Restrictions on deposit and credit transactions in Paytm Credit Bank Accounts
Contents News/Article Date: 8th February 2024
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-BKG/C/32521/263 issued by Regional PF Commissioner I (Banking)
Pertains to: Establishments and Employers covered by the Act
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: Please refer to the subject cited above.
- Banking Section had issued directions vide above referred letter dated 01.11.2023 to settle EPF payments in Paytm Payment Bank Limited and Airtel Payments Bank Limited
- RBI, vide above referred Press Release dated 31.01.2024, has imposed restrictions on deposit and credit transactions in the customer accounts of Paytm Payments Bank after 29.02.2024.
- All the Field Offices are advised to refrain from accepting claims associated with bank accounts in Paytm Payment Bank Limited w.e.f. February 23, 2024. A vide publicity should be initiated to raise awareness about this change.
Subject: Restrictions on deposit and credit transactions in Paytm Credit Bank Accounts
Attached is the notification
Restrictions-on-deposit-and-credit-transactions-in-Paytm-Credit-Bank-Accounts-Karma-Global