Labour Minister Sahib Singh Verma said on Monday that he will try to maintain the present interest rate of 9.5 per cent on Employees Provident Fund for 2003-04.
With Parliament's winter session is to begin on November 18, the Union home and law ministries want to complete the process of formation of the board of trustees in time, reports R Rajagopalan.
According to sources, the proposal is listed in the agenda of the meeting of the Union Cabinet scheduled for Friday.
The remaining 0.35 per cent will be credited in December this year, if the EPFO is able to redeem its equity investments.
The plea filed by the father of the Pradhyumn's father Barun Chandra Thakur, sought cancellation of their interim bail granted by the high court on October 7.
EPFO manages a corpus of over Rs 8.5 lakh crore and its subscribers' base is over five crore at present.
This decision would pave the way for crediting Rs 54,000 crore as 8.65 per cent interest for 2018-19, into the accounts of more than 6 crore EPFO subscribers.
The EPFO started investing in ETFs in August last year after the CBT in March cleared proposal to invest in equity markets.
The Income Tax Department detected bogus expenditure claims and alleged transfer of share capitals worth crores of rupees through shell companies after it recently raided some entities in Karnataka and Uttar Pradesh, including people linked to the Samajwadi Party.
The bill to amend payment of gratuity Act in order to double the ceiling of tax-free gratuity to Rs 20 lakh, would soon be placed before the Union Cabinet for approval.
The government has approved payment of 8.75 per cent rate of interest on PF deposits in 2013-14 for over five crore subscribers of retirement fund body EPFO.
The EPFO had decided that 8.15 per cent interest from its debt income would be credited immediately and the remaining 0.35 per cent capital gains from the equity sale would be given later, subject to its redemption.
At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.
Retirement fund body EPFO on Thursday lowered the interest rate on Provident Fund deposits to 8.5 per cent for the current financial year, Labour Minister Santosh Gangwar said on Thursday.
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
The meeting has been called as the Finance Minister P Chidambaram did not extend a March 31 deadline for the trusts to get regular tax exemption through the Employees' Provident Fund Organisation.
The move can help mop up about Rs 1.2 lakh every day for the purpose.
The mosque is coming up in the Uttar Pradesh district pursuant to the Supreme Court verdict in the Ram Janmabhoomi case.
The new provision under the Income-Tax Act may enable the authorities to seize trustees' personal assets if there's a breach of objectives governing registered charitable trusts.
The government will investigate every Indian name appearing in an unprecedented leak of financial records, known as the 'Pandora Papers', which alleged that many world leaders have secret offshore stores of wealth.
The members include senior lawyer K Parasaran, Jagatguru Shankracharya, Jyothishpeethadheeshwar Swami Vasudevanand Saraswati Ji Maharaj from Allahabad, Jagatguru Madhavacharya Swami Vishwa Prasannatheerth Ji Maharaj, Pejawar Math in Udupi, Yugpurush Paramanand Ji Maharaj from Haridwar, Swami Govinddev Giri Ji Maharaj from Pune and Vimlendra Mohan Pratap Mishra from Ayodhya.
An advisory body of EPFO has rejected a proposal to engage private banks -- ICICI, Axis and HDFC Bank -- for collection of PF contribution from employers.
The decision to suspend this benefit will hit 32 lakh pensioners.
The EPFO pays rate of return to its subscribers on the basis of returns it generates from its investments.
There has been demand to hike the PF interest rate to 8.90 per cent.
According to the EPFO estimates, there would be a surplus of Rs 151.67 crore after providing 8.65 per cent rate of interest for 2018-19 on EPF.
Retirement fund body EPFO has retained 8.5 per cent interest rate on employees' provident fund (EPF) for 2019-20 for its over six crore members as decided earlier, and also began crediting the same into their accounts on Thursday. A large number of the members of the Employees' Provident Fund Organisation (EPFO) would be able to see their updated EPF accounts with credit of 8.5 per cent interest for 2019-20, from Friday, a senior official told PTI. The official further said the labour ministry has already sent the direction to credit the 8.5 per cent interest on EPF for 2019-20 to the EPFO, and the body has already started crediting interest into the members' account for the last financial year.
Some unions have opposed EPFO investing in share markets.
A notification issued by the railway board in the evening said new fares would come into effect from May 5.
EPFO had started investing ETFs in August last year.
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EPFO had paid 8.5 per cent interest rate to subscribers in 2012-13, which was higher than 8.25 provided in the 2011-12 fiscal.
Religious scholar Hazrat Moin Miyan said though the option of filing a review petition is open, they are accepting the verdict for the betterment of the society.
Retirement fund body EPFO on Monday is likely to retain 8.5 per cent interest on PF deposits for its over 5 crore subscribers in 2013-14.
At present, the EPF subscribers are exempted from paying income tax on deposits.
The EPFO is likely to decide soon the rate of interest on PF deposits for 2013-14, which is expected to be over 8.5 per cent.
Justice GR Swaminathan of the HC bench in Madurai noted that Tamil Nadu was a land of temples where the shrines have played a central role in our culture.
The Finance Audit and Investment committee recommended 8.95% interest.
The affidavit was filed in response to a petition seeking a direction to declare the PM CARES Fund a 'State' under the Constitution to ensure transparency in its functioning.
The UPA government's decision to ensure a minimum pension of Rs 1,000 a month under the retirement fund body EPFO's scheme, which will immediately benefit 28 lakh pensioners, is going to be a reality soon.
