Thursday, August 16, 2018
Corporate Lawyer: Who can claim EPF amount after death of an empl...
Corporate Lawyer: Who can claim EPF amount after death of an empl...: Employee Provident Fund amount is paid to the nominee that was nominated at the time of initiation of the account. If there was no nominee ...
Who can claim EPF amount after death of an employee - Talk to Top Labour Lawyer - 9962999008
Employee Provident Fund amount is paid to the nominee that was nominated at the time of initiation of the account. If there was no nominee assigned then the EPF amount is paid to the immediate members of the family. If the family members and the nominee are not applicable for the account then the legal heir can claim the EPF amount. Firstly you should checked the Nomination form knows which family member's has been nominated there then after that you can proceed for further.
Following are the guidelines for the same. -For unmarried employees, claimant can be the parents of the employee only -For married employees, claimant can only be the spouse and kids (up to three) below the age of 25 years -Each claimant is paid the equal proportion of the total calculated amount for both PF and Pension Fund -Provident Fund amount is paid in one time. However, Pension Fund is divided into equal monthly installments -All the funds gets transferred to the claimants through NEFT -All claimant's bank accounts should be with the same bank
Documents required to claim PF in the given situation are as mentioned below: -Employee's Death Certificate -List of Family Members of the Employee/ Family Chart -Duly filled and signed attached forms - Composite Form 20/Form 10 D/Form- 5 IF (1 or 2 copies ) -Joint photograph of all the claimants -Employee's ID Proof -Each claimant's (parent and spouse) ID Proof -Birth Certificate for the kids of the employee - Death Certificate - Joint photograph of all the claimants -Scheme Certificate (if applicable) -For verification of bank accounts, a copy of cancelled cheque or attested copy of first page of bank Pass Book. **Please make a note that All death case claims submitted by spouse or nominee or legal heirs of EPF members be invariably settled within a period of seven days from date of submission of claim form in concerned field office where the deceased members accounts are being maintained. Encl: Composite Claim Form in Death Cases [Form-20 (PF Payment)/Form-10-D (Pension)/ Form - 5 IF (EDLI)]
Talk to the Top Labour Lawyer for free fifteen minutes @ 9962999008
Following are the guidelines for the same. -For unmarried employees, claimant can be the parents of the employee only -For married employees, claimant can only be the spouse and kids (up to three) below the age of 25 years -Each claimant is paid the equal proportion of the total calculated amount for both PF and Pension Fund -Provident Fund amount is paid in one time. However, Pension Fund is divided into equal monthly installments -All the funds gets transferred to the claimants through NEFT -All claimant's bank accounts should be with the same bank
Documents required to claim PF in the given situation are as mentioned below: -Employee's Death Certificate -List of Family Members of the Employee/ Family Chart -Duly filled and signed attached forms - Composite Form 20/Form 10 D/Form- 5 IF (1 or 2 copies ) -Joint photograph of all the claimants -Employee's ID Proof -Each claimant's (parent and spouse) ID Proof -Birth Certificate for the kids of the employee - Death Certificate - Joint photograph of all the claimants -Scheme Certificate (if applicable) -For verification of bank accounts, a copy of cancelled cheque or attested copy of first page of bank Pass Book. **Please make a note that All death case claims submitted by spouse or nominee or legal heirs of EPF members be invariably settled within a period of seven days from date of submission of claim form in concerned field office where the deceased members accounts are being maintained. Encl: Composite Claim Form in Death Cases [Form-20 (PF Payment)/Form-10-D (Pension)/ Form - 5 IF (EDLI)]
Talk to the Top Labour Lawyer for free fifteen minutes @ 9962999008
Procedure for withdrawal of EPF amount of the death person - Top labour Lawyer - 9962999008
A lot of EPF accounts are lying unclaimed after the death of an employee. Families have no idea how to claim for the EPF money and what is the process?
Today I will share with you how your family will be able to withdraw the EPF account money in case something happens to you.
How to claim EPF money after death of employee?
Once a person is dead, the beneficiaries of the dead employee can proceed with the process of withdrawing the EPF money. The first right is of the nominee who was mentioned in the EPF by the account holder. Mostly it’s a father or mother as most of the people are unmarried when they start their careers and they mention one of the parents as nominee.
Talk fifteen free minutes with the top labour lawyer for your EPF consultation :
Here are the documents one need to submit
| 1 | EPF Composite Form | The first form is called Composite form for death cases, which is a single form to be filled to claim EPF, Insurance money and any pension amount. |
| 2 | Death Certificate | You need to provide the death certificate of the EPF account holder who had died. |
| 3 | Birth certificate of children claiming pension | If there are children of the deceased who are claiming the EPF, they need to provide the birth certificate for each of them |
| 4 | Joint photograph of claimants | One has to provide a joint photograph of all the claimants together. This is to make sure that there is no fraud in the name of claimants. |
| 5 | Copy of cancelled cheque or attested copy of first page of bank Pass Book | To make sure there is a proof of the account where money is is going, one has to provide the copy of cancelled cheque or first page of bank passbook |
| 6 | EPS Scheme certificate (only if applicable) | This is a certificate which is a document which has all the details of who will get the pension etc after the death of a member . It’s issued by EPFO and this is applicable only when there is a pension part applicable. |
How to Claim PF Amount of the death person - Top Labour Lawyer - 9962999008
EPF is a retirement savings scheme subscribed by all employees in the country wherein they contribute 12% of their basic salary and dearness allowance each month. The employer also is mandated to contribute a similar portion to the employee's fund. While guidelines for the EPF account redemption or transfer are stipulated by the EPFO, there can also be a case when the subscriber or the EPF account holder dies and the family members are then left in a lurch on how to get the proceeds from the account. So, here we will help you out with the procedure to make the claim in case the subscriber of the EPF account dies:
On death of the EPF member, nominee made at the time of initiation of the account can apply for the claim. But, in case if the nominee happens to be a minor then his or her guardian will be eligible to make the claim. Else if no valid nomination exists then family member(s) of the deceased can make the claim with complete details in respect of surviving family members as on the date of death of the member. If both the above are not applicable then in such a case legal heir supported by a legal heir ship certificate can make the claim.
Other documents needed -Death certificate of the deceased EPF account holder -In case of more than one claimant, a joint photograph of all the claimants together has to be given to avoid any fraud - If the deceased has children who are making the claim then birth of certificate of each of them has to be given - First page of the passbook or cancelled cheque of the bank account in which you wish to get the EPF money credited - In case if the pension component is applicable towards the EPF account then the claimant has to submit the EPFO issued - EPS Scheme certificate which provides details of the beneficiary who will be eligible to receive pension amount etc after the death of the subscriber.
Talk to the Top Labour Lawyer for free fifteen minutes @ 99629999008
Daniel & Daniel ::;- 2132, Vasantham Colony, Annanagar West, Chennai--600040
Sunday, September 24, 2017
When a FIR can be quashed?
In the exercise of the
extra-ordinary power under Article 226 or the inherent powers under Section 482 of the Code of Criminal Procedure, the
High Court under the following categories of cases are given by way of
illustration wherein such power could be exercised either to prevent abuse of
the process of any Court or otherwise to secure the ends of justice, though it
may not be possible to lay down any precise, clearly defined and sufficiently
channelised and inflexible guide- framed the kinds of cases wherein such power
should be exercised:
(a) where
the allegations made in the First Information Report or the complaint, even if
they are taken at their face value and accepted in their entirety do not prima
facie constitute any offence or make out a case against the accused;
(b) where
the allegations in the First Information Report and other materials, if any,
accompanying the F.I.R. do not disclose a cognizable offence, justifying an
investigation by police officers under Section 156(1) of the Code except under an order of a
Magistrate within the purview of Section 155(2) of the Code;
(c) where the uncontroverted
allegations made in the FIR or 'complaint and the evidence collected in support
of the same do not disclose the
commission of any offence and make out a case against the accused;
(d) where the allegations in the FIR
do not constitute a cognizable offence but constitute only a non-cognizable
offence, no investigation is permitted by a police officer without an order of
a Magistrate as contemplated under Section 155(2) of the Code;
(e) where
the allegations made in the FIR or complaint are so absurd and inherently
improbable on the basis of which no prudent person can ever reach a just conclusion
that there is sufficient ground for proceeding against the accused;
(f) where
there is an express legal bar engrafted in any of the provisions of the Code or the concerned Act (under which a
criminal proceeding is instituted) to the institution and continuance of the
proceedings and/or where there is a specific provision in the Code or
the concerned Act, providing efficacious redress for the grievance of the
aggrieved party;
(g) where a
criminal proceeding is manifestly attended with mala fide and/or where the
proceeding is maliciously instituted with an ulterior motive for wreaking
vengeance on the accused and with a view to spite him due to private and
personal grudge.
In cases where, the allegations made
in the complaint, do clearly constitute a cognizable offence justified on the
High court can quash the FIR.
For queries call Daniel & Daniel
@ 9884883318.
Saturday, January 14, 2012
Govt starts to ammend the debt laws
The Banking industry is passing through the phase of rising NPAs, interest rates and mounting cases of debt restructuring. The government has on various occasions shown its concerns on this sector. Thus, the government has introduced an Amendment Bill in Parliament to enable banks and financial firms to effectively deal with bad loan recovery.
It will help to bring down lending rates for home and corporate loans, experts said. Enforcement of Security Interest And Recovery of Debts Laws (Amendment) Bill, 2011, which was introduced by minister of state for finance Namo Narain Meena in the Lok Sabha, seeks to strengthen recovery process of secured loans.
It seeks to amend the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002 and Recovery of Debts due to Banks and Financial Institutions (RDBF) Act 1993.
To ensure expeditious adjudication and recovery of dues of banks and financial institutions, remove legal anomalies and strengthen the Recovery Tribunal, the RDBF Act was amended in the years 1995, 2000 and 2004.
The amendment in SARFAESI Act will "provide for conversion of any part of the debt into shares of a borrower company and such conversion shall be deemed always to have been valid as if the provisions of said conversion were in force at all material times."
It also seeks "to permit the multi State Cooperative banks, with respect to debts due before or after the commencement of the proposed legislation, to opt either to initiate proceedings under the Multi-State Co-operative Societies Act 2002 or to initiate proceedings before the Debt Recovery Tribunal."
It will also enable in increasing the period of response to be sent by the banks or financial institutions to the representation of the borrowers to 15 days from 7 days.
The bill will empower banks or financial institutions to accept the immovable property in full or partial satisfaction of the claims of the bank against the defaulting borrower.
The amendment will allow district magistrate or the chief metropolitan magistrate to authorize any subordinate officer to take possession of assets or forward assets to the secured creditors.
The Bill has also proposed to amend the RDBF Act 1993 that among other things would "enable the banks and financial institutions to enter into settlement or compromise with the borrowers and also to empower Debts Recovery Tribunals to pass an order acknowledging such settlement or compromise."
From TEAM Daniel & Boaz
Chennai Law firm
Helpline:- 9962999008
email: myadvocate@rocketmail.com
It will help to bring down lending rates for home and corporate loans, experts said. Enforcement of Security Interest And Recovery of Debts Laws (Amendment) Bill, 2011, which was introduced by minister of state for finance Namo Narain Meena in the Lok Sabha, seeks to strengthen recovery process of secured loans.
It seeks to amend the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002 and Recovery of Debts due to Banks and Financial Institutions (RDBF) Act 1993.
To ensure expeditious adjudication and recovery of dues of banks and financial institutions, remove legal anomalies and strengthen the Recovery Tribunal, the RDBF Act was amended in the years 1995, 2000 and 2004.
The amendment in SARFAESI Act will "provide for conversion of any part of the debt into shares of a borrower company and such conversion shall be deemed always to have been valid as if the provisions of said conversion were in force at all material times."
It also seeks "to permit the multi State Cooperative banks, with respect to debts due before or after the commencement of the proposed legislation, to opt either to initiate proceedings under the Multi-State Co-operative Societies Act 2002 or to initiate proceedings before the Debt Recovery Tribunal."
It will also enable in increasing the period of response to be sent by the banks or financial institutions to the representation of the borrowers to 15 days from 7 days.
The bill will empower banks or financial institutions to accept the immovable property in full or partial satisfaction of the claims of the bank against the defaulting borrower.
The amendment will allow district magistrate or the chief metropolitan magistrate to authorize any subordinate officer to take possession of assets or forward assets to the secured creditors.
The Bill has also proposed to amend the RDBF Act 1993 that among other things would "enable the banks and financial institutions to enter into settlement or compromise with the borrowers and also to empower Debts Recovery Tribunals to pass an order acknowledging such settlement or compromise."
From TEAM Daniel & Boaz
Chennai Law firm
Helpline:- 9962999008
email: myadvocate@rocketmail.com
Wednesday, December 28, 2011
Govt asks PSU banks to follow common strategy for troubled sectors
The Government has been concerned about the exposure of banks to the four troubled sectors of aviation, power, telecom and textiles. In a recently held meeting, the financial services secretary met with the heads of top public sector banks. The meeting was held with the intention of asking all the PSU banks to follow a common strategy while dealing with these sectors.
Banks on their part are also taking necessary steps to deal with this problem. They have restructured their loans to power companies or even stopped lending to the sector. For textiles, they have made provision for a debt recast package.
"It is important that there is better coordination between these banks even if they are not part of the same consortium that lends," the official said.
The move comes at a time when several banks have restructured their loans to power companies and state utilities , or have stopped lending, and a debt recast package for the textiles sector is in the works. Similarly, in case of aviation, loans to Air India have been restructured, while a request for fresh funding assistance from Vijay Mallya-promoted Kingfisher Airlines has been submitted to lenders led by State Bank of India.
The Reserve Bank of India too stuck a note of caution on non-performing assets of banks, which are rising three times faster than the five-year average. It had made a special mention of the power sector and said: "With losses among state electricity boards and coal supply issues faced power projects, high concentration of bank credit in power generation is a matter of concern," the regulator had said in the Financial Stability Report.
RBI's stress test showed that if bad loans were to increase 150%, 20 banks representing 46% of bank lending in India would be forced to seek capital support as their core capital adequacy would fall below the prescribed 6%. Considering that gross NPAs of banks were at 2.01% in March 2011, a 150% increase would translate to a gross NPA ratio of 5.02%.
TEAM Daniel & Boaz
Chennai Law Firm
Ph:- 9962999008
email:- advocatechennai@gmail.com
Banks on their part are also taking necessary steps to deal with this problem. They have restructured their loans to power companies or even stopped lending to the sector. For textiles, they have made provision for a debt recast package.
"It is important that there is better coordination between these banks even if they are not part of the same consortium that lends," the official said.
The move comes at a time when several banks have restructured their loans to power companies and state utilities , or have stopped lending, and a debt recast package for the textiles sector is in the works. Similarly, in case of aviation, loans to Air India have been restructured, while a request for fresh funding assistance from Vijay Mallya-promoted Kingfisher Airlines has been submitted to lenders led by State Bank of India.
The Reserve Bank of India too stuck a note of caution on non-performing assets of banks, which are rising three times faster than the five-year average. It had made a special mention of the power sector and said: "With losses among state electricity boards and coal supply issues faced power projects, high concentration of bank credit in power generation is a matter of concern," the regulator had said in the Financial Stability Report.
RBI's stress test showed that if bad loans were to increase 150%, 20 banks representing 46% of bank lending in India would be forced to seek capital support as their core capital adequacy would fall below the prescribed 6%. Considering that gross NPAs of banks were at 2.01% in March 2011, a 150% increase would translate to a gross NPA ratio of 5.02%.
TEAM Daniel & Boaz
Chennai Law Firm
Ph:- 9962999008
email:- advocatechennai@gmail.com
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