Revenue stamps not required for Provident Fund withdrawal
Posted on: 16/Aug/2015 6:30:04 PM
Central Labour welfare Minister Mr. Bandaru Dattatreya informed that there was a rule that Re. 1/- revenue stamp to be fixed for Provident Fund withdrawal.
Now, Employees Provident Fund Organisation (EPFO) has removed this requirement.
Lakhs of Provident Subscribers apply for withdrawal every year,
The removal of the requirement of revenue stamp to be fixed will be beneficial to them.
As 97% of the settlements are sent through NEFT system directly to the PF subscribers Bank Savings Accounts, there is no need to fix Re. 1/- Revenue Stamp.
