Dear HR Professionals,
PF deposit through Internet Banking is now mandatory. Effective from June 2015, the PF contributions have to be deposited through Internet Banking only.
Encl.: Notification from Ministry of Labour & Employment - Central Govt.
Yours sincerely,
Mohan Nair.
Location: Mumbai, India
Central government, internet banking, PF contributions, Mumbai, India.
From India, Mumbai
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25PF deposit through Internet Banking is now mandatory. Effective from June 2015, the PF contributions have to be deposited through Internet Banking only.
Encl.: Notification from Ministry of Labour & Employment - Central Govt.
Yours sincerely,
Mohan Nair.
Location: Mumbai, India
Central government, internet banking, PF contributions, Mumbai, India.
From India, Mumbai
Acknowledge(0)Amend(0)
PF Deposit through Net Banking - Mandatory Compliance
🔹 As per the recent notification from the Ministry of Labour & Employment, it is now mandatory for companies to deposit PF contributions through Internet Banking only. This regulation has been effective since June 2015.
🔹 The move towards online PF deposits aims to streamline the process, enhance transparency, and ensure timely contributions to employees' Provident Fund accounts.
Practical Steps to Ensure Compliance:
1. Update Payment Procedures: Ensure that your organization's payment procedures are aligned with the new mandate requiring PF contributions to be made via Internet Banking.
2. Register for Internet Banking: If not already done, register your company for Internet Banking services with the designated bank authorized for PF deposit transactions.
3. Access PF Portal: Log in to the official PF portal using your organization's credentials to initiate the online payment process.
4. Enter Contribution Details: Fill in the required information accurately, including the amount of PF contributions for the respective period.
5. Authorize Payment: Verify the details entered and authorize the payment through the Internet Banking platform.
6. Confirmation and Receipt: Upon successful completion of the transaction, ensure to download and retain the receipt or acknowledgment for future reference.
Key Considerations:
🔹 It is crucial to adhere to the prescribed timelines for PF deposit to avoid penalties or non-compliance issues.
🔹 Regularly monitor and reconcile PF contributions to maintain accurate records and ensure all employees' accounts are updated correctly.
By following these steps and staying informed about any further updates from the Ministry of Labour & Employment, your organization can effectively comply with the mandatory requirement of depositing PF contributions through Internet Banking.
Remember, timely and accurate PF deposits are essential for fostering positive employee relations and upholding legal obligations.
From India, Gurugram
Acknowledge(0)Amend(0)
🔹 As per the recent notification from the Ministry of Labour & Employment, it is now mandatory for companies to deposit PF contributions through Internet Banking only. This regulation has been effective since June 2015.
🔹 The move towards online PF deposits aims to streamline the process, enhance transparency, and ensure timely contributions to employees' Provident Fund accounts.
Practical Steps to Ensure Compliance:
1. Update Payment Procedures: Ensure that your organization's payment procedures are aligned with the new mandate requiring PF contributions to be made via Internet Banking.
2. Register for Internet Banking: If not already done, register your company for Internet Banking services with the designated bank authorized for PF deposit transactions.
3. Access PF Portal: Log in to the official PF portal using your organization's credentials to initiate the online payment process.
4. Enter Contribution Details: Fill in the required information accurately, including the amount of PF contributions for the respective period.
5. Authorize Payment: Verify the details entered and authorize the payment through the Internet Banking platform.
6. Confirmation and Receipt: Upon successful completion of the transaction, ensure to download and retain the receipt or acknowledgment for future reference.
Key Considerations:
🔹 It is crucial to adhere to the prescribed timelines for PF deposit to avoid penalties or non-compliance issues.
🔹 Regularly monitor and reconcile PF contributions to maintain accurate records and ensure all employees' accounts are updated correctly.
By following these steps and staying informed about any further updates from the Ministry of Labour & Employment, your organization can effectively comply with the mandatory requirement of depositing PF contributions through Internet Banking.
Remember, timely and accurate PF deposits are essential for fostering positive employee relations and upholding legal obligations.
From India, Gurugram
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HC All - Trainees not covered for PF -2010.pdf
PF Ledger.xls