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EPFO makes it mandatory to provide employee’s bank account numbers

Last updated : 18th September, 2014 EPFO has now made it mandatory for firms to provide their employees’ bank account numbers with IFSC code of bank branch to facilitate allotment of universal PF account number and payment to its subscribers. The Employees’ Provident Fund Organisation headquarters has asked its over 120 field offices to seek the core banking account numbers with IFSC code of bank branch for seeding the same with the portable Universal PF Account Number (UAN). “…government issued direction issue order making submission of Bank Accounts by the members mandatory in order to facilitate the allotment of ... Read More »

Bank accounts not inoperative if dividend cheque credited in 2 years

Last updated : 2nd September, 2014 The RBI in its latest notification said that the bank accounts will not become inoperative if a dividend cheque has been credited in it in the previous two years. Since dividend on shares is credited to Savings Bank accounts as per the mandate of the customer, the same should be treated as a customer induced transaction. Normally, A bank account become inoperative or dormant if no credit or debit transaction has been conducted for a period of two years. This clarification has been issued in view of the doubts raised by some bankers whether ... Read More »

RBI allow to open Bank Accounts without valid documents

Last updated : 28th August, 2014 The Reserve Bank of India has recenlty allowed that small accounts with banks can be opened even without officially valid documents. In a circular posted on its website, the banking regulator has said that a small account can be opened on the basis of a self-attested photograph and putting the prospective account holders’ signature or thumb print in the presence of an official of the bank. However such accounts will have restricted transactions facilities. Aggregate credits will not be more than Rupees one lakh in a year. While aggregate withdrawals are not to exceed ... Read More »

EPF Interest rate for 2014-2015 set at 8.75% on PF Deposits : EPFO

Last updated : 7th October, 2016 EPFO’s trustees today decided to retain interest payment on provident fund deposits for 2014-15 at 8.75% The decision to retain the interest rate on the provident fund deposits at last year’s level was taken despite some protest by the trade union members of the CBT The final notification for payment of the interest rate for the current fiscal will be issued by the Finance Ministry later. The EPFO had provided 8.75 %  rate of interest on PF deposits for 2013-14, which was higher than 8.5 %  paid for the previous fiscal Read More »

EPFO re-initate process to club allowances with basic pay, ordered inspection

Last updated : 7th October, 2016 August 2014,  EPFO has asked its over 120 field formations to inspect firms which are deducting PF on 50 %  or less of total wages. In a bid to deal with issue of splitting of wages by employers, field offices told to inspect establishments that may be structuring salaries in such a way as to cut PF liabilities The employers often split wages into different allowances to reduce their PF liability and also increase the take home pay of their workers. The provident fund is deducted as 12 % of basic wages. According to ... Read More »

Highlights of Indian Union Budget 2014-2015 – Summary of key proposals

Last updated : 6th August, 2014 Highlights of Indian Union Budget 2014-2015 – Announced on 10th July 2014 Personal taxation No change in income tax rates; personal income tax exemption limit raised from Rs 2 lakh to Rs 2.50 lakh Propose to increase investment limit under Section 80C from Rs 1 lakh to Rs 1.5 lakh Tax exemption on interest component on housing loan raised to Rs 2 lakh from Rs 1.5 lakh Tax exemption limit for senior citizens changed from Rs 2.5 lakh to Rs. 3 lakh Annual PPF ceiling to be enhanced to Rs 1.5 lakh, from Rs ... Read More »

EPF threshold raised from Rs 6500 & increased to Rs 15000 – New PF rule EPFO Notification

Last updated : 7th October, 2016 As per new EPFO Notification, Employees earning upto Rs 15,000 a month will come under the Employees’ Provident Fund (EPF) net. UPDATE (28-Aug) :   The formal notification is issued now and it will be effective from 01-Sep-2014. Gazette Notification providing for increase in wage ceiling under EPS, 1995 from Rs. 6500/- to Rs. 15,000/- which shall come into force on and from the 1st day of Sept., 2014 – HO No. Acturial/18(2)2008/Vol. III/7738 dated 29/08/2014 Read full notification here Government has approved hike in the threshold for mandatory PF savings from Rs 6,500 a ... Read More »

Companies can accept deposits without deposit insurance till 31.03.2015

Last updated : 11th June, 2014 In view of the suggestions received from the stakeholders to give transitional period for complying with the deposit insurance requirements, the amendment in the relevant rule has been made allowing companies to accept deposits without deposit insurance for one year i.e. till 31.03.2015. Ministry of Corporate affairs Notification dated 6 June 2014. Background The Companies Act, 2013, which became effective from April 1, 2014, makes it mandatory for companies to buy insurance cover for fixed deposits, in the absence of which they will have to pay penalty. As of now not a single insurance ... Read More »

RBI simplifies KYC norms for opening of bank accounts – Local Residence Proof Not Required

Last updated : 11th June, 2014 RBI has now relaxed the Address proof requirements for opening Bank Account. Now, a bank account can be opened with just one address proof, permanent or local.  This will help migrant workers and employees with transferable jobs who at present face cumbersome procedure to access banking services. RBI said that only one documentary proof of address (either current or permanent) will be required while opening a bank account or while undergoing periodic updation. In cases where customer is not able to furnish local proof of address, the bank may take a declaration of the ... Read More »

Employer can cap PF contribution limit to Rs 6500 Basic Salary – New EPFO Notification & Supreme court ruling

Last updated : 7th October, 2016 As per New Notification issued by EPFO & Supreme court ruling, Employer can cap PF contribution limit to Rs 6500 Basic Salary. On May 27, 2014, the Employee Provident Fund Office issued a circular permitting Companies to limit its PF contributions against the required salary ceiling limit of INR 6,500 per month. Earlier, such PF contributions was calculated as 12% of Basic Salary. Under Provident Fund (PF) regulations, PF is computed at 12% (for both the employer and employee contributions) against ‘basic wages’. The minimum statutory limit against which such PF is to be computed ... Read More »

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