The Social Security Agreement between India and Austria was signed on 4 February 2013. The Agreement has now come into force with effect from 1 July 2015. The Agreement will have the following benefits: For foreign nationals working in India: 1. Exemption from social security contributions in India 2. Early withdrawal of contributions from Provident…
Universal Account Number (UAN) – The launch of UAN has enabled PF members to access a bouquet of services like dynamically updated UAN card, updated PF passbook including all transfer-in details, facility to link previous members’ ID with present ID, monthly SMS regarding credit of contribution in PF account and facility for auto-triggering transfer request…
The Finance Minister in his budget speech for the Union Budget 2015-16 made the following announcement: “One way to curb the flow of black money is to discourage transactions in cash. Now that a majority of Indians has or can have, a RUPAY debit card. I therefore, proposes to introduce soon several measure that will…
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for the proposal to promulgate the Negotiable Instruments (Amendment) Ordinance, 2015. The proposed amendments to the Negotiable Instruments Act, 1881 (“The NI Act”) are focused on clarifying the jurisdiction related issues for filing cases for offence committed under section 138…
Labour Ministry has notified new investement pattern for EPF funds. Now, EPFO is required to invest from 5% to 15% of EPF funds into share market. This investment needs to be done in ETF (Exchange Traded Funds). Now, starting Apr, 1% of EPF funds will be invested in ETF which will increase to 5% by…
EPFO vide its circular no. 1164 dt. 9th Apr-15 has suspended the minimum monthly pension of INR 1000 to its pensioners and has asked its field officers to release pension at earlier rates without considering minimum monthly pension provision. Earlier in Sep-14, a scheme for minimum pension of INR 1000 was launched for those who…
In Post Office, any individual with age more than 60 years can invest in Senior Citizen Savings Scheme (SCSS). SCSS gives better returns than other investment options. 80C deduction is also available on this deposit. Silent features of this scheme is as follows: From 1st Apr-2015, interest rates is 9.30% per annum. This is highest interest…
On 31st Mar, Govt. through press release has announced following interest rates for different savings scheme for F.Y. 2015-16. Interest rate for Sukanya Samriddhi Account and Senior Citizen Saving Scheme has been increased marginally. Whereas for PPF and other, there is no change. Scheme Rate of interest for F.Y. 2014-15 Rate of interest for F.Y.…
UAN stands for Universal Account Number. The UAN acts as an umbrella for the multiple Member Ids allotted to an individual by different establishments. Purpose behind this UAN is to link multiple Member Identification Numbers (Member Id) allotted to a single member under single Universal Account Number. This will help the member to view details…
Withdrawal from PF is not allowed in general circumstances. There are certain conditions in which PF can be withdrawn. However one should consider the taxability aspect before withdrawal. When PF is Taxable? When PF is withdrawn after completion of continuous service of 5 years – In this case, it is not taxable. When PF is…