The Rupee 1 Stamp Relief

In a decision made by the Employee Provident Fund Organization, the EPFO has withdrawn from the mandatory requirement of affixing revenue stamp of the value of rupee 1 on Provident Fund withdrawal claim forms. In his statement related to the decision Labour Minister Bandaru Dattatreya said, “Employees Provident Fund Organisation (EPFO) has done away with the mandatory requirement of affixing one rupee revenue stamp on claim forms thereby bringing independence from this hassle to millions of PF subscribers every year”

In addition to this he further stated that EPFO is working towards the smoothening of the process of PF claim settlement.

In order to throw more light as to why such a withdrawal decision had to be taken Mr. Dattatreya added “one rupee revenue stamp will not be required for most of the claim forms as in 97 per cent cases of PF settlement, the payment is made through National Electronic Fund Transfer (NEFT)”

Furthermore, the decision was taken after consultation from the Ministry of Finance.

Apart from this, a further proposal has been suggested which if implied would  do away with attestation of employer in cases where the employees have got their Know Your Customer (KYC) information, including Aadhar, seeded and have activated their Universal Account Number (UAN).