Provident fund withdrawals above Rs 10 lakh could be done offline now
Posted on: 17/Apr/2018 11:48:48 AM
In the month of February in the year 2018, EPFO or Employees Provident Fund Organisation made huge noises when it made compulsory to file online claims for PF withdrawals of amount above Rs 10 lakhs. Filing of online claims for withdrawals of amount of Rs 5 lakh under the EPS or Employment Pension Scheme was made compulsory.
The latest news that has come out now is the claims for PF withdrawals above the amount of Rs 10 lakh could be done offline also. It is now said that submitting offline through physical forms would be taken into consideration and would be accepted.
On 13th April 2018, a circular from EPFO drew the attention of many and was spoken a lot by many. As per the circular it is now said that EPFO has revised instructions so that the claims for EPF and EPS withdrawals could be settled. Offline process or physical forms process could be used for submitting PF claims of above Rs 5 lakh.
In a meeting chaired by CPFC, the instructions issued on the circular regarding submission of PF claims through online process in case of settlement amount above Rs 10 lakh have been revisited.
The circular also threw light on how many members or claimants faced many issues in this regard and how this stipulation would be kept in suspension and offline claims would also be accepted.
It must be noted that for the security purpose, the claims received online from claimants would be sent online to the employers for any further verification. Later the claim would be settled.
One important point here is the employer must return the claim inside 3 days to EPFO office either accepting or rejecting the claim. This was also confirmed in that circular.
There are as many as 6 crore subscribers in this EPFO and it manages a corpus of mammoth amount of Rs 10 lakh crores.
