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EPFO New Rules: EPFO keeps taking new steps every day to provide convenience to its subscribers. Recently EPFO has issued a circular. According to this circular, EPFO is preparing a standard operating procedure (SOP) for freezing and de-freezing UAN (Universal Account Number). Under this SOP, those EPF accounts will have to undergo the process of verification, which are suspected of fake transactions or fraud.
This process involves multiple steps of verification for account MID, UAN and entities. This verification will ensure that the money in the EPF account is safe or not.
According to the information given by EPFO, now the subscriber or foundation will get an additional 14 days instead of 30 days for account verification. That is, where earlier 30 days were given for verification, now it can be extended for another 14 days.
What is EPFO accounts freeze?
According to EPFO, freezing EPF accounts means deactivating several categories. In simple language, it means deactivating some facilities of the EPF account. Freezing of EPF accounts includes the following categories.
- Login to the Unified Portal
- Development of new UAN
- No changes can be made to the member profile and employer DSC
- Any deposit made to MID through Appendix E, VDR Special or VDR Transfer-in
- Claim settlement, money transfer or withdrawal
- Registration of new foundation through PAN or GSTN
What is EPFO accounts defrozen?
EPFO de-freezing involves freezing the account during verification. It also includes several categories. Verification is required to de-freeze the EPFO account.
- Category-A involves identification and contact by the head office for UAN or Foundation.
- Category-B includes any changes in profile or KYC.
- Category-C can be submitted through Appendix E, VDR Special, Special 10D, VDR Transfer-in, etc. without the approval of the UAN Authority.