November 3, 2014 3:24 PM

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EPFO to seek clarity on transaction limit for accounts under Jan Dhan Yojana

Employees' Provident Fund rganisation, EPFO will soon approach the Finance Ministry on the transaction limit of Rs 1 lakh for accounts opened under Jan-Dhan Yojana, as it cannot credit PF claims of higher amounts in such accounts. EPFO has found that it would be unable to credit PF withdrawals of more than Rs 1 lakh to bank accounts opened under Pradhan Mantri Jan-DhanYojana which are being seeded with Universal PF Account Numbers, UAN.According to the official sources, using such accounts for KYC seeding may create operational problems if the payment to be made to members exceeds the specified limit. Prime Minister Narendra Modi had launched UAN last months. This portable PF accounts will be a big tool of social security in the hands of over 5 crore workers in organised sectors as they can get update on PF contribution on real time basis.

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