Organised sector employees going abroad for offshore work can now fill up their PF details online to obtain the certificate of coverage (CoC) which attests that the person is covered under social security schemes. According to a circular of Employees’ Provident Fund Organisations (EPFO), applicants will be able to enter their personal data, like name, PF account numbers and the period for which CoC is required.The software has been upgraded and is expected to eliminate mistakes.
Employees need to download their application, after filling it up online, and get it countersigned by their employers.
The employer would have to submit the document to the concerned Regional Provident Fund Commissioner, who will issue the CoC within three working days.
EPFO has decided to make all payments to its beneficiaries through electronic mode from September 2014. At present, 93% of the benefits are transferred electronically. Under this facility, benefits, such as PF withdrawals, are directly credited to the beneficiaries’ account and no cheque or bank draft is issued.
Making electronic payment will not only improve the efficiency of the EPFO, but will also reduce unnecessary paperwork. Digitising of pension data is expected to be completed by August 2014. EPFO is also contemplating providing permanent or universal account numbers to all its active members by October 2014.
If 6700 holds over the next two days, Nifty put in a bounce
A few minutes at the beginning of the session on Tuesday, was the only time when the benchmark traded in the positive. Soon both BSE 30-share Sensex and NSE 50-share Nifty made a quick slide down in the negative and traded in the red for the entire day. Their effort to recover was met by further pull down when the indices hit their day’s low towards the end of the session.
The Sensex opened at 22,654 and surged to the high of 22,682 while the Nifty opened at 6,769 and hit a high of 6,780. Both the Sensex and Nifty hit their lowest since 17 April 2014 and closed near to the day’s low. Sensex hit a low of 22,444 and closed at 22,466 (down 165 points or 0.73%) while Nifty hit a low of 6,709 and closed at 6,715 (down 46 points or 0.68%). The NSE recorded a higher volume of 85.01 crore shares.
Coal India was in the news over its plans to take a further step to develop mines in Mozambique for which it has invited bids for the third phase of drilling in the African nation. The stock was among the top two gainers in the Sensex 30 pack.
The Supreme Court indicated it would pass an interim order on a plea for stopping illegal mining activities in Odisha and the priority before it would be to halt 40 out of 56 iron ore mines operating under deemed-renewed leases. Tata Steel was the top loser in the Sensex 30 stock.
Wockhardt on Monday said that the drug regulator of Himachal Pradesh has revoked a suspension it imposed on the manufacture and sale of a combination drug for pain treatment. The company last week had said that the drug regulator had suspended the manufacture, sale or distribution of fixed dose combination of Dicyclomine Hydrochloride IP 10mg, Tramadol Hydrochloride IP 50mg and Acetamenophen IP 325mg. The stock was the top gainer in ‘A’ group on the BSE.
Poor March quarter results of Jindal Steel & Power pulled the stock down. The company was the top loser in the ‘A’ group on the BSE.
US indices pulled back into the green after a sharp sell off earlier in the session on Monday. A report by the National Association of Realtors showed contracts to purchase previously owned US homes climbed in March by the most in almost three years, showing residential real estate was starting to stabilise entering the spring selling season. The pending home sales index rose 3.4%, the first gain in nine months, after a 0.5% drop in February that was smaller than initially reported.
Straits Times (0.15%) and Seoul Composite (0.23%) all the other Asian indices which were trading today closed in the positive. Hang Seng (1.45%) was the top gainer.
European indices were trading in the green. US Futures too were trading higher.
UK gross domestic product expanded 0.8% from the final three months of 2013, when it grew 0.7%, the Office for National Statistics said today in London.