending for transfer to a new account when I get employed in a new establishment but unfortunately, that did not happen and in the due course, and due to oversight, I missed to withdraw the funds". The bond/affidavit shall be made in the presence of a Notary public. In case you had an overseas assignment for these three years, you can mention that you left India but not permanently but with an idea of coming back to India and to take up employment but failed to get into. Regards, Madhu.T.K
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Dear sir/madam,
It's a simple handwritten declaration from the employee explaining why he/she has not filed an application for withdrawal. It should be attested by the employer/manager who is responsible for PF matters in the company.
From India, Pune
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It's a simple handwritten declaration from the employee explaining why he/she has not filed an application for withdrawal. It should be attested by the employer/manager who is responsible for PF matters in the company.
From India, Pune
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PF Calculation Sheet To The Subscribers At the Time Of Provident Fund Withdrawal.pdf