Friends/Seniors
Can You please advise if it is possible for any existing PF subscriber to come out of PF scheme in accordance with Para 4 (d) of the attached notification issued in last week of August 2014 and effective from 1st September 2014.
The PF scheme is with the Central Government and not company Trust.
If so, how will the subscribers who opt out of PF get their money back. Will it be by submitting Form 19 and 10C as in cases of resignation / retirement. There is a general view that once an employee joins PF he/she cannot come out of PF except in case of resignation/retirement/superannuation. The notification has given 6 months time and also mandates extension of the time of 6 months in specific cases.
I look forward to your valuable clarification for my understanding.
Sincerely,
CA Dipjyoti Majumdar
CAclubindia
