18 Questions
What is the preferred method for maintaining records of EPF contributions, withdrawals, and interest for each employee?
Electronically
How often should establishments transmit members' account details electronically?
As and when directed by CPFC/RPFC
When should the Board of Trustees issue an annual statement of accounts or pass books to employees?
Within six months of the close of financial year
Who should remain in custody of the passbook that is issued to the employee?
Employee
What provision should employers make to allow EPF members to view their account balance?
Computer terminals
What happens if the Board of Trustees and employer fail to file the required EPF returns on time?
Suitable penal action by EPFO
What is the consequence for a company reporting loss for three consecutive financial years?
Their exemption will be withdrawn from the first day of the next financial year
How often should the employer provide facilities for inspection and pay inspection charges for an exempted establishment?
Every 15 days
What happens if there is any violation of the conditions for granting exemption?
Exemption will be cancelled after issuing a show cause notice
Who is liable to make good any loss to the trust resulting from fraud, defalcation, or wrong investment decisions?
The employer
When should the auditors not be appointed for two consecutive years?
In a block of six years
Where should the information on the balance sheet and report be made available?
RPFC Office in electronic format and as a signed hard copy
What is the responsibility of the employer regarding the accumulations in the provident fund account of an employee with a previous employer who is already a member of Employees' Provident Fund?
Transfer and credit the accumulations into the employee's account immediately upon employment
When should the employer transfer the contributions payable to the provident fund to the Board of Trustees?
By the 15th of each month following the month for which the contributions are payable
In case of any delay in payment of dues towards the Board of Trustees, what is the liability of the employer?
The employer shall pay simple interest as per section 7Q of the Act
Who bears all expenses related to the administration of the Provident Fund?
The employer
What should an employer do if there is any deficiency in the interest declared by the Board of Trustees?
Make good the deficiency to bring it up to the statutory limit
According to EPF regulations, what should an employer do if an employee eligible to become a Provident Fund member had previously been granted exemption?
Enroll them as members
Learn about the regulations set by the Board of Trustees for maintaining detailed accounts of EPF contributions, withdrawals, and interest for each employee. Understand the importance of electronic record-keeping and periodic transmission of member account details.
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