Blog Preview
Circular No.2/2022 of SPFO- Levy of penalty on late submission of Provident Fund statement in SPFO
Applicable to:
All Shipping Companies
Effective Date:
Immediate
Superseded Circulars:
None
Key Changes and Requirements
1. Grace Period and Penalty for Late Submission
The Board of Trustees has decided to give a 30-day grace period for shipping companies depositing PF amounts directly into SPFO bank accounts but not uploading/submitting PF return statements.
- After the grace period: Penalty will be levied on non-compliance companies for late submission of PF return statements.
- Penalty amount: Rs.10,000 per month for the first three months, and Rs.20,000 per month after three months until the submission of PF statements.
2. Compliance Obligations
Ensure that Provident Fund statements are uploaded/submitted to the Seamen's Provident Fund Organisation in accordance with the decision of the Board of Trustees.
Important Note
Non-compliance may result in penalties as outlined above. Ensure timely submission of Provident Fund statements to avoid penalties.
Want to learn and share your knowledge about the maritime world?
Explore the Blog app on Navvyx - Get maritime insights from across the world in one place.