EPFO Removes Revenue Stamp Requirement for PF Claims
Please find the news clipping in the captioned subject:
PTI: 14.08.2015 New Delhi
Retirement fund body EPFO has done away with the mandatory requirement of affixing a one rupee revenue stamp on PF withdrawal claim forms.
"Employees' Provident Fund Organisation (EPFO) has done away with the mandatory requirement of affixing a one rupee revenue stamp on claim forms, thereby bringing independence from this hassle to millions of PF subscribers every year," Labour Minister Bandaru Dattatreya said.
He stated that the EPFO is further smoothing the process of PF claim settlement.
Henceforth, a one rupee revenue stamp will not be required for most of the claim forms as in 97 percent of cases of PF settlement, the payment is made through National Electronic Fund Transfer (NEFT), he said.
The decision was taken after consultation with the Ministry of Law & Justice, which opined that as per practice, no revenue stamp is required concerning the payment made through NEFT.
Dattatreya added that EPFO is further simplifying its forms to ensure hassle-free services to the subscribers.
Besides, there is a proposal to do away with the attestation of the employer in cases where the employees have got their Know Your Customer (KYC) information, including Aadhar, seeded and have activated their Universal Account Number (UAN).
This is aimed at reducing employer dependency in the transactions that an employee would undertake with EPFO. It is noted that due to over-dependence on employers, EPFO subscribers are not able to avail quick and easy services of the organization, the statement said.
EPFO has a subscriber base of around six crore. It manages a huge corpus of over Rs 6.5 lakh crore with an incremental annual deposit of Rs one lakh crore.
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From India, Mumbai
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2584Please find the news clipping in the captioned subject:
PTI: 14.08.2015 New Delhi
Retirement fund body EPFO has done away with the mandatory requirement of affixing a one rupee revenue stamp on PF withdrawal claim forms.
"Employees' Provident Fund Organisation (EPFO) has done away with the mandatory requirement of affixing a one rupee revenue stamp on claim forms, thereby bringing independence from this hassle to millions of PF subscribers every year," Labour Minister Bandaru Dattatreya said.
He stated that the EPFO is further smoothing the process of PF claim settlement.
Henceforth, a one rupee revenue stamp will not be required for most of the claim forms as in 97 percent of cases of PF settlement, the payment is made through National Electronic Fund Transfer (NEFT), he said.
The decision was taken after consultation with the Ministry of Law & Justice, which opined that as per practice, no revenue stamp is required concerning the payment made through NEFT.
Dattatreya added that EPFO is further simplifying its forms to ensure hassle-free services to the subscribers.
Besides, there is a proposal to do away with the attestation of the employer in cases where the employees have got their Know Your Customer (KYC) information, including Aadhar, seeded and have activated their Universal Account Number (UAN).
This is aimed at reducing employer dependency in the transactions that an employee would undertake with EPFO. It is noted that due to over-dependence on employers, EPFO subscribers are not able to avail quick and easy services of the organization, the statement said.
EPFO has a subscriber base of around six crore. It manages a huge corpus of over Rs 6.5 lakh crore with an incremental annual deposit of Rs one lakh crore.
Regards
From India, Mumbai
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Thank you very much, sir. What will be the effective date for the same? Also, I want to inquire about the 19 & 10C form submission. I submitted it for my resigned employee, and it was rejected by the PF office, stating that they need the UAN activation printout with it, even though I have activated the UAN number. Can you provide guidance on the same matter?
One more question, can anyone submit the 19 & 10C forms without the employer's consent?
Regards, Bittu HR Professional
From India, Nagpur
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One more question, can anyone submit the 19 & 10C forms without the employer's consent?
Regards, Bittu HR Professional
From India, Nagpur
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EPFO Circular Update
Please find the circular by EPFO: HO- New Delhi dated 18.08.2015 on the captioned subject matter, which is self-explanatory.
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From India, Mumbai
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Please find the circular by EPFO: HO- New Delhi dated 18.08.2015 on the captioned subject matter, which is self-explanatory.
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From India, Mumbai
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EPFO Circular PF - Correction in Name.pdf