Greetings from Hyderabad!
As you are aware that from March 2012, the PF has been made online and the organizations are expected enter one instrument/cheque/DD number for the contributions. Moreover, it becomes difficult with the banks since they also expect us to submit a single instrument for challan.
I would like to clear some of by doubts:
- NGOs pay salaries from FC and LC accounts. In some cases the bank for LC and FC accounts are also different. So we have to give atleast 2 instruments/cheques to bank which they are reluctant to accept.
- In view of the above, is it a possibility that we open a separate account specifically for PF and transfer all the PF contribution to that account and release one cheque to bank?
- In case we do that, will it not amount to mixing of LC and FC funds.
Please send your feedback on the same.
Thanks and regards,
B V Soma Sastry
Centre for World Solidarity
12-13-438, Street No. 1, Tarnaka
Secunderabad 500 017