Mar 4, 2000|
EPF withdrawal norm simplified
The government has simplified procedures for withdrawing Employee Provident Fund (EPF) monies for housing propose by doing away with the requirement for members to submit title deeds, non-encumbrance certificates etc. to the PF commissioner for withdrawal. The EPF member now is required to submit only a self-declaration stating that the house / flat belongs to him or her and is free from encumbrance.
The scope of EPF facility has been increased to cover employees of all private sector banks, including those who operate from more than one state. Earlier banks operating in more than one state were not covered under EPF scheme.
The change in rules is aimed at simplifying the procedure for withdrawal. The difficulty in withdrawing of funds and the procedural hassles one has to go through to withdraw money from these accounts used to be the biggest discouraging factors for investors to invest in these instruments. The attractiveness of the instrument was mainly due to the relatively high interest rates offered on these instruments. To counter the possible adverse effect on the flow of funds into these instruments as rate of interest is being reduced, government is using other methods to keep the instrument attractive for investment. The simplification of withdrawal is one such step being taken.
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