Biz Updates: Number of EPFO members rises to 7.37 crore; re-KYC of 10 year old Jan Dhan accounts

New Delhi| The number of employers contributing to Employees’ Provident Fund Organization (EPFO) schemes increased by 6.6 per cent year-on-year to 7.66 lakh in 2023-24. During this period, the number of members increased by 7.6 percent to 7.37 crore. According to a statement, the organization reported a 55.4 per cent increase in the collection of arrears compared to the previous year. Similarly, the number of claims settled has shown an increase of 7.8 per cent over the previous year.

Financial Services Secretary M Nagaraju on Monday directed banks to do fresh KYC (Know Your Customer) of 10-year-old Jan Dhan accounts. Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in 2014. Around 10.5 crore Jan Dhan accounts were opened during August, 2014 to December, 2014. These accounts now have to be KYC again after 10 years.

According to the Finance Ministry, Nagaraju held a meeting with all stakeholders to start the fresh KYC process for PMJDY account holders. In the meeting, it was suggested to adopt all the procedures for doing KYC again in all mediums like ATM, mobile banking, internet banking and other available digital channels. The Secretary asked the banks to work with the enthusiasm at the time of launch of PMJDY scheme and complete the KYC work again to avoid any inconvenience to the customers.

The Securities and Exchange Board of India (SEBI) has proposed to consider exemption or reduction in interest during recovery proceedings for failure to pay penalty. An application for this can be made with documents fulfilling the three criteria of Section 220 (2A) of the Income Tax Act, 1961, the regulator suggested on Monday. The application should be made to the concerned recovery officer. The application will be accepted only if the demand notice has already been given and the principal amount payable has been paid in full.