Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications

Idle PF Accounts

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

 

 


Are you one of the many who have either not withdrawn from their provident fund (
PF) accounts or not transferred the balance when you switched jobs? Here's some bad news: Reports say through fake withdrawal claims, fraudsters have siphoned off money from about 20 million provident fund accounts. Many of these accounts have a negative balance. Usually, the targets are accounts kept idle.

 

If you are one such accountholder, start the recovery process as early as possible.  First, find out when and how the money was withdrawn. The Employees' Provident Fund Organisation (EPFO) has records of withdrawals.

 

Check the records for the signature on withdrawal slips. If it doesn't match yours, bring it to the notice of the EPFO and file a claim for your money. It should help you," says Ameet Hariani, managing partner of Hariani & Company. If EPFO doesn't allow you to access its records, you could get the information through the Right to Information (RTI) Act, though that would take long.

If EPFO doesn't come to your rescue, you could also approach the Provident Fund Commissioner or the labour ministry, apprising them of the situation and seeking your money. However, for this, one has to be very patient. "You can file a case within seven days of contacting the EPFO or any other authority, if there is no law under the EPF Act stipulating a timeline for EPFO to get back to you," says Sajid Mohamed, partner at PDS and Associates.

 

As far as the legal route is concerned, there are three possible ways of recovery: First, file a writ petition against EPFO. The court could first ask you to investigate and submit your findings to it. If the ruling is in your favour, the court could ask EPFO for its version and give afinal order. Or, you could also file a civil suit to recover the money, says Anil Harish, partner, DM Harish and Company.

 

Second, you could approach an Ombudsman, if there is one. Third, you could check if the case is admissible under the Consumer Protection Act and, accordingly, file a recovery suit.

 

New PF Commissioner K K Jalan says, "If a fraudulent activity comes to our notice ( lower balance than that deposited) at the time of processing a claim, we pay the accountholder from the special reserve fund and recover the money from the fraudster( s) on our own. The accountholder need not be involved." He denies reports of fraudulent withdrawal from PF accounts.

To avoid such situations, it's best one stay vigilant.

 

Many employers give you an annual receipt of the total PF deposited in your account. If your employer doesn't, you could ask for it. These days, checking the account balance has become easier, as one can do this online, provided you know your account number.

 

And, don't miss transferring or withdrawing from the account when you switch jobs.

 

It is easy for fraudsters to withdraw from such accounts, as these aren't monitored regularly. And, you may be left to fight a long battle

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. ICICI Prudential Tax Plan Invest Online
  2. HDFC TaxSaver Invest Online
  3. DSP BlackRock Tax Saver Fund Invest Online
  4. Reliance Tax Saver (ELSS) Fund Invest Online
  5. Birla Sun Life Tax Relief '96 Invest Online
  6. IDFC Tax Advantage (ELSS) Fund Invest Online
  7. SBI Magnum Tax Gain Scheme 1993 Invest Online
  8. Sundaram Tax Saver Invest Online
  9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Tax Saver MutualFunds Invest Online
      1. ICICI Prudential Tax Plan
      2. HDFC Taxsaver
      3. DSP BlackRock Tax Saver Fund
      4. Reliance Tax Saver (ELSS) Fund
    2. Gold Mutual Funds Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

0 comments:



Post a Comment


Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications

Popular Posts

Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications