ONLINE EPF TRANSFER AND WITHDRAWAL FROM 1ST JULY, 2013

From 1^st July, 2013 the EPF account holders will be able to withdraw or transfer their PF account balance online from one employer to another employer, a move aimed at speedy settlement of claims.

EPFO have decided to set up a central clearance house which will be operational on July 1, which enable subscribers to apply online for settlement of the withdrawal and transfer of funds claims.

This move aimed to solve out the biggest problem faced by the subscribers while transferring their accounts at the time of change of job which at present takes months or sometime years.

This central clearance facility will expedite the process and also this facility will enable subscribes to track online the status of their applications for transfer and withdrawals.

EPFO is also planning to provide Permanent Account number to the account holders under which an employee once enrolled to EPF shall use the same account number when s/he moves to another employer. But this process will take considerable time since there are over 50 million EPF subscribers in India. 

Under the new system, the responsibility of verifying the details of the PF account from previous employers would be on the Employees Provident Fund Organization (EPFO). At present, employees have to get their applications verified from their employers for settlement of claims. 

All you will have to do is just file an online application for transfer or withdrawal and rest of the work like gathering all the information from your previous owner and current employer, required to fulfill your request shall be done by EPFO. Although the time for the completion of the whole process is not yet mentioned but obviously it will take much less time.

Attention Employers, download PF member data in excel fromwww.epfindia.gov.in from the Downloads Tab available after E-Sewa Login,fill the Missing Details, convert in text file  File (excel format) and upload same on pf website by 26-4-13.

Attention Employers, If erroneous ECR file was submitted during 2012-13, generate the correct ECR and contact EPFO Office.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769 

Website: www.caaga.co.in