How To Approve KYC In EPF Without Digital Signature By Using E Sign

there are so many cases where employees KYC details update requests are not getting approval from their employer. Even though the employees are updating their details in UAN member portal, still they are not getting approval. Generally when an employee updates his KYC details then the employer will find those details immediately in their employer PF portal, if they have valid digital signature then they can approve the KYC details requests immediately. But the problem here is some employers aren’t aware of the digital signature, so the employees KYC update requests will remain pending at PF portal. Last year EPFO introduced Aadhar based E Sign to approve the KYC requests of employees, here we know how to approve KYC in  EPF without digital signature by using Aadhar based E sign.

How To Approve KYC In EPF Without Digital Signature

Whatever a digital signature can perform in employer PF portal the same can be performed by E Sign. But the main difference is E Sign doesn’t need any physical hardware like the digital signature.  You know when we use digital signature then we need to connect the digital signature pen drive to the system, and while using digital signature we face so many problems like Java errors etc. When we use E sign then we don’t face all those problems.

Below are the snapshots one can follow and get their kyc approved.

EDLI Benefits In Case Of Death As Per EDLI Amendment 2018

Majority of the EPF members are not aware of Employee Deposit Linked Insurance which is a part of employee provident fund scheme. Any employee whose monthly basic salary is less than 15000 Rs will eligible for EPF scheme, all the EPF eligible employee will also eligible for Employee Deposit Linked Insurance Scheme(EDLI). The main aim of the EDLI scheme is to provide security to the family members of EPF member in case of any sudden death.  Here you can find complete details on EDLI benefits in case of death as per EDLI amendment 2018.

EDLI Benefits In Case Of Death As Per EDLI Amendment 2018:

Earlier every EPF member has a life coverage of minimum 150000 Rs and maximum of 600000Rs. Bue according to the latest EDLI amendment 2018 which was made on 15 February 2018 the minimum life coverage of EPF member has increased to 250000. This amendment will be in force for next 2 years from 15 Feb 2018. It is a good news for all the EPF members.

How To Calculate EDLI Benefits

The calculation EDLI amount will be done by taking the average basic salary + DA of EPF member for last 12months preceding the date of death, that average basic wage will be multiplied by 30. For this amount, 50% of PF balance amount in preceding 12 months from the date of death is added.  If an employee doesn’t have 12months contribution and he has only 8 months service, then 50% of those 8 months PF balance will be added.

Example: If an employee monthly average basic + DA is 8000 Rs for preceding 12 months from the date of death then

8000*30 = 240000 Rs

And if he a has a PF amount of 70000 Rs in his account, then 50% of 70000 = 35000 Rs. This amount will be added to the above 240000 Rs.

 So total he will be covered for 240000+35000 = 275000 Rs

Here the covered amount is more than 250000 so there is no problem, if it is less than 250000, for example if it is 190000 Rs then as per this latest EPF amendment scheme that EPF member will be covered for 250000 Rs. So it is beneficial for EPF members who are getting less monthly basic wage + DA.

The maximum life coverage of EPF member under EDLI scheme is 600000 Rs.

EDLIS : Insurance benefit to PRIVATE sector Staff

Employees’ Deposit Linked Insurance scheme provides for a lump sum payment to the insured’s nominated beneficiary in the event of death due to natural causes, illness or accident

Retirement body Employees Provident Fund Organisation (EPFO) on Wednesday substantially increased the maximum amount assured under its Employees' Deposit Linked Insurance Scheme (EDLI) to Rs 6 lakh from the existing Rs 3.6 lakh.

The decision, taken at the 208th Central Board of Trustees (CBT) meeting in Hyderabad, will benefit 40 million contributing members of the EPFO.

"In a major decision, the Central Board of Trustees under the chairmanship of Bandaru Dattatreya, Union Minister for Labour & Employment enhanced the insurance benefits under the Employees Deposit Linked Insurance Scheme 1976 admissible to dependants of EPF members from the present maximum of Rs 360,000 to Rs 600,000. This will benefit 4 crore EPF contributing members," said a press statement from the Union labour ministry.

The release mentioned last year the government paid around Rs 180 crore to about 30,000 beneficiaries.

In another major relief, the trustees also decided to remove the condition of continuous employment of one year under current employer before being eligible for insurance benefits.At present, only subscribers who have worked for one year continuously in the same organisation is eligible for the insurance cover.

The nominee of the subscriber gets 20 times of average wage drawn during the past 12 months with 20% bonus on it. This means, on a wage ceiling of Rs 15,000 every month, the maximum amount assured works out to be Rs 3.6 lakh.

The trustees approved an incentive scheme for employers to seed Universal Account Number (UAN) with Know Your Customer (KYC) documents.For instance, an employer can claim 10% refund of administrative charges paid during the quarter if the establishment provides Aadhar card details of 80% employees, bank details of all the employees and PAN card detail wherever applicable. This will become operational from October 1 for one year.

At present, employers pay 0.65% of employees' monthly basic salary towards administrative fee.

Approve Employee EPF Basic Details Modification Request By Employer

organization has recently made a provision to correct employee basic details like name, date of birth, Aadhar number, and gender at UAN member portal. This is really a great relief for the EPF members and also for employers. Earlier EPF members used to submit PF joint declaration form manually to their regional EPF office. But now there is no need to submit EPF joint declaration form. Once EPF member corrects their basic details then their employer has to approve them in their employer portal. Here you can know how to approve employee EPF basic details modification request in employer PF porta

l.

To Correct employee basic details in UAN member portal:

Now in new page employer can find pending requests. Here employer can find requests made by the EPF members, If the employer finds everything is correct then click on approve otherwise mention the remarks and click on reject.

Once employer approves the basic details modification request of the EPF member then the request will proceed to the regional EPF office. Now it will take minimum 15 days to approve the request made by the employer to correct basic details of EPF member.

In the meantime, the employer can also check the status of EPF members basic details modification request by typing UAN number of the employee. This option is available on the same page where pending requests are appearing.

How EPF Member Get EPF Amount After PF Claim Settled Payment Sent Via online

One can learn here complete details on what is the meaning of PF Claim Settled Payment Sent Via NEFT or PF claim approved payment under process. Have you applied for PF claim and you submitted your EPF withdrawal forms to your regional EPFO office or you have applied for EPF claim online at unified member portal. After 5-10 days you can check your claim status at EPFO website, and if your claim forms here you can know the status of your claim i.e on which date your EPF claim forms are received by EPFO and whether your EPF claim is under process or rejected etc.If you have given correct information then EPF claim will get settled within 10-15 days and the maximum time for EPF settlement is 30 days. Once your claim was settled then you will get the following message at PF portal

Way out for UAN Name Correction Online Including DOB, Gender & Aadhaar Number

Here is a good news for you, now all the EPF members can correct their basic details like UAN name, date of birth, gender and Aadhaar number in online at UAN member portal. Earlier EPF members need to fill and submit EPF composite claim form to their regional EPFO office. But there is no need to fill EPF composite claim form. Now you can correct your EPF details online. Here is a step by step guide on how to do UAN name correction online or EPF name correction online.

UAN Name Correction Online

The same UAN name correction online process will be used to do UAN date of birth correction online, and also for gender and Aadhaar number correction. In order to do EPF name correction online go to UAN member portal and log in with your UAN number and password.

 In order to correct your PF details online you must enter your details as they are printed on your Aadhaar card. If your Aadhaar details are not correct then you have to correct those details in your nearest Aadhaar enrollment centre.

How to start business - step wise

The first step towards starting your Import/Export business is to decide and register your business entity. Generally there are 5 popular business structures to get yourself registered-

Sole Proprietorship

One Person Company

Partnership Firm

Limited Liability Partnership

Private Limited Company.

Basically, you can go for Solo Proprietorship firm since you are sole owner of the Firm which control on the business. As a Import Export Business you have to require only the tax registration as a firm like CST and IEC Code, i.e. Import Export Code( a unique code generated by the Directorate General Of Foreign Trade( DGFT) to track imports and exports of goods from India) so its can be done in less cost of formation. Even you have to pay just only the Income tax on the Slab basis ad Individually so you can easily save the income tax.

However it is recommended to get your business registered as private limited company in case of export business since it offers the promoters of the business limited liability protection, transfer-ability, easy access to bank loans and many more such benefits. Further, foreign clients prefer dealing with a registered corporate entity in India.

After registering your business, tax registration can be obtained in the name of the business entity. PAN is the first tax registration required for any kind of new business in India. After that you need to open up a bank account- to commence businesses.

Though, goods and services exported from India do not attract VAT or services tax but VAT registration might be required for the business as it might be required in the business to buy goods from the other state and service tax registration might also be required for the billing of domestic clients. So, it is advisable to have your VAT registration done.

Moreover, VAT and CST or Sales Tax or TIN Registration is required for selling the goods in India for the retailers and manufacture. So you need to apply for the VAT Registration from your state government. VAT is a Indirect taxes so its rules and regulations is very state to state. Even in some state there is security concept so its little bit expensive.

Then, you need to appoint an expert customs clearing agent. He will be able to assist you in clearing the batch at the port. Calculating numerous expenses in port is also important, which is the responsibility of an agent. These expenses include handling charge, customs duty, transportation charges and much more.

The next step involves using your own freight forwarder. A freight forwarder or forwarding agent is also known as a NVOCC (non-vessel operating common carrier), is a person or company that manage and organizes point to point shipments for individuals or corporations to import goods from the manufacturer abroad to your location.

Some Tips which is require for Import Export Business in India :-

• Business Current Account have a SWIFT Code.
• Find Reputed Supplier from Alibaba or other Website.
• Raise Purchase Order ( PO) on your Company Name.
• Purchase Order and Invoice amount must be same.
• Hire third parties for the shipping.