Multiple Banking System for EPFO contribution
EPFO Launches online receipt of Electronic Challan cum Return (ECR) from the month of April 2012.Employers are already registered their establishments and create user id and password through this portal. The registered employers can upload the Electronic Return and the uploaded return data will be displayed through digitally signed copy in the PDF format. The employer may choose to make the payment through internet banking. Employers will get the confirmation of payment through SMS instantly.
Benefits under this scheme No paper return to be prepared and submitted to EPFO.
In keeping with the Government’s mandate for facilitating ‘Ease of doing business’, EPFO has taken a step further. In the august presence of Shri Bandaru Dattatreya, the Minister of State (Independent Charge) for Labour & Employment, EPFO has entered into agreement for collection of EPF dues from employers and payment to beneficiaries as well through multiple-banks in place of erstwhile single banking system here today. Collections of EPF dues have been started with PNB, Allahabad Bank, Indian Bank, Union Bank of India in addition to State Bank of India through direct online mode.
Now, EPFO has signed agreement with another five banks viz. Bank of Baroda, ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank for collection of remittances and payments to beneficiaries, at zero transaction charges.
It will facilitate all the stakeholders of EPFO by allowing the employers to deposit their EPF dues in a hassle-free, anywhere, anytime manner and PF members by direct payments of their bank accounts.
Consequent upon signing of agreement, the employers having bank account with these banks may deposit EPF dues directly in EPFO’s account using internet banking on real time basis instead of going through the aggregator mode.