SPECIFIC PROBLEMS OF EXEMPTED ESTABLISHMENTS

* A few establishments are not submitting the prescribed monthly returns.

* Quite a few major employers are delaying transfer of fund to the Board of Trustees, thus violating the conditions for grant of exemption.

* Board of Trustees is not reconstituted in time.

* Investment is not being made by many of the trustees on the plea that huge amounts are sanctioned towards NR loans, House Building and that State/Central Government securities are not available.

* Audit Reports of the Provident Fund Trust are due.

* Accounts slips are being issued by most of the trustees even without audit of accounts.

* SGL account with P.D.O of R.B.I is generally not opened by many Establishments.

* The annual returns under Employees' Pension Scheme 1995 (Form No. 7 and 8) which is due on 30th April every year are not submitted in time.

* Provident Fund Advance claims account not settled in time.

* Details of Board of Trustees are not available on closure/sick/defaulting units.

* Statutory rate of interest not paid by several establishments.

* Mis-utilisation of fund by Board of Trustees.

* Amendment made in the Employees' Provident Fund Act and Scheme by notifications/ordinance etc. are not being incorporated /implemented in the Provident Fund rules by the exempted establishments.

For a list of defaulting unexempted establishments Click Here