Dear Members,
Please suggest, whether Employee Group Gratuity Trust is required to register under Relevant State Trust Act with Deputy Registrar/Charity Commissioner or not? The Co. is a Public Limited Company & planning to undergo Group Gratuity Scheme with LIC of INDIA.
Manu Saxena
+91-8005117033

From India, Faridabad

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Hi,
Hi,
The State Public Trust Act (example Bombay Public Trust Act) and Registration of Societies Act is meant only for charitable, religious and educational purpose. Gratuity is trust is different from this.
Yes, it is mandatory to create a gratuity trust. For this, you have to make a trust deed, a board resolution from top management, appointment of trustee and then you have to approach income tax commissioner of your concerned area and you need to submit the trust deed.
Income Tax commissioner after due scrutiny will issue a gratuity trust formation certificate. On the basis of this, you have to open a bank account on Gratuity Trust name and you can approach LIC, Kotak Mahindra or ICICI or any such other institute to manage your fund after calculating liability on the basis of acturial valuation.

From India, Mumbai
Hi,
You do not require to do this as each enactment is different from other and with specific objective. Here you only need to provide Form-A ( Notice of Opening) to the respective Controlling Authority ( for Gratuity Act & Rule) of your state/ location.
regds
Koustav


Dear Hpegovind, Have you any idea about private Insurance company performance for group gratuioty scheme. Please share J L Trivedi
From India, Ahmadabad
Anonymous
State bank have registration of Employee Group Gratuity Trust is required to register under Relevant State Trust Act. So we need any respective authority letter to it is not require registration of group gratuity.
I am residence in Maharashtra my firm M/s Vaidehi Engineering Works we are working in Maharashtra, so we need help to open the account in SBI or any government bank & which document require for opening the current account.

From India, Pune

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