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CHARTERED ACCOUNTANT BENEVOLENT FUND OVERVIEW

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Presentation on theme: "CHARTERED ACCOUNTANT BENEVOLENT FUND OVERVIEW"— Presentation transcript:

1 CHARTERED ACCOUNTANT BENEVOLENT FUND OVERVIEW
1.) Chartered Accountants Benevolent Fund: Established under the Societies Registration Act 1860 in “By the members of the Institute” for the members of the Institute 2.) Objectives: To provide financial assistance for maintenance, education or medical treatment to its members and their families in distress. The beneficiaries to whom financial assistance provided are: a) Persons who or have been members of the Institute. b) Their wives and children c) Their relatives or others who are dependent for support on them. 3.) Management: ‘The fund’, is an independent body managed by its Managing Committee comprising of : CA. CA.Uttam Prakash Aggarwal President- ICAI as “Ex-officio Chairman” CA.Amarjit Chopra Vice-President-ICAI as “Ex-officio Vice-Chairman” CA.N.D.Gupta Member Secretary CA.Ashok Gupta,Member CA.Man Mohan Gupta,Member CA.Hem Chand Jain,Member CA.Harbir Singh Gulati,Member

2 4) Corpus :Membership Life Member: A single payment of Rs.2500/-shall make a person eligible to be admitted as life member of the fund. Thereafter he shall not be liable to pay any amount on account of subscription and shall be styled as a Life Member. Ordinary Member: All other members shall be described as Ordinary Members and shall have to pay an annual subscription of Rs.500/-. Apart from this any member can subscribe for Voluntary Contribution. 5) Procedure for making payment: Membership subscription to CABF can be paid along with annual membership fee. Alternatively it can be paid separately by Local Cheque/DD to the respective decentralized offices or regional offices or HO.

3 4) Corpus :Membership Life Member: A single payment of Rs.2500/-shall make a person eligible to be admitted as life member of the fund. Thereafter he shall not be liable to pay any amount on account of subscription and shall be styled as a Life Member. Ordinary Member: All other members shall be described as Ordinary Members and shall have to pay an annual subscription of Rs.500/-. Apart from this any member can subscribe for Voluntary Contribution. 5) Procedure for making payment: Membership subscription to CABF can be paid along with their annual membership fee Alternatively it can be paid separately by Local Cheque/DD to the respective decentralized offices or regional offices or HO.

4 6) Financial Assistance: -
CABF provides two types of Financial Assistance: Monthly Financial Assistance: Monthly Financial Assistance is provided by CABF to its members and their families in distress: - The financial assistance granted may vary from Rs. 4,500/- per month to Rs. 7,500/- per month to be considered on the merit of the case. Assistance considered may be granted for the period of one year. Request for grant of monthly assistance is accepted in prescribed application format duly recommended by a designated member.

5 Ex-Gratia Financial Assistance: CABF provides two types of ex-gratia financial assistance:
In case of accidental death/unnatural death at the age below 55 years against claim to the legal heir of deceased member. In case of medical treatment for certain specified ailments against application. Details of Grant from CABF Year Beneficiary Amount 135 1,64,16,000 110 137 125 134 105

6 (7) CABF – LIC Group Insurance Scheme: CABF facilitates life insurance under Members Group Insurance Scheme: - - For the members of Institute and their spouse - One time payment of premium for 03 years. - Sum assured: Rs. 10,00,000/- + additional Rs. 10,00,000/- benefit in case of accidental death as well as sum of Rs. 5,00,000/- for spouse. Details of Premium according to age group Members Age Amount Spouse 18-30 4390 2195 31-35 4700 2350 36-40 6240 3120 41-45 7890 3945 46-50 11810 5905 51-55 19880 9940 56-60 29160 14580

7 Membership of CABF – LIC Life Insurance
Year Members Amount [in Rs.] 2007 764 72,61,419/- 2008 1170 1,10,84,305/- 2009(Upto June) 676 64,54,565/- (8) Medical Insurance: CABF had arranged a scheme of Medical Group Insurance for the members through Birla Sun Life Group Medical Insurance Scheme which is currently over. CABF plans to provide comprehensive medical insurance for life members under cashless payment scheme through Insurance Companies.

8 Appeal to the Members Till date CABF has life members. In order to strengthen the financial position of the fund. The Committee desires that all the members of the Institute should join CABF extending their helping hands to support their Professional colleagues and dependents. It is an earnest appeal of the fund that all the members must become life member of the fund, if not, and to contribute voluntarily any amount for the noble and pious cause of CABF. It is also an appeal to all the members to pay annual voluntary fee for CABF every year. The voluntary contribution can be made by way of cheque/demand draft payable in favour of ‘The Chartered Accountants’ Benevolent Fund, New Delhi’ can be sent to CABF, The Institute of Chartered Accountants of India, New Delhi during the year. Life members are allotted a separate life membership number of the fund. The CABF thankfully issues receipts of the contributions made by the members which is eligible for tax exemption under Section 80-G of Income Tax Act .


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