Letter Of Undertaking And Indemnity: Fill & Download for Free

Vide Rule 96A, added on 1st July 2017 Notification, the Central Government has made it clear to the Exporters of goods or services that in case they wish to export goods or services without payment of IGST (Integrated goods and service tax) then:1.​Before undertaking export, exporter shall submit, a Letter of Undertaking (LUT in Form UT 1 ) or a Bond in Form FORM GST RFD-11 to the Jurisdictional Commissioner.2.​ With this exporter undertakes following obligations for getting facility of w/o tax sale for export.​a) In case if he does not export goods within three months from the date of invoice issued for exports; then within fifteen days after expiry of three months he deposits the due IGST with interest notified under Section 50(1) – and this interest notified is 24 percent per annum.​b)In case of export of services the exporter must receive consideration in foreign currency within ONE YEAR from the date of issue of invoice for export and in case it is not done, then within fifteen days from the end of this period, he pays the IGST and interest as in (a) above.3.​And if the exporter does not pay the IGST and interest within the above timelines; the export allowed under the LUT or Indemnity Bond shall be withdrawn and the amount of tax and interest shall be recovered as per provisions of Section 79 of the CGST Act dealing with recovery of tax. After the exporter pays the due amount of tax and interest, letter of undertaking that was withdrawn when he failed to make payment within the time lines as above shall be restored.These provisions also apply, in respect of zero-rated supply of goods or services or both to a Special Economic Zone developer or a Special Economic Zone unit without payment of integrated tax.

When Nomination is registered with the bank, the nominee can apply to the Bank, giving full details of the accounts of the deceased depositor. On receipt of the claim from the nominee, the branch will verify the photocopy with the original Death Certificate, Nomination number as registered in CBS, Nomination register.Signatures of two witnesses of good standing and integrity who are acceptable to the Bank should also be provided on the application. The witness can be any of the following:Magistrate or Judicial officialAny Officer of the Central / State Government or Any Officer of the Bank.Any two persons acceptable to the Bank.In a deceased account where there is neither Survivorship clause nor Nomination, Bank delivers the assets only to the legal heirs. As disposal with legal representation is time consuming, to improve customer service, our Bank has devised a system of settling the accounts without production of legal representation on the basis of Indemnity – cum – Affidavit. This is applicable only when:The customer has died INTESTATE i.e. without a WILL andThere are no disputes among the legal heirs and all the legal heirs (other than those who have furnished a Letter of Disclaimer) join in indemnifying the Bank and there is no reasonable doubt about the genuineness of the claimant(s) being the only legal heirs.Depending on the amount of claim, the following documents need to be submitted.Photocopy of Death Certificate (original shall be verified by the bank).Letter of undertaking- from all the claimants other than those who signed the letter of disclaimer - in the claim format and declaration in the claim format from one respectable person well known to the deceased family but unconnected with and acceptable to the bank.Letter of disclaimerIndemnity to be signed only by the person mentioned in the letter of disclaimer (along with the sureties in applicable cases). Any legal heir who has signed the letter of disclaimer in favour of other legal heir(s) may stand as surety if he/she is independently good for the amount of claim.Affidavit where applicable.Stamped Receipt only if the balances are paid by way of Banker's cheque.Balances are also paid by way of credit to claimant's individual account maintained with the Bank at any centre in India though Bank transfer or interbank transfer through RTGS/NEFT to an account maintained with any other Bank in India.For related forms & formats please visit.

Original policy is a must for final settlement like a maturity claim or death claim. Policy can be assigned to a Bank or chit fund for security. Some banks grant loans on policy bonds. If you have not assigned it to anyone. You have to give LIC,a letter of undertaking and an indemnity Bond. Lic will settle the claim on the basis of such indemnity Bond.