Dear Pushkar,
1. In the Section of 26A it is cleared that employee and employer can contribute PF on the basis of 6500,( based on some clause ) It is not mentioned that employer can reduce of basic of PF .
2. In the section 29 , it is cleared that rate of contribution in pf ( based on Basic wages ( whole basic ), employee can increase the rate of contribution but it is not forced to employer for increase the rate (12% or 10%). Limitation of basic may be reduce to any time, It is never mentioned.
3 Please think, if reduce is possible in the mid of employment than all company of India who are paying PF contribution on more than 6500 can take decision and it is malpractice and can create difficult relation between employee and employer. PF Office wants more contribution in PF and PF office will never allow this type of malpractice.
4 It is clearly mentioned that 26B , in the situation of any doubt, Regional PF Commissioner will be final, So we should take view of any regional commissioner.
5. I want to also clear that Supreme Court or any apex court decision is not fixed, It comes under review or reconsider. If any body is waiting for honorable court decision that it will only when possible than Apex Court gives stay order to EPFO. and Apex Court takes decision on based of Law that is already applicable.
Guidelines of EPFO dated on 30-11-12 is only clarification of law ( it is not new law ) because some person gives wrong explanation, and creates many allowances for less basic. PF Office is silent because no any amendment in law.
If any body has doubt or view, must be share.
Regards
Mukund