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The Labour and Employment, Shri K. Chandrasekhar Rao told the Lok Sabha in a written reply today that no "Suspense Account" is being maintained in the books of the Employees Provident Fund Organisation. He said, however, as mandated in the Employees Provident Fund Scheme, an "Interest Suspense Account" is being maintained. He said it is a transit account which is used for temporary parking of interest and other income before it is credited to member’s account. Giving details, Shri Rao said the closing balance of Interest Suspense Account for 2001-02 was Rs. 7,929.49 crore, for 2002-03 Rs. 8,313.12 crore and for 2003-04 Rs. 8,408.88 crore. The Minister said the closing balance appearing at the end of the year is credited to the subscribers account in the next financial year and gets reconciled each year.
MLD/LK (L-167) 24.3
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