New Delhi: Retirement fund body EPFO has asked its field offices to ensure that no revenue stamps be affixed on EPF claim forms in case of payment through National Electronic Fund Transfer (NEFT).
The Employees Provident Fund Organisation (EPFO) has issued this directive after noting that some PF exempted establishments (private PF trusts) are still insisting on affixing rupee one revenue stamp on claim forms, a senior
There are over 3,000 private PF trusts which are exempted from filing PF returns as they manage their employees' retirement fund and accounts both. They get exemption from filing EPF returns on the condition that they provide all benefits available under the EPF Scheme 1995.
The EPFO had dispensed with the procedure of affixing rupee one revenue stamp on claim forms in case of payments through NEFT way back in August, 2015.
At present, EPFO makes most of the payments through NEFT in case of PF settlements as well as for disbursing pension to its pensioners under Employees' Pension Scheme 1995.
Under the electronic transfer through NEFT, the money is directly transfered into the bank account of the beneficiary.