Employees’ Provident Fund Organization (EPFO) has issued Standard Operating Procedure (SOP) for freezing or de-freezing of accounts. According to EPFO, verification of frozen accounts will have to be completed within 30 days and this deadline can be extended by 14 days to secure funds in these accounts. Member ID, Universal Account Number (UAN) will be required for verification.
Employees’ Provident Fund Organization (EPFO) has issued Standard Operating Procedure (SOP) for freezing or de-freezing of accounts. According to EPFO, verification of frozen accounts will have to be completed within 30 days and this deadline can be extended by 14 days to secure funds in these accounts.
Member ID, Universal Account Number (UAN) will be required for verification. Standard Operating Procedure has also been issued under the deadline for freezing the accounts of establishments. EPFO says that the process of verification is being implemented to reduce the risks like possible fraud and forgery. It has been mentioned in the SOP document that where there is a possibility of fraudulent withdrawal of funds or fraudulent attempt or fraud, verification will be made mandatory for that account, so that the funds can be protected.
EPFO is a leading social security organization, providing social security to more than 60 lakh subscribers through schemes like Employees Provident Fund Scheme, Employees Pension Scheme and Employees Deposit Linked Insurance Scheme. EPFO has also said in the SOP that multiple stages of verification are being made for member IDs/UANs and establishments to identify possible cases of suspicious accounts/transactions, so that funds are not withdrawn fraudulently.
The SOP will help in carrying out genuineness or other checks of such accounts or transactions within a specified time frame. Along with this, in case of irregularities or fraud, recovery of funds and other necessary measures can be taken.
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