Employees Provident Fund Organisation (EPFO) has simplified the process of transferring the claims by revamping the form 13 functionality while incorporating the bifurcation of taxable and non-taxable components of PF accumulations. With the changes in force, the provident fund transfer claim does not need to be processed again by the destination office after it gets approved at the source (previous) office.
Form 13: These are some of the key changes made:
I. The 3 level processing at the transferee office has been dispensed with.
II. Once the provident fund transfer claim gets approved at the source office i.e., transferor, the PF accumulation and pension service of the member pertaining to the previous account will automatically get added to the present account at the destination office without the requirement of additional processing.
III. EPFO’s circular dated April 25 announcing the change asserts that the revised process will reduce the processing time of transfer claims contributing to enhanced efficiency in the field offices resulting in speedier and seamless service to members.
IV. The newly developed revamped form 13 not only inherits the features of revamped form 19 but also includes a few more. These are as follows:
1. On opening a Form 13 claim in the revamped functionality, all information with regards to the subscriber such as KYC (Transferor & Transferee office), the available balances, contributions, VDRs/ Transfer-ins, withdrawals and interest calculation / Worksheet as regards taxable and non-taxable components of contributions are made available at one place to facilitate the verification.
2. Comparison of KYCs in relation to both the members IDs (in case of transfer out to an un-exempted establishments) has been provided.
3. Annexure-K has been provided with additional page having taxable and non-taxable details.
4. Unique transaction ID is generated and utilised during the course of settlement as enhanced security measure.
E. After approval by all levels of field office functionaries at the transferor (i.e., previous) office, the approved amount along with taxable component would immediately get added in the member’s balance and service details at the transferee office.
Visit here for all personal finance updates.
