Mandatory Bank Account at the time of Joining EPF Fund

Posted by & filed under Provident Fund - (Notification -Circulars).

Dear Employer,
Central Government has issued direction under Para 78(1) of the Employees’ Provident Funds Scheme, 1952 to issue order making submission of Bank Accounts by the members mandatory in order to facilitate the allotment of Universal Account Number, proper implementation of the Employees’ Provident Funds Scheme, 1952 and removal of the difficulties in the matter of payment of accumulations in the Fund to members after they cease to be such members.
Accordingly, the Central P.F.Commissioner in exercise of powers conferred under Para 78(3) of Employees’ Provident Funds Scheme 1952, issued order making submission of above account of members compulsory. The said order dated. 17.09.2014 is as under :-
ORDER

Subject : Submission of Bank Account details regarding members 

of the Fund.

In view of the directions issued by the Central Government (the Ministry of Labour & Employment, Govt. of India) under para 78(1) of the EPF Scheme, 1952. I, K.K. Jalan, Central Provident Fund Commissioner, hereby issue the following directives in exercise of powers under para 78(3) of the EPF Scheme, 1952 :
1.Every employer henceforth will provide the core banking account number with IFSC code of the bank branch in respect of every new member on joining the Fund.
2.The employer will also furnish the information regarding the core banking account number with IFSC code of the bank branch in respect of existing members by 15.10.2014.
3.The employer will also provide the core banking account number with IFSC code of the bank branch in respect of previous members under its employment by 31.10.2014.
4.The members of the fund who are presently not employees of any establishment covered under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 will provide their core banking account numbers with IFSC code of the bank branch, a crossed cheques folio with member’s name printed thereon and their previous Provident Fund account number themselves at any Regional or Sub Regional Office of the Employees’ Provident Fund Organisation. This information shall be provided by 30.11.2014.
These directions will come into force with immediate effect.
In view of the above you are advised to ensure the uploading of 100 % Bank Account in respect of all your employees. 
Respective Circular Enclosed for your ready reference.
Post Views: 326

RBI’s Recent simplified KYC Measures for Opening Bank account

Posted by & filed under Uncategorized.

Dear Sir,

The Reserve Bank of India today released a note along with a poster and a booklet comprising a few common questions relating to Know Your Customer (KYC) norms for opening bank accounts. The objective of this is to bring awareness among the general public about the KYC simplification measures taken by the Reserve Bank in the recent times with a view to helping the common man in opening bank accounts


In my view as RBI has simplified the process we can open Bank account  easily

Pls find enclose is the RBI Circular for the respective Process 

Post Views: 498

implementation of Agreement on Social Security with the Republic of Finland with effect from 1st August, 2014

Posted by & filed under Provident Fund - (Notification -Circulars).

Dear all,

Implementation of Agreement on Social Security with the Republic of Finland with effect from 1st August, 2014


 Appended Below is the copy of the same


Implementation of Agreement on Social Security with the Republic of Finland with effect from 1st August, 2014

Post Views: 429

Budget Speech of Arun Jaitley Minister of Finance 10th July, 2014 – -Gazetted copy

Posted by & filed under Budget Speech -2014.

Dear All,

Pls find enclosed  the Budget Speech of Arun Jaitley Minister of Finance 10th July, 2014 -Gazetted copy

Pls refer to Page No 29 in regards to Provident fund ceiling increase in mandatory wage ceiling of subscription to EPF from `Rs  6,500 to Rs 15,000

Budget Speech of Arun Jaitley Minister of Finance 10th July, 2014 -Gazeeted copy
Post Views: 417

Maharashtra New Profession tax Amendment 2014

Posted by & filed under Profession Tax.

Dear All,
Enclosed is the new Profession tax slab of Maharashtra as passed in the recent Budget
the New Slab As Follow
Maharashtra Govt, has amended Profession Tax Act wef 1.7.2014 and changed P. Tax slabs are as follows. 

Monthly gross salary do not exceed Rs.7500/- P Tax Rs. Nil 

Monthly gross salary exceed Rs.7501 but do not exceed Rs.10000/- P Tax Rs.175/- pm.

Monthly gross salary exceed Rs.10000/- P Tax Rs.200/- pm and in Feb Rs.300/- pm

Amendment in Maharashtra State Professions Tax Slab

Post Views: 555