Surety (What does Surety mean and who can be ....????)

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Hello Friends,

www.tcspreparation.com
Although your Joining letter is the proof itself of your job in TCS but, there always exists a formal process to become a part of the organisation. As you all know the "Joining formalities" comprises a big list of various documents. So, Here I am providing you the complete information on Surety. You will require Surety while preparing Service Agreement. Hope this will help you people out of all the confusion regarding.

What does Surety mean and who can be ....????

Well, as this is the first question which arises in everyones mind. Here comes the answer to you.
Surety, is the person who is responsible to pay on behalf of you, in case if the contract is broken by you during the period of agreement. Company is supposed to incur the loss because of you. Surety is the sole guarantor in such cases.
Surety can be the any person who is income tax payee or possesses land property.

Next... 
Here comes the different ways of providing surety on your behalf... These are as below...

In clause 3 of Service agreement, you will have option to deposit of sum 50,000 in name of TCS for the period of two years bearing interest as applicable. After completion of the period, deposit amount will be refunded to you with interest of 2 years. 

Another option is... In case if you don't fill up the clause 3 or do not opt for fixed deposit the above mentioned amount... You will have to give the person's name as Surety on your behalf in clause 4. This person can be your father or relative who is income tax payee or possesses land property. In case of failure of fulfilling any terms of undertertaking in the agreement, surety shall be liable to pay TCS rupees 50,000 as compensation with interest applicable. 

As a proof...
You are required to produce the following documents of Surety’s as an annexure to the Service Agreement. Only attested copies would be accepted.

1) Photocopy of PAN Card along with IT Returns/Saral /Form 2D/ Form 16/ Form 12B.

------------OR------------

2) Original/attested photocopy of the Land Deed or Land Passbook (for those having agriculture as occupation) along with a recent valuation certificate of the property (in English only) from the competent authority, duly signed and sealed. The present market estimate of the property should not be less than to 50,000.

Next comes to Surety Verification form (Click on 11 and 12 points for seeing pic of Surety verification form)... Here I am giving you the details...

This form must be completed by your Surety, attested by a competent authority, and submitted along with your Service Agreement. You may get the completed form attested by any one of the following officials:

- Manager of a nationalized bank where the Surety holds an account.
- District collector of the district in which the Surety resides.
- Gazetted officer.
- Tehsildar of the village in which the Surety resides.
- Employer of the Surety, if the Surety is an income tax payee. In this case, attach a photocopy of Form 16, which has been issued to the Surety and signed by the Employer.

Alternatively, (instead of the Surety Verification Form) you may attach an attested photocopy of the Surety's valid passport, to the Service Agreement.

Note:- Ensure that the signatures of the Surety affixed on the Service Agreement, Surety Verification form, Passport and other supporting documents (IT returns/PAN card) match.

Alternatively, in lieu of the Surety you may bring a fixed deposit taken in either of the following formats:
- Joint account between Tata Consultancy Services Limited and you.

OR

- In your name either assigned to Tata Consultancy Services Limited or Lieu noted in favor of Tata Consultancy Services Limited.

The submission of these documents and your fulfillment of all requirements stated there in are absolute pre-requisites on joining TCSL, as well as to continued services in the company thereafter.

If you have any doubt or any query regarding this post, then you can comment here... I will try to reply you as soon as possible. 

Thank you for patient.

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Comments

  1. Unknown19 May 2021 at 12:01

    If my father is farmer what r the documents that I to submit as the surety

    ReplyDelete

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