The EPFO has further tightened the security of PF accounts. After receiving all the complaints, the rules of changes in KYC i.e. No Your Customer have been made more stringent. Now the details of the PF shareholder in KYC will not change without the original document. First the EPFO will verify them with the original document only then it will be changed. The EPFO has banned payments from PF account with the change in KYC. The employer has also issued advisory to change the PF shareholders KYC only on the original document.
Salil Shankar, the regional commissioner of the headquarters, has issued new instructions. At the same, he has given advisory to all the commissioners of the state to take the changes in KYC seriously. Changes in name, date of birth, dependent, address, father or husband’s name will also be done by the employer after viewing all the correspondence, otherwise they will leave. Changes in KYC both on and offline will be considered valid only when the shareholder documents are uploaded.
The first name can be changed to full form but the name will not be allowed to be changed. That is, Rajendra can be seen looking at papers from R but not Shyam. According to EPFO board member Sukhdev Prasad Mishra, there were complaints of wrongful withdrawal of money from certain accounts under the guise of KYC, hence the rules were tightened. Now every part will be checked two to three times only then the change in KYC will be approved. The organization has framed new rules to protect the country’s 4.5 crore accounts, including UP’s 20 lakh.
