The Employees Provident Fund Organisation (EPFO) has laid out a Standard Operating Procedure (SOP) for freezing and de-freezing accounts. As per the information given, a limit of 30 days has been set by EPFO to freeze an individual’s or an establishment’s account verification, while it can be extended to 14 days. So, let us take a look at all the new guidelines issued by the organisation for the users of Universal Account Number (UAN), which were released on July 4. To easily detect the situations of suspicious accounts or transactions which may include impersonations or fraud withdrawals, the organisation aims to carry out multiple stages of verification on MIDs (Member ID) and UANs, as part of the SOP.

What does it mean by freezing of an EPF account?

According to the information given, it means the deactivation of several categories, which include:

Login to Unified Portal (Member/Employer)

Developing a new UAN or linking MID to an existing UAN

Any addition or changes to be made in member profile and KYC/Employer DSC.

Any deposits with Appendix E, VDR special or VDR Transfer-in etc in MID.

Any claims settlements, fund transfers or withdrawals.

Registration of a new establishment on the same PAN or GSTN. It includes the Aadhaar/PAN/DSC of the employer.

De-freezing is the restoration of all the categories that were halted after a period of verification, conducted by the authorities.

According to the EPF, the categories devised classify the group or an individual of MIDs, UANs or establishments that require thorough verification and money can be secured.

Category A:

Those MIDs/UANs/establishments that are identified and contacted by the Head Office, regularly.

Category B:

Those establishments which may experience any fraudulent withdrawals, either through transfer or a settlement to an individual other than a verified member. It also includes any change to the member’s profile or KYC.

Category C:

If any MIDs or UANs are submitted through Appendix E, VDR Special, Special 10D, VDR Transfer-in etc without a Competent Authority’s approval. Or if the instructions issued were not followed.

Source by: news18

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