Don't keep PF accounts idle
Are you one of the many who have either not withdrawn from their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 " First, find out when and how the money was withdrawn.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.
NEHA PANDEY DEORAS
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
>YOUR MONEY
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
--
CS A Rengarajan
9381011200
CS Benevolent Fund is a collective effort towards extending the much
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times of distress Let us lend support and join for noble cause.
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