Administration Manual - B.E.S.T. Undertaking.

475
• To prepare the yellow bill in respect of concerned policy holder employee
along with the entry in ledger sheet.
• To get the bill audited.
• To collect the cheque from Cash Dept.
• To deposit the cheque in the concerned branch of LIC.
• At the time of maturity the concerned branch of LIC sends the discharge
form, to get the signature of P.F. Trustees and of OSPF as witness on the
discharge form.
• To prepare covering letter to be sent to LIC
• To forward LIC the discharge form along with covering letter specimen
signature of Trustees and the receipt of last premium paid against the policy
for maturity amount.
• The LIC sends the cheque for maturity amount in favour of Trustees BEST
Undertaking Provident Fund after submission of discharge form.
• Same cheque is to be deposited by Cash dept. under intimation to P.F. Dept.
• On the basis of the intimation sent by cash dept. to send advice to EDP dept.
for crediting the amount of maturity value in the subscription A/C concerned
employee.
• EDP dept. credit the subscription A/c of concerned employee for the maturity
value of policy.
• Maintenance of records of Transfer In / Transfer Out cases, correspondence
with various RPFC officers for obtaining P.F. amount.
Submission of Statutory Information in 7 ( IF )
Statistical Information :
Though the BEST Undertaking Provident fund is exempted provident
fund its affairs are under general control of the Regional Provident Fund
Commissioner. The RPFC’s officials visit our office regularly for inspection.
Besides there is annual inspection held thoroughly by the inspector of the
RPFC. Also certain information is required to be submitted to the RPFC’s
office regularly. This information is as under.
1. Return in Form No. 7 (IF) –
It contains following information.
i) No. of employees at beginning of the month.
ii) No. of employees separated during the month.
iii) No. of employees joined newly during month.
iv) No. of employees at the end of the month.
v) Total wages earned during the month.
vi) Amount of Inspection Charges paid.
vii) No. of cases sent to LIC under Group Insurance Scheme; No. of cases
settled by LIC and amount paid by LIC to the legal heir of the deceased
employee.
A challan for Inspection Charges paid for month is attached with form
7(IF) . Form 7(IF) is to be submitted to RPFC before 20 th day of every month.