TASC – Trusts, Associations, Societies, Clubs

September 03, 2011

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Lest you forget

The contents of presentation is for information and does not supersede any of the e-circular or views of Control Groups – Legal / Compliance

For all clarifications on documentation, please refer e-circular no.7495 or any other circular as prevailing from time to time

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Agenda

TASC Segment - Overview

Products

Segments and Documentation

Channel / Products

FAQ

Precautions

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TASC Segment - Overview Trusts (Education, Medical, Religious, Charitable) Association -(Chamber of Commerce,Trade, Sports) Societies-(Urban Coop, Primary Agri, Housing, Non

credit) Clubs -(Lions, Jaycees, Sports) Sec. 25 Companies (Non profit) Autonomous Bodies (AICTE, Universities, IIM, IIT) Disaster Relief Funds (Central, State, Private) Judicial authorities (Tribunals, Court, Official

liquidator) Defence (Canteen Store Depot, Unit Run Canteens,

Regimental Funds)

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Products (Major)Fixed Deposits / Recurring Deposits

Money Multiplier Fixed Deposits

Special Savings Account

Current Accounts

Constituent Subsidiary General Ledger (CSGL)

Fee Management Services

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Fixed Deposits / Recurring Deposits Account Opening Form - Series 340 KYC documents as per circular no.7495 Traditional FD - Monthly and quarterly payout Cumulative FD – Quarterly compounded

(minimum period 6 months and not 181 days, maximum period 10 years)

Deals of Rs.1crore and above Deal needs to be entered and approved in ODBS Link http://10.16.168.136/ODBS/Forms/login.aspx Deal Cannot be entered after value date Even deals done at card rate need to be entered

in ODBS No special rates for FD below 1 Crore

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Money Multiplier – Fixed Deposits Offered with Special Savings Account AOF – Money Multiplier FD form Existing FD can also be linked Cumulative FD in multiple of Rs.5 K created

subject to minimum balance in SSA to be Rs.25 K Automatic reverse sweep on LIFO (Last in first

out) basis in case of need of funding in SSA Minimum FD period of 1 year FD at card rate only Special rate fd including 390,590 days etc cannot

be linked

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TDS on Fixed Deposits Entities exempt from provisions of TDS,

List of such entities is covered in FAQ 7 circular 7495

Documentation mentioned in FAQ 7 circular 7495

TDS exemption document for trusts, societies etc. Once FD is opened customer applies to IT with

details of the FD Customer submits Certificate U/s.197 issued by

IT to avail exemption from TDS on interest u/s 194A

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Special Savings Account (SSA) Product Features

– AOF to be used - Series 340– List of entities eligible to open SSA as per

Master Circular of RBI on Deposits– Account opening and modifications at RPC

• If FCRA is to be facilitated, the AOF need to be sent to Mumbai RPC for a/c opening

• Subsequent modifications in FCRA can be done at local RPC

– Money Multiplier (linked FD can be offered)

– For Product features - Circular No.8323 – For KYC documents - Circular No.7495

No SSA should be opened with interest flag as NIL

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Prohibition to Open SSA

List of entities prohibited to open Savings Account as per RBI Guidelines

a) Government departments/bodies depending upon budgetary allocation for performance of their functions

b) Municipal Corporations or Municipal Committees

c) Panchayat Samiti

d) State Housing Boards

e) Water and Sewerage / Drainage Boards / Metropolitan Development Authority / State / State Text Book Publishing Corporations / Societies / District Level Housing Co-op. Societies etc.

e) Any political party or trading or business concern, whether such concern is a proprietary or a partnership firm or a company or an association.

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Entities Allowed to open SSA by RBIThe prohibition to open savings as given earlier does not apply to the following

Primary Co-operative Credit Society, which is being financed by the bank.

Khadi and Village Industries Boards

Agriculture Produce Market Committees

Societies registered under the Societies Registration Act, 1860 or any other corresponding law in force in State or a Union Territory except societies registered under the State Co-operative Societies Act and specific state enactment creating Land Mortgage Banks.

Companies governed by the Companies Act, 1956 which have been Licensed by the Central Government under Section 25 of the said Act, or under the corresponding provision in the Indian Companies Act, 1913 and does not add to their names words ‘Limited’ or ‘Private Limited’

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Entities Allowed to open SSA by RBI..2 Institutions whose entire income is exempt from payment of Income tax under the Income-Tax Act, 1961

Government departments /bodies/agencies in respect of grants/ subsidies released for implementation of various programs / schemes sponsored by Central/State Government subject to production of an authorization from the respective Government departments to open savings bank account

Development of Women and Children in Rural Areas (DWCRA)

Self-help Groups (SHGs), registered or unregistered

Note – Form 225 for opening Savings Account is to be used and accounts of SHG are not opened by TASC team.

Farmers’ Clubs

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Proof of I T Exemption....1Type of entity Document

Society registered under Societies Registration Act or any other corresponding law in force in State or a Union Territory.

Registration Certificate

Primary Co-operative Credit Society Registration Certificate

TrustsI) 12 AA registration certificate issued by Income Tax

ii) Copy of nil returns

Iii) Annexure XVII declaration

Section 25 Cos. Registration Certificate

Khadi and Village Industries Boards Registration Certificate

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Proof of I.T. Exemption ….2

Provident fund to which the Provident Funds Act, 1925 applies

Letter on the letterhead from the provident fund that it is exempt u/s 10 (25)(i)

Recognized provident fund

Recognition certificate from income-tax authorities

Approved superannuation fund Approval copy from

income-tax authorities

Approved gratuity fund

Approval copy from income-tax authorities

Regimental Fund or Non-public Fund established by the armed forces of the Union under section 10(23AA)

Refer to documentation as per circular 7495 FAQ 6

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Current Account TASC customers not eligible for SSA can open

RCAM2O

For FCRA enabled accounts, only M2O with Zero balance to be offered

Ivy a/c cannot be offered to TASC customersFor M2O, online calculator to be filled on

http://10.16.218.166/billingmodule/Forms/login.aspx

Modification done by COPS Product Circular

For RCA No.2079 / M2O No.2955 AOF to be used Series 340 KYC doc as per circular no. 7495

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Made2Order (M2O) Calculator Path for LAM request to create idhttp://lam.icicibankltd.com/LA_RequestForms.aspx

Path for downloading M2O calculatorUniverse> Business Group>WBG>Applications>

Calculators>Made2Order Current A/c for Open Office

Path for logging into online M2O module to upload

the calculatorhttp://10.16.218.166/billingmodule/forms/login.aspx

Approved Schedule of Charges (pdf format) needs to be downloaded and signed by customer

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CSGL – A concept It is a Demat account to park Central and State

Govt loans and treasury bills Used by Banks and PF/Pension/Gratuity trust to

park investments as per regulatory guidelines Who can open CSGL account

– PF / Banks / Corporate / Financial Institutions / Companies / NBFC / Trust / Societies / Individuals

Clients can undertake following activities– Maintain stock of Govt Securities / treasury bills– Purchase– Sale – Participate in non competitive bid for auction– Receive interest and redemption proceeds of

matured securities

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Settlement Trading takes place on Negotiated Dealing

System (NDS) managed by Clearing Corporation of India Ltd.

Trade happens on Delivery V/s Payment System

– Client submits deal slip to branch in original and faxes same to COG SMS in Hyderabad

– COG SMS blocks funds in account (purchase) or verifies availability of stock (sale)

– Enters deal on NDS which is confirmed by counterparty's bank

– Deal is settled by CCIL by debiting crediting settlement bank account with RBI and delivery of securities.

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Documentation Documents to be obtained

– Account opening form– Accepted offer letter– Board Resolution– Copy of PAN card– Specimen Signature of authorized

signatories– Stamped CSGL agreement

The original documents to be submitted to CMOG along with

– Client set up memo

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Activating Relationship

Opening of CSGL Account– CMOG vets doc and informs COG

SMS – COG SMS opens CSGL a/c and informs

no to BM/SM Precautions

– The client must have designated operative account (SSA/CA) for settlement

– Any concessional tariff to be approved by AGM or above

– Signatories in operative account and CSGL account should be same

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Account servicing

A client can have only one CSGL account Account can be transferred from one bank

to other Please refer Circular no.8198 for

– Change of signatories / MOP– Transfer of account from other bank

MIS– Fortnightly in case of transactions– Quarterly in case of no transactions– Balance confirmation statement are

obtained on half yearly basis

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Fee Management Services

Product features– Offered to Colleges / Schools /

Universities / Management Institutes / Deemed Universities

– Operative account opened with ICICI Bank branch

– Specially designed pay slips are used– Unique 6 digit alpha code is issued– An agreement is entered between

Bank and Institute– Regular MIS is sent to registered mail

ID of institute

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Channel for payment

Mode of payment– Deposit of cash in branch along with

triplicate challan– Deposit of cheque in branch / ATM

drop box along with triplicate slip– Capture data on web page of client

entity and make payment through cash/cheque or through payment gateway

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MIS – Options

A pop up can be developed in predetermined format in operative account

Data is captured at the time of accepting cash or cheque

Statement is sent to client entity at EOD through mail

Funds can also be collected through office pool account 0036.slfeecol

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MIS – Pattern for Education Institute Institute name (6 digit Alpha) Student name (15 digit Alpha) Roll No. (9 numeric) Section / course (4 Alphanumeric) Class / year (6 Alphanumeric)

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MIS – Pattern for Charitable Trust Institute name (6 digit Alpha) Name of donor (18 digit Alpha) Pan No. (10 Alphanumeric) Donation type (6 Alphanumeric)

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MIS – Pattern for Clubs

Institute name (6 digit Alpha) Name of member (16 digit Alpha) Membership No. (9 Alphanumeric) Type of membership (6 Alphanumeric) Month / Year (6 Alphanumeric)

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MIS – Pattern for Association

Institute name (6 digit Alpha) Name of Member(17 digit Alpha) Membership no. (6 Alphanumeric) Type of Member (6 Alpha) Other details (5 Alphanumeric)

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MIS – Pattern for Housing Society Institute name (6 digit Alpha) Flat No. (4 digit Alphanumeric) Wing No. (1 Alphanumeric) Month (2 Alphanumeric) Maintenance (5 Numeric) Property tax (4 Numeric)

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TASC SegmentTrusts

Societies

Associations

Clubs

Entities with permission under FCRA

Defence

Other entities

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Trusts – (Constitution Code R 5) Charitable and Religious Trusts

Public Trusts, Temples, Churches, Muslim Wakfs, Gurudwara, Mosques, Yoga Ashram

Employee Welfare Trust Provident Funds, Gratuity Funds,

Superannuation Funds, Pension Funds

Educational Trusts Schools, Colleges, Universities, Boards,

Management Institutes

Private Trusts (cannot open SSA, PAN compulsory) Family Trust

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Private Trust Beneficial interest vested in one or more individual

Governed by Indian Trust Act 1882 No SSA to be offered for Private trust PAN No. Compulsory

Discretionary Trust –– Where beneficiaries are not defined– If defined, share of income or benefit not defined

Specific Trust -– Beneficiaries with share of of benefit defined– Trustees have no freedom to apply income outside

trust objectives

Note : ICICI Bank does not open accounts of discretionary trust Mere word discretion does not make trust discretionary Refer to Legal Team before rejection.

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Trust by Will / Minor as beneficiary Trust with beneficiary as Minor

ID proof of minor to be obtained Date of Birth of Beneficiary Minor to be

noted Source of income of trust to be ascertained All documents required for Trust to be

obtainedIssue of cheque books and withdrawals can

be permitted till Minor attains majority (Ann II cir 7495)

Trust by Will Trust should be registered Copy of the Probate to be obtained Other documents applicable for Trust

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Trust – DocumentationSpecimen Sign/ Photo /ID For Authorized Signatories only

Copy of PAN or Form No.60 PAN compulsory for Private Trust

Extract of board resolution Refer Cir 7495

Copy of trust deed Name to match with AOF

Copy of registration certificate Name to match with AOF

Office bearers list with address On letterhead and dated

Proof of tax exemption (for SSA only)

12 A Certificate/ Copy of Nil returns/ Ann XVII as per Cir. 7495

Address proof of entity NOC from office bearer not allowed

KYC Report Annexure X as per cir 7495

Deduping Annexure 1 cir 7999

Shareholding Pattern(ann 19 cir 7998)

Not needed for Public Trust

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PF/GF/SAF - DocumentationSpecimen Sign/ Photo /ID For Authorized Signatories only

Copy of PAN or form 60 Name to match AOF

Extract of board resolution Refer Cir 7495

Copy of trust deed Name to match AOF

IT Recognition Certificate Mandatory for SSA, for current account application to IT needed

List of trustees with address On letterhead and dated

Proof of tax exemption for SSA As per eligibility slide

Address proof of entity NOC from office bearer not allowed

Deduping Annexure 1 cir 7999

Shareholding Pattern Not needed for Public Trust

KYC Report Annexure X as per cir 7495

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Societies (Constitution code R 12) Constitution

– Registered under Societies Registration Act 1860 or other state / UT acts

– Multi State Co-operative Society– State Housing Societies Regulations like Apartment Acts

Type of societies– Marketing Societies (Fruits, Vegetable Vendors, Cotton

merchant, Cotton traders, Coconut, Tobacco, Poultry etc.)– Primary Agricultural Societies– Consumer Cooperatives– Electricity Cooperatives– Farming, Irrigation Societies– APMC (Agricultural produce processing societies/Mandi Boards)– Urban Coop Credit Societies– Cooperative Stores like Apan Bazar / Sahakari Bhandar– Milk Unions– Housing Societies– Women Cooperatives– Student Cooperatives

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Societies - DocumentationSpecimen Sign/ Photo /ID For Authorized Signatories only

Copy of PAN or form 60 Name should match AOF

Extract of board resolution Refer Circular no. 7495

Copy of MOA/AOA/Bye Laws Name should match AOF

Registration Certificate Name should match AOF

List of trustees with address On letterhead and dated

Proof of tax exemption (For SSA) Registration certificate as Society

Address proof of entity NOC from office bearer not allowed

KYC Report Annexure X as per Circular no. 7495

De-duping Annexure 1 cir 7999

Shareholding Pattern Not needed for Public Trust

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Associations (Constitution Code R 6) Type of Associations

– Sports Associations– Merchant Associations– Employee Welfare Associations– Trade Associations– Professional Associations– Councils– Association of Person (AOP)– Chamber of Commerce– Federations

The Association should be registered as a Trust, Society or Sec 25 company

Documentation as per constitution under which same is registered.

Only registered Associations are allowed to open a/c

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Clubs (Constitution Code R7) Type of Clubs

– Health Clubs• Bombay Gymkhana

– Lifestyle Clubs• US Club

– Sports Club• MIG Club

– Social Activity Clubs• Rotary, Lions, Jaycees

Only non-profitable clubs are allowed to open account.

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FCRA (Foreign Contribution Regulation Act)

Act to regulate inflow of foreign donations to – Persons– Associations– companies

To ensure that usage of foreign donations are not detrimental to national interest

Foreign contribution can be received by obtaining

– Prior permission (Specified amount from specified source for specified period)

– Registration (Contribution can come from multiple sources without predefined limits)

Permission is accorded by Ministry of Home Affairs

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SSA Account for FCRADocumentation All the KYC document as applicable to type of entity Annexure V - Customer Information Report Cir No.7495) Annexure VI - Self Declaration from the Applicant of FCRA account (Cir

7495) No AOC should be collected while opening FCRA account

Account opened centrally with debit and credit freeze by Mumbai RPC

Letter as per Ann VII FCRA Circular 7495 issued for MHA once a/c open

Freeze to be removed once permission from Ministry of Home Affairs received for FCRA for the a/c

All subsequent modification post this to be done at Local RPC

For details on FCRA please refer to Circular 7890

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M2O Account for FCRADocumentation Only M2O (with Zero Balance) and not RCA to be sourced for FCRA

Current Account (Through Omnidoc and not Infopool) All the KYC document as applicable to type of entity Annexure V - Customer Information Report (CIR) (Cir 7495) Annexure VI - Self Declaration from the Applicant of FCRA account (Cir

7495) No AOC should be collected while opening FCRA account

RCU done at Local RPC & scanned through Omnidoc and not Infopool to Mumbai COPS

Letter as per Ann VII FCRA Circular 7495 issued for MHA once a/c open

Freeze to be removed once permission from Ministry of Home Affairs received for FCRA for the a/c

All subsequent modification post this to be done at Local RPC

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Permissible credits

FCRA accountFCRA account Non FCRA account

Foreign contribution/ donation Local funds (including exempt entities as per annexure XIV)

Funds from other FCRA accounts held in India

Foreign funds if the underlying transaction is commercial, subject to FCRA advisory committee approval

Interest earned on FCRA savings account / fixed deposits made out of FCRA funds

NRI funds (excluding PIO / OCI)

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Non-Permissible Credits

FCRA account Non FCRA account

Local funds Foreign source funds in the nature of donation

Funds from NRI holding Indian Passport (excluding PIO / OCI)

Funds from other FCRA accounts held in India

Foreign funds other than donation

Interest earned on fixed deposits made out of FCRA funds

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Checklist for creditsSource Account

typeType of remittance

Can we credit

NRI Indian passport

Non FCRA A/c

Commercial or non commercial

Yes

NRI Indian passport

FCRA A/c

Commercial or non commercial

No

Foreign

Non FCRA A/c

Non commercial

No

Foreign

FCRA A/c

Non commercial

Yes (Permission or registration)

Foreign

Non FCRA a/c

Commercial Yes (Committee approval)

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Defence - (Constitution code R 6) Army, Navy, Air force regimental Funds Canteen Stores Depot and Unit Run Canteens Inter Service Organisations

E.g. Coast Guard / BSF / ITBF / CRPF / CISF Insurance Funds

E.g. Army Group Insurance, Navy Group Insurance Benevolent Funds

E.g. Army Welfare Housing Organisation Defence Production (Ordinance Factories) Defence Research & Development Organisation Training Institutions

Eg. Sainik Schools, NDA, Army Medical Institutions

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Sec. 25 Companies (Constitution code R 6)Account opening form Series 340 to be used

Specimen Signature/ Photograph / Identity proof

Needed for authorised signatories only

Copy of PAN or Form 60 Name to match AOF

Extract of board resolution Refer Cir No.7495

Copy of trust deed Name to match AOF

Copy of registration certificate Name on AOF to match

List of Directors with DOB On letterhead and dated

Proof of tax exemption (only for opening SSA, not for CA)

Registration certificate

(Refer annexure I Cir.No.7495)

Address proof of entity

(Annexure IV Circular 7495)NOC from Office bearer to use residence address not allowed

KYC Report Annexure X as per Cir.No.7495

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Educational Institute run by TASC

KYC Documentation

1.KYC documentation of trust / society /sec 25 co. running Education Institute (EI)

2.Resolution from entity to open account in the name of school etc

Rubber stampAll documents /AOF/ letterhead should be of entity except for Specimen Signature which would be across rubber stamp of indtitute

Identity Proof of institute (ref cir 7495)

Permission letter given by Govt. Dept. can be taken as identity proof eg. CBSE, ICSE,AICTE, linking the entity to the educational institute

Address Proof of school (Refer to Ann IV Circular7495)

Address proof in the name of school needed if different from entity. Permission letter can also be taken as address proof

Tax Exemption (for opening SSA)

As per previous slide

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Clubs (Constitution code R 7) Documentation

Account opening form (series 340)Specimen Signature with photo for

signatories PAN or Form 60 Copy of International / Local charter (if available) Certified copy of Resolution List of office bearers with address, Date of Birth Proof of I T exemption (for SSA) ID proof of authorised signatories Address proof of the club For International clubs, letter of appointment of

Dist. Governor / President / Head of the International Club

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Conference / Trade Show / Seminar

International / Domestic Trade Seminar / Conferences

– KYC of entity organizing the even – Identity and address proof of the

event– Purpose of foreign remittances

received to be checked• If donation, FCRA permission to be

obtained by entity

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Conference / Trade Show / Seminar

KYC Documentation

KYC documentation of trust / society /sec 25 co. organising the event

Rubber stamp

All documents /AOF/ letterhead should be of entity except for Specimen Signature which would be across event rubber stamp

Identity Proof of event (ref cir 7495)

Permissions letter given by Govt. Dept. can be taken as identity proof

Address Proof of event (Refer to Ann IV

Circular7495)

Address proof in event name needed if different from entityPermission letter from Govt Dept. can also be taken as address proof

Tax Exemption for SSA

As applicable to the type of entity organising the conference

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Judicial / Court Order / DRT Accounts

Request letter to open the account / fixed deposit

Copy of court order if applicable

Signatures to be obtained on AOF or on letterhead.

For deposit through court order, MOP as per court order

If the a/c or FD would be operated as per the instruction of the court / DRT etc. the signatures should not be scanned and the mode of operation should be mentioned -- “As per Court Order”

In case of instruction from Court etc. to open SSA, Form 12 A and / or nil returns not needed.

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TASC Segment

Channels

Products

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Channels to be usedBranch

– Transaction (cash / transfer / clearing)– RTGS / NEFT– Tax payment

Corporate Internet Banking– Fund transfer– RTGS / NEFT– Bill payment

ATM drop box (for deposit of cheques)Phone Banking

– Balance inquiry

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Products Product Suite for TASC …...1

– Fee Management Solution– Fixed Deposit / Money Multiplier

Deposit– Operative Account

• Special Savings Account• M2O• RCA

– Doorstep Banking– E Collection (RTGS/NEFT)– CSGL– Demat– Trade Finance (LC/BG against 100%

margin)

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Products Product Suite for TASC …...2

– Sale of Corporate Bonds– Loan / Overdraft against Fixed

Deposits– Tax collection– Outstation cheque collection– Travel card for employees /

directors / members of TASC entity– Pay Direct Card for employees /

recipients of donations– Payment Gateway through IMSCL– EDC machines through IMSCL– Utility Bill payment

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Agenda

Documentation

Precautions

FAQ

TASC – Customer profile

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Precautions Appropriate selection of constitution code Peruse the documents prior to submission

Banking clause Applicability of FCRA Eligibility for opening of Special Savings

Account Name and property stamp should match If resolution is more than 6 month old,

should be stamped true and updated PAN no to be verified on site If registration is part of trust deed, no

separate registration certificate required Self drawn cheque not mandatory

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Profiling customer SM to visit the place of customer

To ensure identity of customer To ensure genuineness of the entity To understand financial ability and

requirement of the customerCould help in cross selling other products

SM to chec Internet and search for the client name To trace any negative historical data of

customer To protect ICICI Bank from allowing access to

suspicious entities To help conduct due diligence

SM to monitor actively operated accounts To ensure higher CASA To ensure profitability of the account

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Agenda

TASC Customer - Profile

Documentation

Precautions

FAQ

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Frequently Asked Questions…1

Q.What is KYC to be done where a person changes his name e.g. Mukund Jani becoming Muktanand Swami ?

The Trust/Association/Society etc must confirm in the Resolution about the name of one or more authorized signatories having undergone a change

Change in names has to be supported by sufficient proofs

A proof could be paper publication followed by gazette notification

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FAQ…2Q Can TASC AOF be rejected because name

of the entity is absent in the trust deed? In such cases, copy of the Schedule I duly

stamped by Charity Commissioner shall be valid for KYC documentation

Q If the word “The” is used before the name, whether it can be accepted or rejected for not matching of name?

The addition/deletion of the word "The" does not amount to change of name.

"The" is a generic term, if the same is prefixed / suffixed to the name of the trust it has a nullified effect.

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FAQ…3

Q The settlor has appointed himself as the sole trustee. Is this acceptable?

The author or settlor of a trust may appoint/ constitute himself as the sole trustee or as one of the several trustees.

Q Can a trust deed/ Memorandum/ Rules and Byelaws has not been witnessed, however it has been registered by the Sub Registrar be accepted?

Yes it is acceptable. Sub – Registrar is deemed to be an attesting witness

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FAQ…4

Q Where the settlor has appointed the trusteeship company as a trustee to act and manage the trust, can the letterhead etc be of the trustee (Trusteeship Company) be accepted?

Yes. If the deed of appointment of the trustee gives power to the trustee (Trusteeship Company) to delegate to any persons / brokers/ sub-brokers etc to its powers and duties (opening of accounts, investments etc) in terms of managing the Trust

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FAQ…5Q The trust deed/ bye laws/ MOA are silent on

banking matters, what should be done? Specific resolution should be passed

allowing entity to bank with ICICI Bank.

Q Certain times the trust deed  says  "TRUST FUNDS SHALL BE KEPT IN THE NAME OF ALL OR SUCH

NUMBER OF TRUSTEES AS MAYBE DECIDED BY THEM." Can the account be opened in the name of the trust in such case?

As per the trust deed the account should be opened in the name of the trustees

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FAQ …6

Q Can the authorised person delegate his / her authority to another person?

Account operations can be delegated to other office bearers by passing a resolution to the effect, empowering the authorized signatories to delegate the authority to other office bearers

The trust deed / bye laws should permit such delegation. If not permitted or not explicitly mentioned by trust deed / byelaws, then account operation can be done by the signatories as empowered by the trust deed/bye laws

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Private Trust – Public Trust Please refer to FAQ 15 Circular 7495

Private Trust Public Trust

For the benefit of specific individuals For the benefit of general public or a class thereof

Governed by Indian Trusts Act, 1882 Governed by the general law particularly laws of state, the provisions of the Indian Trusts Act, 1882 do not apply

Do not get tax exemption status Might enjoy tax exemption status

Modification to the trust deed can be done as per the process mentioned in the trust deed.

Modification or alteration can be made by Charity Commissioner/ Registrar/ Court as the case may be.

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Thank you