Retirement
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Active subscribers would have to register themselves on the EPFO portal by furnishing their account details to obtain an e-passbook of their fund

 
New Delhi: Over five crore subscribers of the retirement fund body Employees' Provident Fund Organisation (EPFO) can obtain e-passbook along with details of their updated accounts online from Wednesday, reports PTI.
 
"The EPFO subscribers can get their statement of accounts online from today," Central Provident Fund Commissioner RC Mishra said while addressing a seminar on Employees' Provident Fund Act by the PHDCCI in the capital.
 
In order to avail this facility, the active subscribers would have to register themselves on the EPFO portal by furnishing their account details.
 
The facility to obtain e-passbook will be available only for active members of the EPFO and would not be extended to those whose accounts are inoperative, settled or have negative balance.
 
The members of exempted provident fund trusts regulated by the EPFO, too will too not be entitled for this facility through its portal.
 
The e-passbook will also have additional information like name, date of birth and account number.
 
Mishra also informed that the EPFO is in the process of introducing the facility of online settlement of provident fund claims in a couple of months.
 
At present, the subscribers who are either superannuated or applied for withdrawals, can apply only manually and is time consuming.
 
As per the EPFO citizen charter, such claims should be settled within a month, though it takes longer than that.
 
Mishra said in order to provide the facility of online application of claims, EPFO would require a central database. At present, all regional EPFO offices maintain their database separately.
 
"These works including fund transfers, settlement of PF accounts and withdrawals constitute over 80% of our work," he said, adding online claim settlement will save time and improve efficiency.
 

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Kalmadi restrained from going to London for Olympics

The Delhi HC said Kalmadi should not participate in the opening ceremony of the Olympics as his participation can cause embarrassment to the country

 
New Delhi: Suresh Kalmadi, the sacked chairman of Organising Committee for the CommonWealth Games was on Wednesday restrained by the Delhi High Court from going to London to attend the opening ceremony of the 2012 Olympic Games, saying that his participation can cause "embarassment" to the nation, reports PTI.
 
A bench of Acting Chief Justice AK Sikri and Justice Rajiv Sahai Endlaw also barred Kalmadi from leaving the country till 27th July.
 
In its order, the bench said, "From the national point of view, we have decided the matter and he should not participate in the opening ceremony of the Olympics.
 
"His participation can cause embarrassment to the country," the bench said, adding, "National interest is the prime concern." 
 
However, the bench left it to the International Association of Athletes Federation (IAAF) to decide his plea for attending its meeting after reading the court's order.
 
Kalmadi had made a plea that being the president of Asian Athletes Association (AAA) he was invited by the IAAF.
 
The court passed its order on a PIL filed by lawyer Rahul Mehra seeking to restrain Kalmadi from proceeding to London for the Olympics in view of the criminal cases pending against the Congress MP in connection with the 2010 Commonwealth Games.
 

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Sensex, Nifty at a crucial juncture: Wednesday Closing Report

If the Nifty manages to close above 5,145 we may see the some gains. A close below today’s low would be a sign of big trouble

 

The market, which traded lower for the entire session, witnessed a smart recovery following a positive opening of the European indices and closed with minor losses. Yesterday we had mentioned that the Nifty may find its first support at 5,060. Today the index almost reached this level. If the benchmark manages to close above 5,145 we may see the some gains while a close below today’s low of 5,077 may bring about a strong decline. The National Stock Exchange (NSE) saw a volume of 59.17 crore shares.

 

The market witnessed a gap down opening tracking weak global cues. US markets settled lower overnight on unending Eurozone woes. The European imbroglio also hit markets across Asia, as a result of which they were in the red in morning trade. Back home, the Nifty opened 10 points lower at 5,118 and the Sensex started off at 16,899, down 19 points from its previous close.

 

The opening figures on both the benchmarks were also their intraday highs. Across-the-board selling saw the indices going further southwards in morning trade. Metal, consumer durables and auto were the worst performing sectors in trade.

 

Shares of companies which are excluded from futures & options (F&O) segment were under pressure with most of them trading lower on the National Stock Exchange (NSE). The NSE has decided to remove 51 securities from F&O segment as the exchange revised eligibility criteria for stocks, after Securities and Exchange Board of India (SEBI) tightened the criteria for stocks in the derivatives segment to “improve market integrity”.

 

Continuing its fall, the benchmarks touched the day’s lows in late morning trade. At this point the Nifty fell to 5,077 and the Sensex dropped to 16,767.

 

A positive opening of the key European indices helped the market regain some composure in noon trade. However, volatility associated with the July F&O expiry kept a tab on the gains.

 

The recovery in the second half of trade helped the indices close off their lows. The Nifty settled 19 points down at 5,110 and the Sensex finished at 16,846, a fall of 72 points.

 

The advance-decline ratio on the NSE was negative at 548:1075.

 

The broader indices underperformed the Sensex today, as the BSE Mid-cap index declined 0.76% and the BSE Small-cap index dropped 0.79%.

 

The sectoral gainers were BSE Fast Moving Consumer Goods (up 0.41%); BSE IT (up 0.28%) and BSE Healthcare (up 0.04%). The main losers were BSE Metal (down 2.03%); BSE Consumer Durables (down 1.70%); BSE Power (down 1.41%); BSE PSU and BSE Capital Goods (down 0.91% each).

 

The Sensex was led by ITC (up 1.64%); Sun Pharma (up 1.27%); GAIL India (up 0.41%); Cipla (up 0.40%) and TCS (up 0.31%). The key losers were Jindal Steel (down 4.33%); Hindustan Unilever (down 2.42%); Tata Steel (down 2.41%); Hindalco Industries (down 2.26%) and Bharti Airtel (down 2.26%).     

 

The top two A Group gainers on the BSE were— United Breweries (up 9.60%) and HCL Technologies (up 6.68%).

The top two A Group losers on the BSE were— Lanco Infratech (down 8.48%) and Torrent Power (down 6.81%).

 

The top two B Group gainers on the BSE were—Orissa Metals Development Company (up 20%) and 7Seas Technologies (up 20%).

The top two B Group losers on the BSE were—Koa Tools (down 12.50%) and Jagson Airlines (down 11.85%).

 

The top gainers on the Nifty were HCL Technologies (up 6.70%); Ambuja Cement (up 4.07%); DLF (up 1.69%); ITC (up 1.60%) and Sun Pharma (up 1.41%). Jindal Steel (down 4.54%); SAIL (down 3.66%); Reliance Infrastructure (down 2.99%); Tata Steel (down 2.72%) and Bharti Airtel (down 2.61%) settled at the bottom of the index.

 

Markets in Asia closed in the red as fresh concerns about Europe kept investor sentiments lower. An IMF report highlighting the slowdown in the Chinese economy also added to the woes.

 

The Shanghai Composite declined 0.49%; the Hang Seng fell 0.14%; the Nikkei 225 tanked 1.44%; the Straits Times slipped 0.25%; the Seoul Composite dropped 1.37% and the Taiwan Weighted settled 0.42% lower. On the other hand, the Jakarta Composite rose 0.22% and the KLSE Composite gained 0.15%.

 

At the time of writing, the main European indices were trading higher between 0.22% and 0.72% and the US stock futures were mixed.

 

Back home, foreign institutional investors were net sellers of shares totalling Rs252.91 crore on Tuesday while domestic institutional investors were net buyers of equities aggregating Rs39.22 crore.

 

The electronics division of BHEL has commissioned the 5-MW eco-friendly grid connected solar power plant at Shivanasamudram near Mandya in Karnataka. This is the largest solar PV power plant executed by BHEL for Karnataka Power Corporation (KPCL), the company said in a release today. The stock declined 0.78% to close at Rs216 on the NSE.

 

French firm Alstom today said its Indian arm, Alstom India, has bagged a nearly Rs344 crore contract from NTPC for the renovation of its Jhanor Gandhar gas-based power station in Gujarat. The contract envisages supply of gas turbine components to be delivered till the Indian port and the scope of services involves installation, testing, commissioning and conducting guarantee test of the gas turbines after replacement of the components. The stock rose 0.01% to close at Rs380.20 on the NSE.

 

Downstream regulator Petroleum & Natural Gas Regulatory Board (PNGRB) has filed a Special Leave Petition challenging the Delhi High Court order of 1st June over the regulator’s row with Indraprastha Gas (IGL). The stock gained 0.41% to close at Rs234 on the NSE.

 

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