Corporate Updates – 29-08-2014

Employees Provident Fund:

The Ministry of Labour & Employment has issued the Notification and amended the Employees Provident Fund Scheme, 1952 and amended provisions shall come into force w.e.f 01-09-2014. Through this notification various limits have been enhanced like statutory wage ceiling enhanced from existing Rs. 6,500/- to Rs. 15,000/-, minimum pension is faxed at Rs. 1,000/- per month and 20% additional relief on the amount of assurance benefit admissible under EDLI Scheme, 1976.


With a view to provide flexibility in procedural aspects through which government securities can be acquired by eligible investors, it has now been decided to remove any stipulation as to the manner of acquisition of eligible government securities. Consequently, the eligible investors can acquire such securities in any manner as per the prevalent/approved market practice. For this purpose eligible investors means SEBI registered Foreign Institutional Investors (FIIs), Qualified Foreign Investors (QFIs), registered Foreign Portfolio Investors (RFPIs) and long term investors registered with SEBI. Earlier they were allowed to purchase eligible government securities directly from the issuer of such securities or through registered stock broker on a recognised Stock Exchange in India only.

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