Please find the Attached Notification for Senior citizen welfare fund rule 2016 and finance act 2015.
According to this notification following is observations.
1) it is applicable to all exempted trust.
2) Members of PF trust who have become inoperative means members who have left with reason of going abroad or died or retired after 55 years and no interest credited into his/her account. for such cases what to be considered from following option - need clarity in this options
Option A- if completed 10 years from date of Leaving and no claims has been preferred if employees date of leaving is 31-12-2013 and will become the inoperative from 31-12-2016 and does not claim till 31-12-2016
Option B- if Completed 7 years from the year(last date of financial year) in which becomes inoprative and no claims has been preferred. Meas if employee has date of leaving 31-12-2013 and he becomes inoperative pm 31-12-2016 and transferred to inoperative account on 31-3-2017 and does not claim till 31-3-2024
by choosing options we have to excercise below points??
3) the amount lying into such account will be
Either Transferred to EPFO senior Citizer welfare fund
Trust has to create Senior citizen welfare fund and account the same.
From India, Rajkot