Latest news with #Chandwani
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Business Standard
3 days ago
- Business
- Business Standard
PF withdrawal decoded: Timelines, common delays, how to ensure smooth claim
Withdrawing your Provident Fund (PF) should ideally be a straightforward process, but in reality, many employees face avoidable delays. Here's a breakdown of how PF withdrawal works, why delays happen, and what you can do to avoid them. How Long Does It Take to Get Your PF? If your KYC is verified and your employer has updated your exit date, the EPFO usually processes your PF claim within 7–15 working days. But often, claims get delayed due to small but critical issues—like mismatched Aadhaar or bank details, or your employer not completing the exit formalities online. "The typical timeline for receiving Provident Fund (PF) withdrawal proceeds, upon successful submission of a claim, ranges between seven to fifteen working days, provided all Know Your Customer (KYC) credentials are duly verified and the employer has confirmed the exit date. However, in practice, delays are frequently encountered due to discrepancies in the employee's Aadhaar, bank account details, or the employer's failure to update the exit status on the Employees' Provident Fund Organisation (EPFO) portal. Under Paragraph 69 of the Employees' Provident Funds Scheme, 1952, the disbursal of PF is to be effected upon due verification, and any unjustified delay in settlement may be challenged before the Regional Provident Fund Commissioner or escalated through the EPFO grievance redressal mechanism," said Sonam Chandwani, Managing Partner at K S Legal Associates. Which Forms Are Required? Form 19 – For final settlement of PF. Form 10C – For EPS (pension scheme) withdrawal if you're below 58 years. Form 10D – For monthly pension if you're 58 or older. Form 15G / 15H – For TDS exemption if your withdrawal is above ₹50,000 and you meet eligibility criteria. "One of the primary procedural difficulties encountered by claimants relates to the determination of the appropriate form to be used, particularly in distinguishing between Form 10C and Form 10D. Claimants often struggle with understanding whether they are eligible for a lump-sum withdrawal or a monthly pension, or whether the exit formalities have been duly completed by the employer. Moreover, confusion persists in relation to the applicability of Form 15G or 15H for TDS exemption, especially in the absence of adequate explanation on the EPFO portal. These procedural ambiguities are exacerbated by the lack of structured legal guidance and the limited responsiveness of the employer or field office concerned," said Chandwani. Why Do PF Claims Get Delayed or Rejected? Exit Date Not Updated: Employers often forget or delay updating the exit date on the EPFO portal. KYC Mismatch: Discrepancies in Aadhaar, PAN, or bank details. Unverified Bank Accounts: Your bank account must be linked and verified with your UAN. E-nomination Not Done: EPFO has made e-nomination mandatory; claims are blocked if this step is skipped. Incorrect Form Use: Many struggle with whether to use Form 10C or 10D, especially for pension-related claims. DSC Approval Pending: Employer's digital signature not provided or delayed. "In many instances, employers default in their obligations under Section 5 of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, by not fulfilling exit formalities despite cessation of employment. Such failures often result in the rejection of claims, although employees may seek recourse by filing a complaint against the employer or by raising the issue before the EPFO authorities," Chandwani added. Compliance Checklist Before You Apply Aadhaar, PAN, and bank account verified and linked to your UAN E-nomination completed on the EPFO portal Employer has updated your exit date Appropriate form chosen based on age and eligibility No mismatch in IFSC codes or file formats during upload Claim filed after rent-free period if applicable EPFO has made e-nomination compulsory, and failure to complete the same often results in the portal disallowing the submission of the claim altogether. Technical difficulties during the uploading of documents remain a persistent concern for applicants. Common issues include portal errors during Aadhaar authentication, incorrect or incompatible file formats, file size limitations, and IFSC code mismatches with the bank account number provided. In cases where employer Digital Signature Certificate (DSC) approval is necessary, delays are encountered due to the employer's non-responsiveness or administrative inefficiency. Although these challenges are procedural in nature, they often culminate in the denial or undue delay of statutory entitlements under Paragraph 69 of the PF Scheme. Common Technical Issues Aadhaar verification errors File upload problems due to size or format IFSC code mismatches Portal crashing or not reflecting updated employer status What to Do If Your Claim Is Delayed or Rejected First step: Raise a grievance through the EPFO Grievance Portal Escalation: Approach the Regional PF Commissioner Legal Route: If all else fails, you can file a writ petition in the High Court under Article 226 for enforcement of your statutory rights. Further compliance checks are triggered under the Income Tax Act for TDS purposes. Incomplete fulfilment of these pre-requisites commonly leads to rejection of the application. It is pertinent to note that the EPFO has made e-nomination compulsory, and failure to complete the same often results in the portal disallowing the submission of the claim altogether.
Time of India
29-04-2025
- Time of India
Navi Mumbai drug cartel bust: Customs officer, ex-hockey player among 10 held
Navi Mumbai: A former national hockey player, a customs superintendent and a clearing agent, and two police constables are among the 10 arrested in connection with the April 14 hydro ganja bust by Navi Mumbai Crime Branch 's Anti-Narcotics Cell (ANC). The alleged kingpin of this drug cartel is Naveen Chichkar, son of builder Gurunath Chichkar who shot himself in the head at his Belapur office last week. On April 14, an ANC team, acting on a tipoff about a drug deal being carried out in a terrace flat in Nerul's Sector 15, conducted a raid and seized 17.2gm of hydro ganja worth Rs 2.8 lakh, said DCP (crime) Amit Kale. The flat owner Ashish Gaware (22) and Ahmed Aulagi (23) were arrested, but their aide Akash Maurya escaped. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai During interrogation, the duo said they had procured the drugs from former hockey player Sujit Bangera and alleged peddler Sahil Lambe (27). The two Nerul residents were then arrested. Bangera and Lambe allegedly smuggled the hydro ganja from Thailand via flights. Once the contraband arrived at Mumbai airport, it would be cleared by customs clearing agent Kamal Chandwani (56) and customs superintendent Prashant Gaur (40). Chandwani and Gaur, both Kharghar residents, have been arrested. Kale said, "During probe, we found that Kharghar police constable Sandeep Bhalerao (40) was communicating with Chandwani for the past six months, and ANC unit constable Sanjay Phulkar (36) was in touch with Bhalerao since the cartel bust. The two cops were arrested on Sunday." The cash obtained by Ban-gera and Chandwani from the drug sale was routed to Thailand through Vashi-based angadias Ankit Patel and Rinkunkumar Patel who converted it into cryptocurrency, Kale said, adding that they too have been arrested. ANC senior inspector Sandeep Nigade said that Naveen, who is operating either from Thailand or Malaysia, is also wanted by Mumbai Narcotics Control Bureau in the Rs 1,000 crore drug seizure case in March and a red-corner notice has been issued against him. On April 25, builder Chichkar died by suicide and left behind a note in which he alleged being 'harassed' by cops who repeatedly summoned him for inquiry into the drug cases filed against his sons Naveen and Dhiraj.
The Hindu
28-04-2025
- Business
- The Hindu
IndusInd Bank to hold senior management accountable as audit confirms incorrect accounting
IndusInd Bank announced that it will take necessary steps to hold the personnel responsible for lapses and shift their roles after an independent audit confirmed incorrect accounting. 'The Board is taking necessary steps to fix accountability of the persons responsible for these lapses and re-align roles and responsibilities of senior management,' the bank said in an exchange filing. The lender will take a hit of ₹1,959.98 crore on profit as estimated by the report, the lender said in the filing. The bank already discontinued internal derivative trades beginning April 1, 2024. 'The report identifies incorrect accounting of internal derivative trades, especially in case of early termination, which resulted in recording of notional profits, as the principal root cause for accounting discrepancy,' IndusInd informed the stock exchanges. The bank's board must propose a new Chief Executive Officer by late 2025, who would likely be an external candidate with expertise in governance and risk management, to align with RBI's fit-and-proper criteria, said Sonam Chandwani, managing partner at KS Legal & Associates. Additionally, the bank may also face pressure from the board to replace audit committee members to comply with SEBI regulations, she added. 'The Hinduja Group, as promoters, may leverage their increased 26% stake to influence these changes, but any delays could trigger RBI intervention under Section 36AB of the Banking Regulation Act, appointing additional directors to enforce compliance,' Ms. Chandwani added. SEBI may also scrutinise for inadequate reporting to shareholders, which has potential of penalties and stakeholder law suits. The RBI may investigate lapses and in case that confirms 'wilful misconduct or gross negligence,' the bank may have to face fines, or restrictions on treasury operations, she noted. 'The RBI's history of stringent enforcement suggests swift action to safeguard financial stability,' she added. Preventive action like real time transaction monitoring independent risk audits and stricter board accountability, will be necessary, she said. 'The bank's aggressive risk-taking culture, prioritising short-term gains, requires a fundamental overhaul,' Ms. Chandwani added.
