New EPFO Rules 2024: The widespread increase of white-collar crimes and economic offenses is prevalent and frequently mentioned as a persistent danger to India’s economic interests. This pattern has resulted in strong policy and legislative actions by the Central and State governments, to empower different investigating authorities, including the Police, with extensive powers to efficiently investigate and prosecute offenses related to intricate financial transactions. Nevertheless, there has also been a significant rise in cases where these authorities abuse and misuse their investigating powers, resulting in severe consequences for both seemingly innocent parties and accused individuals.
The EPFO has recently released a series of standard operating procedures (SOPs) to streamline the freezing and unfreezing of individual or establishment accounts. To enhance the security and efficiency of funds, the EPFO has implemented a time-bound process for freezing member IDs, universal account numbers, or establishments for verification purposes. This New EPFO Rules 2024 aims to minimize the risks of fraud, impersonation, and forgery.
New EPFO Rules 2024 for freezing or unfreezing accounts
To safeguard the funds in the account against fraud or forgery, individuals have the option to freeze their accounts. These rules apply to Member IDs and Universal Account Numbers (UAN). The EPFO is responsible for supervising over 60 million subscribers, covering the Provident Fund, Employees’ Pension Scheme, and Employees’ Deposit Linked Insurance Scheme.
The Employees’ Provident Fund Organisation (EPFO) has implemented new regulations regarding the freezing of individual or establishment accounts for verification purposes.
- Under these regulations, the time frame for freezing such accounts is limited to a maximum of 30 days, with the possibility of extending it to 14 additional days for due diligence to safeguard the funds held in these accounts.
- To establish a time-bound process for freezing member IDs, universal account numbers, or establishments, the EPFO has outlined standard operating procedures (SOPs). These procedures are designed to ensure that a precautionary verification mechanism is in place to mitigate the risks associated with potential fraud, impersonation, and forgery.
- The primary objective of these procedures is to protect the capital or prevent its unauthorized withdrawal from an account.
- Therefore, it is crucial to freeze certain operations related to member IDs, universal account numbers, or establishments where there is a possibility of fraudulent activity, attempted fraud, or confirmed fraud.
- The SOP document emphasizes that these procedures will facilitate the investigation into the authenticity of such accounts or transactions within a specified time frame.
- In the event of any irregularities or fraud, appropriate corrective measures will be taken to recover the funds and resolve the incident.
- According to the SOPs, cases that are identified as fraudulent during the verification process will be reported to the relevant authorities to register criminal cases against the perpetrators.
- Additionally, these cases will serve to hold accountable any officials involved in the fraudulent activities.
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Protect EPF Accounts From Online Frauds – Stay Alert!
If you have suspicions of fraud or unauthorized withdrawal of money, take the following steps:
- Immediately report the fraud to the relevant authorities so that legal action can be initiated.
- The EPFO has implemented a new standard operating procedure that holds field officials responsible for any negligence.
- In the event of a fraudulent withdrawal, the EPFO’s SOP mandates regional offices to assess the amount of money lost.
- The EPFO will then take necessary measures to recover the lost funds and reimburse the subscriber https://bharti-axagi.co.in/with interest.
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FAQs: New EPFO Rules 2024
Why did EPFO introduce new regulations to freeze and unfreeze accounts?
To minimize the risks of fraud, impersonation, and forgery.
What is the purpose of establishing a time-bound process for freezing member IDs, universal account numbers, or establishments?
To protect the funds held in these accounts and ensure a precautionary verification mechanism.
Why is it crucial to freeze certain operations in cases where there is a possibility of fraudulent activity, attempted fraud, or confirmed fraud?
To prevent unauthorized withdrawal of funds and mitigate the risks associated with potential fraud.
What actions will be taken in cases identified as fraudulent during the verification process?
They will be reported to relevant authorities and criminal cases will be registered against the perpetrators.
What steps should be taken if there are suspicions of fraud or unauthorized withdrawal of money?
Immediately report the fraud to relevant authorities and initiate legal action.