Initiating the process of providing portable universal account numbers (UANs) to members, EPFO (Employee Provident Fund Organisation) issued 41.7 million UANs which would be operational only in October. The process of seeding with the know-your-customer (KYC) documents, like aadhaar card is expected to be complete by 15 September 2014. UAN is expected to improve the quality of service provided to workers in the organised sector, since they would not have to apply for a transfer of PF account claims on changing jobs. EPFO wants that the firms provide aadhaar/NPR number of workers (wherever available) and their bank account number (as part of the KYC details), as it will enable EPFO to provide services directly to the beneficiaries without the intermediation of employers.
The income-tax department has asked its officials to be more courteous while approaching taxpayers with queries regarding their financial transactions or returns. The I-T department had begun the practice of writing clarification-seeking letters to taxpayers some years back as part of its drive to collect additional revenue lying untapped, especially in cases of suspected non-disclosure or avoidance of tax by an individual or entity. The official letters sent by the respective I-T assessing officers (AOs), henceforth, would use ‘please’, ‘warm regards’ and ‘gentle reminder’ even as the taxpayer is addressed by name with proper salutation.
Preparing a Will is just a click away, as HDFC Securities has launched ‘e-Will’ writing service. To begin with, ‘Do it Yourself Will Service’ would be available to customers of HDFC Bank having a base of 28 million customers. HDFC Securities has 2 million users. A person can prepare a Will in “an easy and hassle-free manner by registering on the website”, HDFC Securities claims, and added, a person has to give list of assets and who one would like to bequeath them to. Savers are asking: ‘What is the catch? Why would a stockbroker offer such a service?’ Is it designed to ensnare more customers for the broking business?