How Can Our NBFC Set Up a PF Trust? Seeking Guidance on Process and Requirements

I represent an NBFC dealing with shares trading, wealth management, IPOs, and insurance brokerage services. Our organization is planning to establish a PF Trust and is seeking assistance to understand the process and the necessary formalities and documents required for this endeavor. Your guidance and support in this matter would be greatly appreciated.

Hi,

Forming a PF trust is a very lengthy procedure involving RPFC/Income Tax department. Those who have an in-house PF trust are referred to by RPFC as "exempted establishment," and you have to obtain permission from RPFC for maintaining a trust. I suggest talking to RPFC as they have standard rules for exempted establishments. Why don't you obtain a code from the local RPFC and remit PF contributions to RPFC under this code? Nowadays, RPFC offices are very strict when granting exemptions.