Team-BHP

Team-BHP (https://www.team-bhp.com/forum/)
-   Shifting gears (https://www.team-bhp.com/forum/shifting-gears/)
-   -   The "Provident Fund" Thread (https://www.team-bhp.com/forum/shifting-gears/46474-provident-fund-thread.html)

nirmalts 27th September 2008 07:07

The "Provident Fund" Thread
 
Hello all,

As I am moving out of Bangalore, I am closing my PF account and withdrawing the amount. I came to know that it could take up to 3 months for you to receive the money. But incase your are going abroad, it is faster. What proof do they require to show that you are going abroad (visa copy?).

Thanks

Nirmal

vikram_d 27th September 2008 07:11

You can just write a letter saying that you are quitting your job and starting your own business. Ask them to kindly release the funds at the earliest. This should get your funds released in 15 days. This is how I got my PF amount released early.

clevermax 27th September 2008 07:49

In case of chaging job within India, (form one state to another) which one is a good idea? I can transfer my PF account to the new company, or close this down and start a new one there)

mobike008 27th September 2008 09:23

AFAIK, the government mandate is that you cannot remove the PF amount before 3 months if you are moving from one job to another job within india.

I am not sure if PF folks will let you withdraw in 15 days, that would be a shame on the government style of slow processing:)

ashthedivx 27th September 2008 09:52

Quote:

Originally Posted by vikram_d (Post 993443)
You can just write a letter saying that you are quitting your job and starting your own business. Ask them to kindly release the funds at the earliest. This should get your funds released in 15 days. This is how I got my PF amount released early.

+1 This is how a friend also got his PF within 15-20 Days. They do hangle a bit bit it works :)

DCEite 27th September 2008 10:31

Its been 5 months since my PF withdrawal, i am still to get my money. :(

spadival 27th September 2008 11:04

Where do I have to write to expedite the process? I will be withdrawing my PF soon.

kuttapan 27th September 2008 22:20

i submitted my visa copy, ticket copy etc to prove that I am flying out of the country, apparently the morons didn't take it at face value, I am yet to get my Pf after close to 4 months.

BaCkSeAtDrIVeR 27th September 2008 22:38

Why don't you just let it lie there? If you join a job where you are entitled to PF, you

1. Can simply get your account transferred if you change job location to any place within India.

2. If you contribute for at least 10 years, and wait till you are 50 years old, you are entitled to a pension, minimum Rs. 500/- IIRC.

snaronikar 27th September 2008 23:08

Quote:

Originally Posted by BaCkSeAtDrIVeR (Post 994076)
Why don't you just let it lie there? If you join a job where you are entitled to PF, you

1. Can simply get your account transferred if you change job location to any place within India.

2. If you contribute for at least 10 years, and wait till you are 50 years old, you are entitled to a pension, minimum Rs. 500/- IIRC.

+1. Transfer the amount to your new company. Withdrawing cash will attract tax of 30%. Otherwise, you have to take the bonds (LIC) with a lock in period of 3~5 years.

given2fly 29th September 2008 10:44

Quote:

Originally Posted by snaronikar (Post 994107)
+1. Transfer the amount to your new company. Withdrawing cash will attract tax of 30%. Otherwise, you have to take the bonds (LIC) with a lock in period of 3~5 years.


Are you sure about 30% tax (TDS?). Because I am about to withdraw the PF lying with my old firm and I haven't heard from anyone this tax being applicable.

hemanthisgreat 29th September 2008 10:46

As far as i have heard, provident fund is not taxable.

spadival 29th September 2008 10:49

Quote:

Originally Posted by kuttapan (Post 994060)
i submitted my visa copy, ticket copy etc to prove that I am flying out of the country, apparently the morons didn't take it at face value, I am yet to get my Pf after close to 4 months.

Where did you submit all this? at the company or did you send it to the PF authority? I need to do the same shortly and I have all of the stuff ready with me - tickets and visa.

Technocrat 29th September 2008 11:11

See if you are not in need of the money in short notice. Once you do all the paper work theere are two options either you transfer it to new PF account or you give your account number & the Govt transfers the amount in that account, it took me around 3 months & the money came in two installments(dont know why) in a gap of around 10 days.

Spadival: The company's payroll dept usually does this.

kalpeshc 29th September 2008 12:13

To find out the status of your application and why is it stuck please file a RTI application. Somehow you will find that your application would be expedited quicker than expected!


All times are GMT +5.5. The time now is 09:59.