anhsumanr Started The Discussion:
I am required to submit an indemnity bond to withdraw my PF account which is inactive for now over 3 years.
I need to mention in it the reason for not withdrawing my PF till now..
Can someone help me on what reason should i write there?
I didnt have any speific reason for not withdrawing.
The PF authorities might have asked for 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 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 the authorised to claim the amount as 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 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 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
I have encounterd one similar case where the employee was told to give an explanation in writing in plain paper along with an attested photocopy of any photo ID. But no indemnity bond was called for. Claim was subsequently settled. Clearly check with the PF office what they exactly want.
Thanks Madhu for the suggestion. You observation is correct, since 3 years have passed without any activity in the account hence the requirement for the indemnity bond and Affidavit. It needs to be done on a Rs 100 stamp paper in presence of a 1st Class magistrate and then a public notary.
Thanks Sugata for your response.
I am still yet to get my PF since 2005, now the company i was working in kerela is closed down, but my PF was transferred from kerela to Karnataka. I received a letter npw saying that I am supposed to provide the following
1. Xerox copy of passbook,
2. Afidavit cum indemnity bond
3. ID proof.
SInce I am out of India can anyone let me know how to handle this situation and what exactly is this Afidavit cum indemnity bond.
Found This Useful? +Vote Up This Page Via Google.
Why Vote? User validation is extremely important for good content to prosper.
Disclaimer: This network and the advice provided in good faith by our members only facilitates as a direction towards the actions necessary. The advice should be validated by proper consultation with a certified professional. The network or the members providing advice cannot be held liable for any consequences, under any circumstances.
Explore Topical Knowledge Areas
Topic Categories >> provident fund pf withdrawal pf account bond format indemnity bond Location-India-Hyderabad employees provident fund pf withdrawl Complete List Of Categories
Interesting Relevant Discussions