EPFO resolve 1.37 Lakh EPF withdrawal claims to counter Covid-19 within 10 days

Ministry of Labour & Employment
EPFO settles 1.37 Lakh EPF withdrawal claims to fight Covid-19 in less than 10 days

10 APR 2020

Employees Provident Fund Organisation (EPFO), an statutory body under Union Ministry of Labour & Employment has processed about 1.37 lakh claims across the country disbursing an amount of Rs. 279.65 crore under a new provision especially formulated by amending the EPF Scheme to help subscribers fight Covid-19. The remittances of the moneys has already started taking place. The system as it stands today is processing all applications which are fully KYC compliant within less than 72 hours. Members, who have applied for claims in some other category, can also file claim to fight pandemic and depending upon the KYC compliance condition of each member, every effort is being made to settle claims at the earliest.

The provision for a special withdrawal from the EPF Scheme to fight Covid-19 pandemic is part of the PMGKY scheme announced by the government and an urgent notification on the matter was made to introduce a para 68 L (3) of the EPF Scheme on 28th March 2020. Under this provision non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75% of the amount standing to member's credit in the EPF account, whichever is less, is provided. The member can apply for lesser amount also. This, being an advance, does not attract income tax deductions.

EPFO issues Directions for timely credit of monthly Pension to EPS Pensioners

Anticipating the huge surge in the demand, EPFO came out with acompletely new software which has been developed from scratch and a receipt module for on-line receipt of the claims was introduced within 24 hours and deployed on 29th March 2020. Further, the application was required to be in paperless form to curtail any physical movement in view of social distancing. It was decided to introduce a system of settling claims in auto mode directly by the system in respect of all such members whose KYC requirements was complete in all respects.

The COVID-19 pandemic has posed a serious threat and considering dire need of money in these trying times, it has been decided to process advance to fight COVID-19 pandemic on top priority.
Claims for availing advance to fight pandemic are filed online, necessitating every EPF account to be KYC complaint as pre-cursor. EPFO has relaxed date of birth correction criteria to ease KYC compliance enabling submission of claim to fight pandemic online. EPFO would accept the date of birth recorded in the Aadhaar card of a subscriber as a valid proof for rectification of the date of birth in PF records. All cases with variation in date of birth up to three years are now being accepted by EPFO.

PIB

PFRDA Orders - Portability of PRAN – NPS Lite/Swavalamban to NPS – All Citizen Model and other sectors

PFRDA Orders - Portability of PRAN – NPS Lite/Swavalamban to NPS – All Citizen Model and other sectors

Pension Fund Regulatory and Development Authority

CIRCULAR

PFRDA/2013/13 /PDEX/08

20th August 2013

Subject: Portability of PRAN – NPS Lite/Swavalamban to NPS – All Citizen Model and other sectors

There were several requests from NPS Lite/Swavalamban subscribers seeking porting of their PRANs from NPS Lite/Swavalamban to the All Citizen Model of NPS(UOS). PFRDA after examining the matter has approved the shifting/porting of NPS/Lite/Swavalamban accounts to NPS-All Citizen model and other Sectors through an Inter platform shift process which is detailed as below:

1. The subscriber has to submit the following documents to the new nodal office (POP/PAO/DDO etc) who in turn will process the application and forward the document to CRA.

a. Duly filled in Inter platform shift (IPTR-1) form along with the duly filled in registration form of the sector to which he wishes to migrate

b. Submit the PRAN already issued and in absence of PRAN has to provide a notorised affidavit as to the reasons for non-submission.

2. CRA upon receipt of request would initiate the process for creation of new Permanent Retirement Account (PRA) with new PRAN for the subscriber on the target platform and disable the earlier PRAN of the subscriber in the system. The earlier/old PRAN would not be allotted to anybody else in the system. Also, the earlier record would be tagged to the new account for audit trail as well as for knowing information like if the subscriber has availed Swavalamban benefit under the earlier PRAN or not etc.

3. CRA would issue necessary instructions for monetization of the accumulated corpus in the old/earlier PRAN and also necessary instructions for crediting of such accumulated corpus received upon monetization into the new PRAN account. The entire activity would be a controlled activity from CRA end.

4. There would not be any requirement of providing KYC documents once again by the subscriber, if the same have been submitted/collated at the time of subscriber registration under NPS already and the address provided in the new registration for is matching with that of existing record. If there is any change in the address from the existing NPS account address proof need to be submitted afresh. The CRA would tag the KYC documents to the new PRAN and ensure that all the required details are available.

5. CRA would print and dispatch the PRAN card directly to the subscriber/aggregator as the case may be and CRA would not be charging any extra charges for the same.

Subscribers intending to shift their PRAN from NPS Lite/Swavalamban to All Citizen Model and other sectors may approach the new/intended contribution uploading office (POP/PAO/DDO etc) for doing the needful on the matter. The format for Inter platform shift (IPTR-1) form is being attached along with the circular.

sd/-
Venkateswarlu Peri
General Manager

Source: www.pfrda.org.in
[http://pfrda.org.in/writereaddata/linkimages/Circular%20on%20Inter%20platfrom%20Shifting837264889.pdf]

Aadhaar Card as Address Proof

Aadhaar Card as Address Proof

Reserve Bank of India (RBI) has notified that the Aadhaar Card is a valid proof for opening of a bank account under the Know Your Customer (KYC) scheme.

RBI vide its circular dated 28.09.2011 has advised banks to accept the Aadhar letter issued by Unique Identification Authority of India (UIDAI) as an officially valid document for opening bank accounts without any limitations applicable to small accounts. Further, the RBI has also advised the banks vide its circular dated 10.12.2012 that if the address provided by the account holder is the same as that on Aadhaar letter, it may be accepted as a proof of both identity and address.

This was stated by Shri Namo Narain Meena, MoS in the Ministry of Finance in written reply to a question in the Lok Sabha.

PIB News

Making PAN card mandatory for Tier-II Account and Circular on Addendum to KYC documents for entry and exit of NPS - PFRDA

CIRCULAR

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

PFRDA/2013/11/PDEX/7

May 22, 2013

To,
All POP’s, Aggreators, CRA, Central and State Governments,

Dear Sir Madam,

Sub: 1. KYC documents required for entry & exit of National Pension System - Addendum.
2. Making PAN Card a Mandatory requirement for opening and operation of Tier II account

Pursuant to PFRDA’s earlier circular no PFRDA/2013/1/PDEX/25 dated 11.01.2013 with respect to revised list of Know Your Customer (KYC) documents required for both entry and exit under National Pension System, it has been decided to include below mentioned documents in addition to the acceptable KYC documentation, on the basis of feedback received from various entities registered under NPS:

Identification Proof	Identity card issued by Central/State government and its Departments, Statuary/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, Public Financial Institutions, Colleges affiliated to Universities and Professional Bodies such as ICAI, ICWAI, lCSl, Bar Council etc.
Address Proof	The identity card/document with address, issued by any of the following: Central / State Government and its Departments, Statuary/Regulatory Authorities, Public Sector Undertakings, Schedules Commercial Banks, Public Financial Institution for their employees.

2. It has also been decided to make submission of PAN Card a mandatory requirement for opening and operation of a Tier II account for all sectors under NPS with immediate effect to ensure compliance with AML/CFT guidelines.

CIRCULAR

In pursuance of this, all existing Tier II accounts under NPS need to be made PAN compliant. The subscribers would be given a time period of 3 months from the date of issuance of this circular, after which the operation of such account would be suspended till the requirement is complied with.

This is for the information of all concerned. The circular has also been placed on PFRDA website at http://www.pfrda.org.in and CRA website at http://www.npscra.nsdl.co.in.

Yours faithfully,
Sd/-
Venkateswarlu Peri
General Manager

Source: www.pfrda.org.in
[http://pfrda.org.in/writereaddata/linkimages/Revised%20KYC%20documents%20for%20entry%20and%20exit%20of%20NPS8617173677.pdf]

Revised list of Kow your customer (KYC) documents required fer both entry and exit under National Pension System (NPS)

Circular

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

PFRDA/2O13/1 /PDEX/25 

Date: 11/01/2013

To,

All POPs/Aggregators/CRA/Others

Subct: Revised list of Kow your customer (KYC) documents required fer both entry and exit under National Pension System (NPS).

Attention of all stakeholders is invited to the illustrative list of documents acceptable as proof of identity and address in terms of the KYC requirements and as provided in the offer document of National Pension System.

Basing on the revised guidelines on obligations under PMLA, 2002 as amended by Prevention of Money Laundering (Amendment) Act. 2009 and in order to bring In uniformity and align the KYC documents required for opening of accounts under NPS with those required by other financial sector institutions, it has been decided to replace the existing KYC document list with a new set of documents as provided in Annexure I for both entry and exit under National Pension System(NPS).

Annexure I referred above is being attached herewith for information and use of all The new KYC norms as per this circular will come into effect from 10/02/2013.

The above guidelines will be applicable for all variants of National Pension System.

The circular has also been placed on PFRDA website at http://ww.pfrda.org.in

Yours Faithfully

sd/-

Venkateswarlu Peri

General Manager

Source: www.npscra.nsdl.co.in

[https://www.npscra.nsdl.co.in/download/Revised-list-of-KYC-documents-required-for-NPS.pdf]