Payment of EPF Benefits to Subscribers payment bank account
Contents News/Article Date: 1st November 2023
Relating to which Act: The Employees Provident Funds & Miscellaneous Provisions Act, 1952;
Penalty under the Act: Whoever, for the purpose of avoiding any payment to be made by himself under this Act [the Scheme, the [Pension] Scheme] or the Insurance Scheme] or of enabling any other person to avoid such payment knowingly makes or causes to be made any false statement or false representation shall be punishable with imprisonment for a term which may extend to one year, or with fine of five thousand rupees, or with both].
Applicable to which State: Whole of India
Type: EPFO Circular No. BKG /1/ 2021 / 32521 / 181 Dated 1st November 2023 issued by Regional PF Commissioner – I (Banking)
Pertains to: All PF registered establishments and members of PF desirous of payment settlements
Relevance of this news: Karma Global is in the business of HR Services, Payroll, Outsourcing and Regulatory Compliances right from its inception in 2004 and since then, has brought in a lot of efficiencies and technological upgradations with experts on its roll, to ease the hassles of Payroll Processing, Temp Staffing, On-boarding, Employee Life Cycle, Statutory, Regulatory and Payroll compliances by providing customized solutions to all its elite clients.
Now Karma Global is also fully into labour compliances for nearly 18 years and is helping both establishments and workers for fulfilment of obligations as per the laws of the land. It has over 200 staff, both direct and indirect on its rolls and operates on pan India basis. Recently, it has diversified into foreign shores as well, into countries like US, UK, UAE, Canada, Philippines, and Asia for handling payroll, outsourcing, recruitment and governance.
And in the current instance: As per this circular, directions have been issued to settle EPF Payments in Fino Payment Bank and India Post Payment Bank.
RBI has also included two other payment banks viz. Paytm Payments Bank Limited and Airtel Payment Banks Limited in the second schedule to the Reserve Bank of India Act, 1934.
Subject: Payment of EPF Benefits to Subscribers payment bank account
Attached is the notification