How a chartered accountant won the battle against his company of interest on his PF dues
The Enforcement Directorate (ED) is investigating a complex network of agents and facilitators in India, Canada, and the US who assist Indians in illegally entering the US through fraudulent admissions to Canadian colleges. Over 8,500 financial transactions are under scrutiny by the ED in a case related to money laundering, stemming from a 2023 Gujarat Police crime branch FIR. The investigation includes international financial companies involved in remittances abroad, with the ED conducting 35 searches in the past year and seizing assets worth Rs 92 lakh. The issue has gained significant attention following the deportation of 104 Indians from the US on Wednesday. The investigation is linked to the tragic death of an Indian family in January 2022, who perished while attempting to cross the Canada-US border illegally. The ED has identified a network of agents and facilitators who manage and facilitate the stay, transportation, visa arrangements, and legal matters of illegal immigrants who gained admission to Canadian colleges through fraudulent means. The investigation has revealed that the fees paid to Canadian colleges were remitted back to individuals' accounts, with around 8,500 transactions identified between September 2021 and August 2024. The ED suspects that approximately 370 individuals have entered the US using this illegal immigration scheme. The agency has recorded statements from parents and guardians of students enrolled in Canadian colleges and continues its investigation.
Observing that it does not propose to run the administration in Manipur, the apex court said necessary verifications shall be carried out before issuing the Aadhaar cards expeditiously.
The Mumbai police have named Anmol Bishnoi, the younger brother of jailed gangster Lawrence Bishnoi, as the main conspirator in the killing of NCP leader Baba Siddique. Eight accused in the case, including the alleged main shooter Shivkumar Gautam, have been remanded in police custody till December 7. The police invoked provisions of the stringent MCOCA against all 26 accused in the case. Anmol Bishnoi, who was recently detained in the US and lodged in a prison there, has been shown as a wanted accused in the case. He was providing financial support to other accused, and a probe is underway to ascertain the source and utilization of funds. The crime branch has so far arrested 26 persons in connection with the case.
The Central Board of Trustees of the Employees Provident Fund Organisation (EPFO) today decided to retain the previous year's interest rate of 8.5 per cent for the current fiscal.
Under the new provision, an EPF subscriber being a member of a co-operative or housing society with at least 10 members can withdraw up to 90 per cent from the fund for purchase of a dwelling house or flat or construction of a dwelling house and acquisition of site.
'80% of start ups fail because they don't have a support system to help them in the very early phase.' 'It's not just an idea that takes an entrepreneur through the initial three years of journey.' 'What plays a definitive role in making a start-up successful is idea+team+capital+mentors+access to a larger ecosystem.'
The Employees Provident Fund Organisation will be seeking approval from its apex decision-making body, the Central Board of Trustees, to implement a finance ministry order to invest up to 15 percent of the fund in equity. The new pattern that was notified last year comes into force from April 2010.
Some cases are pending for two years.
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
EPFO had approached the finance ministry for help, which advised it to go through the legal procedure.
The Employees' Provident Fund Organisation (EPFO) is crunching its numbers under pressure for sustaining a 9.5 per cent interest rate in the current financial year.
Come March 2013, salaried employees will be able to switch jobs, without worrying about withdrawing or transferring their savings with the Employees Provident Fund Organisation (EPFO).
In an effort to instill the spirit of a service provider among the rank and file of the Employees Provident Fund Organisation, a new business model for its human resources is being examined under a re-engineering exercise.
India's premier defence research organisation DRDO has awarded seven new projects to private entities to develop key military assets including underwater launched unmanned aerial vehicle and long-range remotely operated systems.
At present, someone short of the retirement age can completely withdraw the PF money.
Sudha and Akshata Murthy's candid confessions about each other.
Proposal to raise the rate from 8.5 per cent to 9.5 per cent had come from the Central Board of Trustees of the Employees Provident Fund Organisation.
With temperatures soaring in Paris Olympics, Indian athletes battling the soaring temperatures and lack of cooling in their rooms in the Paris Olympic Games Village have been provided with 40 portable air conditioners
The ordinance will be tabled in the next session of the legislature, it said, adding that 27 posts were approved for the commission.
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.
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
As long as a provident fund continues to be exempt from tax at all stages, it is the best option to build a retirement corpus.
The Indian Space Research Organisation (ISRO) has rescheduled the launch of PSLV-C59 to Thursday due to an "anomaly" detected in the PROBA-3 spacecraft. The launch was originally scheduled for Wednesday at 4.08 pm from the spaceport in Sriharikota. The anomaly was identified by scientists at the European Space Agency (ESA), who requested the rescheduling of the launch. The PROBA-3 mission, a joint project between ESA and ISRO, aims to study the Sun's corona using two spacecraft that will fly in formation. The launch will provide valuable insights for ISRO's future solar missions, including the Aditya-L1 mission which was launched in September 2023.
In the latest draft of the Code on Social Security Bill, 2019, the government has decided to stick to the current thresholds for providing social security benefits to workers by industry.
Retirement fund body EPFO is likely to approve this month a proposal to enhance its investments in equites to up to 20 per cent of the investible deposits from the current limit of 15 per cent. The proposal is expected to be considered and approved during the EPFO trustees' meeting scheduled to be held on July 29 and 30, according to a source. At present, EPFO can investment 5 to 15 per cent of the investible deposits in equity or equity-related schemes.
The online application of such claims would enable EPFO to eventually settle those within three days.
With EPFO capping the contributions to your pension scheme, you could look at other pension plans.
The facility for viewing PF accounts online was launched here by Labour Minister Sis Ram Ola in the presence of Minister of State for Labour and Employment Kodikunnil Suresh and EPFO's Central Provident Fund Commissioner K K Jalan.
The organised sector workers covered under private PF trusts, which manage their employees' retirement fund themselves, will be able to transfer their PF accounts online from July this year.
The organisation can invest in bonds of private companies with dual 'AAA' rating, say new norms.
At present, deposits, accrual of interest and withdrawals are tax free under the scheme.
The Employees Provident Fund Organisation has started looking for options to park 3-5 per cent of its huge corpus of Rs 2.57 lakh crore (Rs 2.57 trillion) of retirement fund in stock markets to earn better returns.
Survey rejects EPFO as pension regulator
Under the scheme, the government will provide subsidy for two years in respect of new employees engaged on or after October 1, 2020, and up to June 30, 2021, Labour Minister Santosh Gangawar said in a briefing on the Cabinet decision.
The suggestion comes within days of reports that LIC and the Employee Provident Fund Organisation snapped up the entire Rs 7,400-crore (Rs 74-billion) bond issue of the debt-ridden Air India.
Air India Chairman Rajiv Bansal has been appointed as the new aviation secretary as part of a major top-level bureaucratic reshuffle effected by the Centre on Wednesday. K Rajaraman, additional secretary in the department of economic affairs, has been appointed as secretary, department of telecommunications, a personnel ministry order said.
The issue has a AAA rating from India Ratings, the domestic services of Fitch, reflecting the unconditional guarantee extended by the government.
'Ratan had the quality that JRD and Russi Mody had -- they could walk with kings and never lose the common touch.'
