2588 ESTABLISHMENTS WITH OVER RS. 37 THOUSAND CRORE GRANTED EXEMPTION
BY EPFO
LOK SABHA
2588 Establishments have been granted
exemption by the Employees’ Provident Fund Organization to maintain
provident fund of their employees. The Corpus of such exempted
trusts as on 31.03.2002 is Rs.37,275.84 crore with a membership
of 38.57 lakh. Currently 29 conditions have been prescribed by
the Government for grant of exemption from the provisions of Employees
Provident Fund & Miscellaneous Provisions Act, 1952. Giving
this information in a written reply in the Lok Sabha, the Minister
of State for Labour, Shri Ashok Pradhan said that periodic inspection
of the exempted establishments is carried out by the Employees
Provident Fund Organization. In the wake of reported fraud in
Seamen’s Provident Fund Trust, a special audit was carried out
in 2,069 establishments. The Audit Reports in respect of 1,827
establishments, which have been analyzed, have revealed that securities
worth Rs.23.07 crore are not available physically with the trusts
though they are having allotment letters and other proof of investments.
Shri Pradhan said that as the proof of investment exists with
the exempted trusts, there is no cause for concern. In case any
loss is detected, action against those responsible will be taken
as per law, the Minister added.
