Guidelines – Maintaining Overseas Bank account

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1 Necessity of Opening bank account in overseas:

a All employees are required to open their bank account in the relevant overseas location
for the purpose of receiving their overseas payments for any trip on WP.

b Overseas Payments are made only through the beneficiary’s bank account. For the
purpose of clarification, overseas payments can not be paid either to an employee’s
colleague’s bank account or friend’s or any other third party’s bank account.

c It is necessary that each individual or beneficiary open and maintain separate overseas
bank account for the purpose of receiving overseas payment (including payroll
payment). In other words, joint account cannot be used for overseas payment.

d Overseas allowance can be paid out in India which shall be subject to Indian taxation.

2 Consequences of update of wrong bank details in Payworld:

a Due to a wrong update of information / data by the employee(s), there is a possibility

that the payment may go to a wrong beneficiary account. In such an event, the
employee(s) is solely responsible and shall handle all litigations or investigations directly
with the relevant banks and the employee shall bear all such related costs. In addition to
litigation or investigation costs, the employee(s) may have to bear the banker’s penalties
or charges, if any.

b Due to a wrong update of information / data by the employee(s), there is also a

possibility that the payments are rejected for payout. In such an event, the employee(s)
may have to wait for a period of time to receive the amounts in return, as the Company
would not be in a position to duplicate its earlier payment(s). The employee(s) also may
have to bear the banker’s penalties or charges, if any.

3 Consequences of update of overseas bank account details of third party (incl colleague’s bank
account) in Payworld:

a Receiving individual payment through anyone apart from beneficiary’s bank details may
be illegal and may not permitted as per local applicable law. The employee(s) shall face
the consequences of all such deviations.
 b Update of information of bank details of a third party’s (incl colleague’s) details is not
permitted by the Company. The relevant employee(s) shall face all consequences of all
such deviations.

c Due to mismatch of name (i. e. beneficiary name and bank holder’s name), there is a
possibility that the beneficiary banker may keep the payment on hold for investigation or
may reject the payment. The concerned employees shall bear all charges or penalties
arising due to such issues.

4 Consequences of non update of information / data of overseas bank account in Payworld:

a Employees continue to get automated reminder mails from the payworld till such time
they update their overseas bank details in payworld.

b Overseas Allowance: The payroll team shall not be able to wire your overseas allowance
at the end of the month if you do not provide your overseas bank details in Payworld
within the designated cut-off date. Also note in the event you do not provide your
overseas bank details in Payworld by the subsequent month’s payroll cut-off date, the
payroll team shall adjust the payable amount against your outstanding advance balance
if any without any further intimation, and the balance amount, if any, shall paid in India
without any further intimation through Indian payroll subject to applicable taxes in India.

c Salary Advance: Issuance of salary advance is to ensure that employees are able to
manage their expenses seamlessly between the time they reach on overseas location on
deputation and their first overseas salary credit based on specific request from
employee and the entire amount is recovered in the immediate next months payroll.
Salary advance can be paid out only through beneficiary bank account.

d Initial Settlement advance (ISA): Issuance of ISA in overseas is not applicable for
employees who travel from India as ISA for such employees is issued in India before
travel. However, when an employee gets deputed from one overseas country to another,
then the payment of the same is possible only through beneficiary bank account.

e Overseas reimbursement: The payment of a claim amount / expenses reimbursement

shall be made only through the beneficiary’s overseas bank account. The claims system
identifies the provided overseas bank details existing in Payworld at the time of
payment.

5 Keeping your overseas account active:

Please ensure that you keep your overseas bank account active until you have completed
your overseas trip settlement as any overseas payroll related payment in India is again
subject to Indian taxation regulations. However, it is your sole responsibility to find out
from your banker about keeping the account active as in some countries the account
holder’s presence is mandatory in the overseas location at the time of closing the
overseas bank account. You shall also need to find out any minimum balance to be
maintained etc with your banker to avoid any penalties. The system identifies the
provided overseas bank details existent in payworld for payment and in the absence of
the same, without any further intimation, the amount shall be paid in India after
applying applicable Indian tax regulations.

You will need to settle your outstanding advance amount immediately on return to India.
You will need to also settle any outstanding amount which has arisen due to an overseas
salary reversal immediately on return. You are not permitted to delay the payment of
outstanding amount and request the Company to adjust these amounts against any
leave encashment that may be due to you. The leave encashment if any shall be
processed based on Attendance Dept’s inputs and the payment shall be made through
your overseas bank account.

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