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PF trust moots hike in interest rate for i-tax exemption

The Central Board of Trustees of Employees Provident Fund has decided to recommend to the government 12 per cent rate of interest to be credited to the accounts of the provident fund subscribers on the monthly basis for 1999-2000.

The board also recommended that the finance ministry may be approached for increasing the existing limit of 12 per cent to 13 per cent in the interest rates for the purpose of income tax exemptions.

These decisions were taken at a meeting of the Central Board of Trustees of EPF under the chairmanship of the labour minister Dr Satyanarayan Jatiya held in New Delhi today.

In the meeting, the board also decided to issue permanent EPF number along with an identity card to all its members and also to approach the government for obtaining approval for conversion of low-yielding securities to the high-yielding securities.

Earlier in his address, Dr Jatiya stated that to approve the services to the PF subscribers, arrangements have been made to receive claim forms or grievances petition in any PF office in respect of any member, irrespective whether his amount is being maintained at the office.

The labour minister also stated that EPFO recovered Rs 1.59 billion by January 1999 against Rs 1.02 billion during the corresponding period of the previous year.

UNI

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