May 8, 2024

Canara Bank is one of the leading private sector banks providing all the financial and banking services to individuals. Canara Bank current account is a type of demand deposit account, specially designed to cater to the different banking needs of the individuals. Current Account can be opened by business owners and professionals who deal with large value transactions on a daily basis. The Canara Bank current account holders get the advantage to avail overdraft facility up to an agreed limit. As a top institution in the country, Canara Bank provides a diverse range of savings accounts tailored to meet the needs of various customer segments, including senior citizens, minors, and the salaried class. These accounts offer modern conveniences like net banking, mobile banking, and UPI transfers. Canara Bank ensures its account holders enjoy competitive interest rates, ranging from a minimum of 2.90% to a maximum of 4.00% on their savings. Renowned for its enduring success in the banking industry, Canara Bank has consistently maintained a leading position marked by continuous profitability. Customers benefit from various incentives and services associated with their savings accounts, making the Canara Bank savings account interest rate attractive. Different Types of Canara Bank Current Account the primary features of Canara Bank Current Account variants. It is to be noted that Canara Bank Current Account minimum balance requirement varies from one account type to another. This factor should be kept in mind before choosing the preferred Current Account type.  Canara Bank Current Account  Types of Canara Bank Current Account Primary Features Canara Privilege Current Account Can be opened with Zero initial balance Free DD, NEFT, and RTGS Auto sweep-in and sweep-out facility Canara Premium Current Account Free debit card and issue of a free credit card to 1st account holder fund transfer via net banking Name printed cheque book Canara Bank Privilege Current Account Canara Bank Privilege Current Account is a type of account that is best suited for the premier segment customers, who enroll themselves as promising clients to the bank. This account variant is specifically designed for the premier customers and can only be opened by such customers. Primary Features Charges Average Quarterly Balance (AQB) Initial Balance: Zero (Rs.1 lakh AQB to be maintained) Non-maintenance of balance Rural / Semi-Urban: Rs.1000 Urban / Metro: Rs.5000 ATM cash withdrawal limit Rs.50,000 (from Canara bank’s ATM) ATM transactions Free and Unlimited (from Canara Bank’s ATM) Cash deposit (Base and Non-Base branch) Free Cash handling charges Free up to Rs.5 lakh per day NEFT / RTGS Free Cheque Book Free up to 500 cheque leaves per year DD Charges Fully waived SMS Alerts Free Debit Card Platinum debit card with photo Account Closure Charges Rs.750 per account Canara Premium Current Account With this account variant, the users get added advantage of free cash deposit at base and non-base branch, 50% concession on online fund transfer, free SMS alerts, free debit card, free ATM transactions and more. Primary Features Charges Average Monthly Balance (AMB) Initial Balance: Minimum Rs.50,000 (Rs.50,000 AMB to be maintained) Non-maintenance of balance Rural / Semi-Urban: Rs.1000 Urban / Metro: Rs.5000 ATM cash withdrawal limit NA ATM transactions Free (from Canara bank’s ATM) Cash deposit (Base and Non-Base branch) Free Cash handling charges Free up to Rs.1 lakh  NEFT / RTGS 50% concession Cheque Book Name printed cheque book DD Charges 50% concession SMS Alerts Free Debit Card Free debit card Account Closure Charges Rs.750 per account   Benefits of Canara Bank Current Account The advantages of opening a Current Account in Canara Bank are listed below: The Canara Bank Current Account variants are specifically designed to facilitate frequent transactions like fund transfer, cheque receiving etc. Internet Banking, Mobile Banking and Overdraft facilities are also available for all the Current Account holders The account is specifically designed to be used for business purposes Both the Current Account variants are ideal for carrying out large value transactions Current Account allows transaction beyond the scope of Savings Account and hence facilitate smooth transactions for business purposes Canara Bank Current Account Eligibility Criteria Individuals Joint Accounts (not more than 4) Proprietary Concerns Partnership Firms HUF Public and Private Limited Companies Limited Liability Partnership Registered or Unregistered Societies or Associations Trust / Provident Fund Executors and Administrators Govt / Semi-Govt Dept Taluk / District Boards Charitable and Religious Institutions How to Open Canara Bank Current Account? For Current Account opening in Canara Bank, the user needs to visit the nearest Canara Bank Branch and fill the Current Account opening form. Also the users can find the Canara Bank Current Account opening form online. Follow the below-mentioned steps for Current Account opening: Step 1: Visit the nearest Canara Bank Branch. Step 2: Fill the Canara Bank Current Account opening form with all the required details. Step 3: Submit the form to the bank’s executive with all the required KYC acceptable documents. The users can also download the form online, take a print out, and submit the duly filled form along with all the KYC acceptable documents at the nearest Canara Bank Branch. Documents required for Canara Bank Current Account opening Application in the bank’s prescribed form Identity Proof Address Proof Photos Specimen Signature Card Copy of PAN Card / Form 60 or 61 (if customer does not Memorandum and Articles of Association Certificate of Commencement of Business Partnership Deed (wherever required) Certificate of Incorporation and Board Resolution Registration Certificate (in case of registered concern) Certificate / License issued by Municipal Authorities FAQs Can an individual open a Current Account in Canara Bank? Yes, individuals are eligible for Canara Bank Current Account opening,  if they have proper KYC acceptable documents required by the bank. Can one open zero balance current account in Canara Bank? Canara Bank offers Canara Privilege Current Account which can be opened with zero balance initially. However, the account holder needs to maintain an average quarterly balance of Rs.1 lakh. 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SSMMS ID Portal: Telangana state government is actively taking initiatives for all round development of the state. Telangana is very rich in Various natural minerals such as gold, sand and other. The government is continuously providing the total management system to conduct mining of various minerals in the Telangana state. In this scenario, they Have also launched a portal “Samagra ID Portal” to provide maintenance and monitoring of sand mining. The portal is named as Sand Sale Management & Monitoring System – SSMMS. There are various services available in this portal “SSMMS ID Portal” which is very helpful for vendors who are involving in sand mining activities in Telangana state. So today we are providing you step by step guidance of SSMMS ID Portal. Including Online sand booking, SSMMS Today quantity, Blocked Vehicles of sand mining in Telangana state. Department login for SSMMS, Application for Bulk Sand in Telangana state. SSMMS ID Portal SSMMS stands for Sand Sale Management and Monitoring System. It is an online portal or system developed by the government of India, specifically the Telangana State Mineral Development Corporation (TSMDC), to manage and monitor the sale of sand in the state of Telangana. SSMMS ID Portal is very helpful for individual as well as Send selling vendors. they can buy online sand for their land. You need not to visit any department to buy Sand for your area. Samagra ID Portal also monitor illegal Sand mining in Telangana state. There are various details for customer. you can check the registered vehicle by entering their details in this website, so you can Protect yourself from any illegal activity and frauds. What services are offered on the SSMMS portal? he SSMMS portal offers a range of services, including: Booking sand online Tracking interstate sand orders Booking interstate transport services for sand Tracking the sand order within the state How do you register as a customer on the SSMMS portal? Visit the official portal Enter your mobile number and request an OTP Enter the OTP to confirm your identity This will enable the registration. You can confirm the registration by looking for your name in the customer list. Checking the status of an order on the SSMMS portal Click on the tracking option on the homepage and select track my order from the dropdown menu The order tracking page will open Enter your order ID in the data field Enter the CAPTCHA code displayed on the screen Click the get status button Your order’s status will be displayed on the screen You can also check the status of your order via your mobile or vehicle number. To do so, you can: Click on the tracking option on the homepage and select track your orders with mobile/vehicle  from the dropdown menu Enter your mobile number in the data field Enter the CAPTCHA code for verification Click the search button Your order’s status will be displayed on the screen How do you register a vehicle on the SSMMS? Visit the official website Click the registration button, and then click the vehicle registration button Enter the relevant details in the form that opens Click the register button How to check if your vehicle has been registered? To check whether your vehicle has been registered, you must: Visit the official website Click the registration button, and then click the vehicle registration list button Enter the registration number and CAPTCHA in the data fields that appear Your vehicle will be displayed (if it is on the list) FAQs Can I place an interstate order on the website? Yes, users can place both interstate orders and orders delivered within Telangana through the SSMMS. Can government contractors also use the SSMMS for sand? Yes, while applying for your order, all you need to do is register yourself for government work (instead of registering as a private company). You will be able to place your orders once this is done. 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The importance of labour licence for contractors can be seen in the The Contract Labour (Regulation and Abolition) 1970 Act, It applies to any establishment in which twenty or more workmen are employed on any day of the accounting year as contract labour. The purpose of the 1970 Contract Labour Regulation and Abolition Act is to prevent the exploitation of contract labour, as well as to introduce better working conditions. A worker is considered to be employed as a Contract Labour when recruited by or through a Contractor in connection with an establishment’s work. Indirect employees are considered as contract workmen. Contract Labour varies in terms of the employment relationship with the establishment and a wage payment method from Direct Labour. By and large, contract human labour is not borne on payroll and is not paid directly. The Contract Workmen shall be hired, supervised and remunerated by the Contractor, who in turn shall be remunerated by the Establishment of hiring the Contractor services. Applicability of the Act The act extends to all those companies that have twenty or more employees, currently employed or previously employed in the past twelve months on any day. It also applies to any contractor that has twenty or more workers employed or employed on any day of the past twelve months. It does not apply to companies that conduct casual or irregular work. It has sub-sections, again:- It applies to any establishment in which twenty or more workmen are employed on any day of the of the accounting year as contract labour. It applies to any contractor who employs or who employed twenty or more workers on any day of the accounting year. Also, it does not apply to the establishments if any work performed in the intermittent nature. It does not apply to the establishments if any work not performed for more than one-twenty days in a year. It does not apply to the establishments situated in the special economic zone(SEZ). It does not apply to the establishments if any work performed in the seasonal nature for more than sixty days in a year. It applies to any establishment in which twenty or more workmen are employed on any day of the of the accounting year as contract labour. It applies to any contractor who employs or who employed twenty or more workers on any day of the accounting year. Also, it does not apply to the establishments if any work performed in the intermittent nature. It does not apply to the establishments if any work not performed for more than one-twenty days in a year. It does not apply to the establishments situated in the special economic zone(SEZ). It does not apply to the establishments if any work performed in the seasonal nature for more than sixty days in a year. Registration process for businesses recruiting contract laboratories Any business that hires contract labor for its work must obtain a registration certificate from the correct government. The procedure for registering those companies is given below: a. With the application for registration in Form No. 1, the employer will go to the registration office along with the receipt indicating payment of the prescribed fee. b. The registration officer registers the company and grants the copy of the registered certificate in Form-II if the application obtained is complete in all respects. Details regarding registration certificate a. Establishment name and address. b. Maximum number of employees to hire as contract laborers. c. Business category and any other relevant detail. Contractor’s license Any contractor who works for an organization employing twenty or more employees on any day in the past twelve months must obtain a permit for contract labor. This license is issued by the licensing officer pursuant to the provisions of section 12 of the contract labor act. Under this section, a permit may contain conditions relating to work hours, wage-fixing, and other necessary facilities for contract laborers. Process of the grant of license a. The contract will make an application for a grant of license in form no IV to licensing authority b. At the time of application INR 20 will be deposited as security c. Retain the receipt of fee payment d. An employer’s certificate in Form V stating that the contractor concerned has been employed for his establishment. e. The licensing officer may carry out more required investigations and issue the license in Form VI, which must be renewed in accordance with the prescribed fee within 30 days of the expiry date, under which the contractor will have to pay 25 percent more fee than the normal sum. Duties of Contractor and Penalties on Voilation The contractor should: a. Do the payment of wages foxed by government or fixed by the commissioner of labour or in absence of fixed amount pay the fair wages to the labour b. Provide facilities like Canteen facility (if has employed more than 100 workers and their work is going to perform for more than 6 months) Provide employment card to the labours Restroom facilities Urinals and toilet facility The facility of drinking water, first aid, crèche, etc c. Contractor shall maintain the various register, record and notices etc. Penalty on violations Any person who violates any part of any provision of the act will be punished with detention for more than three months, or with a Rs 1,000 fine, or even both, depending on the extent of the violations. If a person breaks any rules under the act for which there is no additional fine, then he or she is sentenced to three months’ imprisonment or a fine of one thousand or both rupees. Contractor under section(2) of the act Advisory Boards- The central Government under section 3 is excepted to set up the Central Advisory Contract Labour Board on activities relating to the administration of the act. The Central Board should consist of the following are The Chairman to be appointed by the Central Government. The Chief Labour Commissioner (Central). Central Advisory Board- The number of members,

Starting a new venture brings excitement and responsibility, especially when it comes to navigating the intricacies of Employees’ Provident Fund (EPF) and Employees’ State Insurance Corporation (ESIC) compliance. In India, even newly incorporated companies are assigned EPF and ESIC registration numbers, irrespective of immediate eligibility. This blog untangles the complexities surrounding EPFO and ESIC regulations for new businesses, addressing when these mandates apply, considerations like marking ESIC registration as “dormant,” and handling compliance notices from PF or ESIC departments. About EPFO The Employees’ Provident Fund Scheme (EPF) in India acts as a safety net for working professionals, providing both long-term retirement savings and short-term financial assistance. Every month, employees and employers contribute a percentage of their salary to the scheme, which accumulates in a personal fund that can be accessed for retirement, specific needs like medical treatment or house purchase, or even unemployment. This scheme not only provides financial security for workers but also encourages savings and economic stability. However, the EPF Scheme only applies when the number of employees is more than twenty in the establishment. Companies can opt for voluntary coverage for their employees with their consent. About ESIC ESIC is a comprehensive insurance package for employed individuals in India, offering immediate financial and medical support during contingencies. It covers sickness, maternity, disablement, dependents, and death benefits. ESIC also operates a vast network of hospitals and dispensaries across India, offering subsidised medical care for insured employees and their dependents. The ESIC is mandatory for companies employing ten or more employees. Applicability of EPFO/ESIC Particulars EPFO ESIC Employee Threshold 20 or More 10 or More Coverage Mandatory after 20 or more employees However, the company can take voluntary coverage Mandatory after 10 or more employees No Voluntary Coverage Return Filing Mandatory after registration in both ESIC and EPFO Relief to newly incorporated Companies Newly incorporated companies are issued a registration number under the PF and ESIC, regardless of whether or not they are eligible for coverage. The central government has issued a Press Release stating that such companies are not required to file PF or ESIC returns as they are not yet eligible for coverage. However, once the number of employees reaches the threshold for applicability, these companies will be required to comply with the EPFO and ESIC Acts,  Newly incorporated companies are not required to comply with the EPFO (Employee Provident Fund Organization) or ESIC (Employees’ State Insurance Corporation) provisions until the number of employees reaches 20 for PF (Provident Fund) and 10 for ESIC. Please note that ESIC coverage cannot be taken voluntarily, so compliance with ESIC is only possible once the number of employees reaches ten or more. In the case of PF, companies can opt for voluntary coverage with the consent of most employees. In that case, compliance with the PF scheme will become mandatory.  The Importance of Compulsory Registration for EPF/ESI for New Company in India Legal Compliance: The Employees Provident Fund and Miscellaneous Provisions Act, 1952, and the Employees State Insurance Act, 1948 make it mandatory for companies employing 20 or more workers to register for EPF and ESI schemes. Failure to comply with these regulations can result in legal penalties, fines, and imprisonment. Employee Benefits: By registering for the EPF and ESI schemes, companies can provide their employees with a range of social security benefits such as pensions, health insurance, and maternity benefits. This can help to attract and retain quality employees and improve employee morale and satisfaction. Tax Benefits: Companies that are registered for EPF and ESI are eligible for tax benefits under the Income Tax Act, of 1961. This can help companies to reduce their overall tax liability and improve their financial health. Record Keeping: By registering for EPF and ESI, companies are required to keep detailed records of their employees’ contributions, including the amounts contributed, the frequency of contributions, and the manner in which contributions are made. This helps to ensure that the employees’ contributions are accurately recorded and that they can access their benefits when they are needed. Notice of Non-Compliance from PF or ESIC Department Sometimes, the PF or ESIC office may send a notice to an establishment of non-compliance with regards to the non-filing of PF or ESIC Return. This happens because the establishment is registered with them. In such cases, the establishment should reply to the notice stating the reason for non-filing. For instance, the number of employees may not have reached the threshold. We can assist with drafting and filing a reply to such notices. Marking of ESIC Registration as “Dormant” The ESIC Department came up with Circular No. P-11/14/19/Misc/02/2022-Rev. II. Dated 21/11/2022, which requires that newly registered companies on or after 15.02.2020 shall comply with the ESI Act, 1948 provisions only when they reach the threshold limit of employment under the ESI Act (Ten at present). Suppose the companies registered through the MCA portal are found not coverable per the ESI Act’s statutory provisions. In that case, they are not required to comply for the next six months or until they reach the threshold ESIC coverage, whichever is earlier. However, such companies will have to mark the establishment status on the ESIC portal as “Dormant” on their first login and after every six months FAQs Is PF filing mandatory for Pvt Ltd company? PF (Employee Provident Fund) filing is mandatory for all companies, including private limited companies, if they employ 20 or more employees. How many employees are required for ESI and PF registration? ESI (Employees’ State Insurance) registration is mandatory for companies that employ 10 or more employees, while PF registration is mandatory for companies that employ 20 or more employees Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR |