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EPFO fixes 8.25 percent interest rate on Employees Provident Fund for 2023-24

The interest rates on Employees Provident Fund (EPF) deposits for 2023–24 were set by the Employees Provident Fund Organization (EPFO) on Saturday at 8.25 percent, the highest rate in the previous three years. The interest rate on EPF was 8.10 percent in 2021–2022; however, EPFO raised it slightly in March 2023 to 8.15 percent for 2022–2023.

STORY | EPFO fixes 8.25 pc interest rate on employees' provident fund for 2023-24

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— Press Trust of India (@PTI_News) February 10, 2024

“The apex decision-making body of EPFO, ‘Central Board of Trustees’ (CBT), in its meeting on Saturday, has decided to provide 8.25 percent interest rate on EPF for 2023-24,” according to a source.

The Finance Ministry will be consulted before approving the CBT’s decision regarding the interest rate on EPF deposits for 2023–2024. The interest rate on EPF for 2023–2024 would be deposited into the accounts of over six crore EPFO subscribers following the government’s approval.

Every year, EPFO makes the interest rate on PF accounts for workers in the private sector known. The Employees Provident Fund Organization is home to almost 7 crore workers. The Finance Ministry makes the ultimate judgment after determining EPFO’s interest.

In case of a cheque bounce, money will be deducted from other accounts; Know the new policy of the government

Check Bounce Rule: The Finance Ministry is considering a number of measures to deal with cheque bounce cases better, including taking money from the issuer’s other accounts and forbidding the opening of new accounts in such circumstances.

The ministry recently held a high-level meeting in response to the rising number of cheque bounce situations, during which several of these ideas were made. In fact, these situations put more pressure on the legal system. Therefore, some of these ideas have been made, in which some actions have to be taken before the legal procedure, such as taking the amount from the cheque issuer’s other accounts if there isn’t enough money in his account to cover it.

Ease of doing business

Other recommendations, according to the PTI-language study, include considering a cheque bounce as a loan default and submitting it to credit reporting agencies to help the person’s marks be lessened. It will be sought a legal opinion before these ideas are approved. The payer will be compelled to pay the cheque if these recommendations are put into practice, negating the need to file a lawsuit. This will make doing business easier and put an end to the habit of purposefully writing cheques even when there isn’t enough money in the account.

Case can be filed in court

To self-deduct, the amount from the other account of the cheque issuer, standard operating procedure, and other recommendations must be followed. A case of a bounced cheque may be brought before the court, and it is an offense that is punishable by a fine that can reach twice the value of the cheque, up to two years in prison, or both.

The business organization PHD Chamber of Commerce and Industry recently asked the Finance Ministry to take action, such as enforcing a required freeze on cash withdrawals from banks in the event of cheque bounces for a short period of time, so that cheque issuers can be held accountable.

Finance Ministry clarifies on discussion about charging UPI transactions, there is no charge for UPI transactions as of now

UPI Payment Charges: According to the Finance Ministry, the United Payment Interface (UPI) is a valuable digital utility for the public, and the government has no plans to charge for it. As a result of this ministry statement, the RBI has eased concerns regarding fees in the payments system raised in its discussion paper. The discussion paper makes the suggestion that fees could be applied to various UPI payment amount categories. There are no fees for UPI transactions as of right now.

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Finance Ministry clarified

In a tweet, the Finance Ministry stated that UPI is a helpful service for the public that offers tremendous convenience to the public and boosts economic production. The government has no plans to charge users for using UPI services. The concerns of the service providers will need to be addressed in other ways in order to recoup the costs.

The government is giving incentives

This information was also provided by Nirmala Sitharaman, to which Prime Minister Narendra Modi responded, “This is a superb accomplishment.” Indians will embrace modern technology and create a clean economy if they embrace modern technology as a whole. Digital payments were extremely helpful during the COVID-19 pandemic.

Let us inform you that UPI transactions are booming across the nation. People are using UPI more frequently than they are using money and credit cards. As a result, 6 billion UPI transactions were made in just a month of July. This information was provided directly by Prime Minister Narendra Modi. The Prime Minister praised UPI and noted that 6 billion transactions were completed through it in July, the most since 2016. In other words, UPI surpassed its previous record for the year 2016 in July and reached a new peak.