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The Central Board of Trustees, Employees’ Provident Fund in its special meeting held on May 28, 2005 has resolved that interest payment liability, in no case, should exceed the interest income of the Fund, during that particular year. Giving this information in a written reply in the Lok Sabha the Minister of Labour and Employment, Shri K. Chandrasekhar Rao said that the CBT decided to recommend the final rate of interest @ 9.5 per cent for the financial year 2004-05 to be credited to the accounts of the Employees’ Provident Fund subscribers. It was also decided to transfer a sum of Rs. 716.07 crore from the Special Reserve Fund to bridge the deficit.
In reply to another question, Shri Rao said that as on March 31, 2005, the number of defaulting establishments was 96,978 involving a sum of Rs. 211526.80 lakhs as default towards provident fund. He said action for recovery of dues is taken invariably against all the defaulting establishments. This includes attachment and sale of properties, arrest and detention of defaulters, appointment of receiver to manage the defaulters’ properties.
MLD:LK:L-63(LS)July2
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