The objective for which the fund is established is to provide financial assistance for maintenance, education or any other similar purpose to necessitous persons being:-
(a) persons who are or have been members of the Institute, whether subscribers to the fund or not; or
(b) wives and children of persons who are or have been members of the Institute, whether subscribers to the fund or not.
(c) widows and children of deceased persons who have been members of the Institute whether subscribers to the fund or not.
(d) relatives or others who were dependent for support on a person who has been a member of the Institute, whether subscriber to the fund or not; and who has died without leaving a widow or child.
Procedure for becoming a member of the CABF :
There are two categories of members :-
(a)Life Member: A single payment of Rs. 5000/- shall make a person eligible to be admitted as a 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'.
(b) Ordinary members: All other members shall be described as 'Ordinary Members' and shall have to pay an annual subscription of Rs. 1000/-.
Apart from this any member can subscribe for 'Voluntary Contribution'.
Procedure for making payment
Membership subscription to the Chartered Accountants Benevolent Fund can be paid along with annual membership fee. Alternatively it can be paid separately by local cheque/DD to the respective Decentralised offices or Regional offices or Head office.
The application for enrolment as a member of the fund shall be made in form 'A' .
Extent of assistance available :
Maximum monthly assistance available to a member or persons eligible to receive the assistance is from Rs.4500/- to Rs.7500/- per month according to the circumstances of the use renewable after one year. This is for maintenance of family of members/widow/relatives of deceased members.
Financial assistance will be given only to the members/widows/relatives whose monthly family income is not more than Rs. 15000/- pm.
Ex-gratia financial assistance of Rs.150000/- is provided to the legal heir of deceased member in case of accidental death/ unnatural death at the age below 55 years against claim.
Procedure for availing assistance
Application for financial assistance should be made in prescribed format along with all relevant supporting documents mentioned therein. The application must be recommended by any Central Council Member or Chairman/Vice Chairman/Secretary of any Regional Council or Branch/ Ex-President/Chairman/Vice-Chairman and Member Secretary/Member of Managing Committee of CABF /Member of Managing Committee of Regional Council.