No more revenue stamps on PF claims of EPFO Subscribers

The Ministry of State for Labour & Employment (Independent Charge) has vide its press release dated 14th August 2015 declared that Employees’ Provident Fund Organization (“EPFO”) has done away with the mandatory requirement of affixing 1 rupee revenue stamp on Claim Forms of PF settlement, the same is being made through National Electronic Fund Transfer (“NEFT”).

This move has been taken after consultation with Ministry of Law & Justice which opined that as per practice, no revenue stamp is required to be fixed in respect of payment made through NEFT.

EPFO is also in a process of simplifying its Forms to ensure hassle free services to its subscribers. In view of which it is proposed that attestation of employer will no longer be required in cases where the employees have got their Know Your Customer (“KYC”) information including Aadhar seeding and have activated their Universal Account Number (“UAN”). This aims at reducing employer dependency in the transactions that an employee would undertake with EPFO and reducing employee’s dependence on the employer.

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