Dear All,
Effective from May 1, 2015, EPFO is contemplating making the payment of challans mandatory through internet banking mode.
Email from EPFO to Employers
"Dear Employer,
As the financial year 2014-15 is coming to a close, let me place on record appreciation for the tremendous help extended by you in making the system of social security more transparent, efficient, and accountable. Many times during the year, we have sought your assistance and help in updating the database of EPFO, which you have extended willingly and with a lot of enthusiasm. I am sure that all such efforts made by you will, in the future, not only make EPFO a more efficient organization but shall reduce your cost of compliance to the Social Security Act.
You are aware that from August 2014, the payment of challans can be made electronically through internet banking. You will be happy to note that this new facility has received a tremendous response from employers, and more than 40% of the monthly contributions are being received through internet banking.
In order to further reduce your mandatory interface with the EPF office/bank and to improve the ease of doing business in India, EPFO is contemplating making the payment of challans mandatory through internet banking mode. It is to inform you that w.e.f. 01-05-2015, i.e., the payment of the 1st month of the next financial year will be received only through internet banking mode.
Should there be any clarification needed, it should be addressed to RPFC(F&A) ([Email Removed For Privacy Reasons]) through email.
(Sanjay Kumar)
FA & CAO"
It is, therefore, advised to have internet banking facilities by all employers. Now the question is, how many employers can initiate this facility by May 2015?
Effective from May 1, 2015, EPFO is contemplating making the payment of challans mandatory through internet banking mode.
Email from EPFO to Employers
"Dear Employer,
As the financial year 2014-15 is coming to a close, let me place on record appreciation for the tremendous help extended by you in making the system of social security more transparent, efficient, and accountable. Many times during the year, we have sought your assistance and help in updating the database of EPFO, which you have extended willingly and with a lot of enthusiasm. I am sure that all such efforts made by you will, in the future, not only make EPFO a more efficient organization but shall reduce your cost of compliance to the Social Security Act.
You are aware that from August 2014, the payment of challans can be made electronically through internet banking. You will be happy to note that this new facility has received a tremendous response from employers, and more than 40% of the monthly contributions are being received through internet banking.
In order to further reduce your mandatory interface with the EPF office/bank and to improve the ease of doing business in India, EPFO is contemplating making the payment of challans mandatory through internet banking mode. It is to inform you that w.e.f. 01-05-2015, i.e., the payment of the 1st month of the next financial year will be received only through internet banking mode.
Should there be any clarification needed, it should be addressed to RPFC(F&A) ([Email Removed For Privacy Reasons]) through email.
(Sanjay Kumar)
FA & CAO"
It is, therefore, advised to have internet banking facilities by all employers. Now the question is, how many employers can initiate this facility by May 2015?