SBI To Issue Receipts For Payment Of PF Dues: EPFO
Nutan Gupta / 01 Jan 2014
So far, the SBI did not issue receipts for cheques or drafts put in the bank's drop boxes, which invited damages and interest on the employees concerned in case of delays in clearance of cheques towards PF returns. After the matter was taken up by the EPFO with SBI, the bank has directed all its branches to issue receipt of cheques at the counter against deposit of PF dues.
(Source: PTI)
According to a statement by the Employees’ Provident Fund Organization (EPFO), "The Employees' Provident Fund Organisation has finally been able to resolve a major problem of employers with regard to State Bank of India". This resolves a major issue between SBI and firms filing PF returns, as the bank will now issue receipts for cheques or drafts deposited by them, avoiding uncalled for penalties for late clearances.
So far, the SBI did not issue receipts for cheques or drafts that were put in the bank's drop boxes. There were various instances of delays in clearance of cheques towards PF returns, following which EPFO imposed damages and interest on the employers concerned.
The issue was taken up personally by EPFO's Central Provident Fund Commissioner K K Jalan with the SBI Chairman. The bank has now directed all its branches to issue receipt of cheques at the counter against deposit of PF dues. In case an employer faces any problem, the Additional Central Provident Fund Commissioners and Regional PF Commissioners at field offices of EPFO may be contacted for assistance, Jalan said in the statement.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.