EPFO: In-operative Accounts
08.10.2020
Dear friends,
As per the information obtained from time to time, the closing balance of Inoperative Accounts with EPFO was as under:
As on 31.3.2011: Rs. 14,914 Crores (as per RTI)
As on 31.3.2012: Rs. 22,636 Crores (as per RTI)
As on 31.3.2013: Rs. 26,496 Crores (as per RTI)
As on 31.3.2014: Rs. 27,448 Crores (as per RTI)
As on 31.3.2015: Rs. 35,531 Crores (as per RTI)
As on 31.3.2016: Rs. 40,865 Crores (as per RTI)
As on 31.3.2017: Rs. 45,093 Crores (as per RTI)
As on 31.3.2018: Rs. 54,658 Crores (as in the Balance Sheet)
As on 31.3.2019: Rs. 1,638 Crores (as stated by MoL&E in Rajya Sabha on 20.11.2019)
[AMOUNT IN UNCLAIMED DEPOSIT ACCOUNTS now called INOPERATIVE ACCOUNTS - The words UNCLAIMED DEPOSIT ACCOUNTS have been substituted with the words INOPERATIVE ACCOUNTS vide GSR 228(E) dt. 22.3.2007]
I had sought different information from EPFO regarding the amount lying in and transferred from IN-OPERATIVE ACCOUNTS vide RTI - EPFOG/R/E/20/10338 dt. 9.8.2020 wherein the Information in Point No. 6&7 had been sought as under:
6. In reply to unstarred question no. 240 in Lok Sabah, on 18.12.2017, MoL&E had informed that the corpus in the inoperative account as identified in the Finance Act 2015 to be transferred to Senior Citizens Welfare Fund WILL BE USED FOR THE PENSIONERS OF EPS 1995. Please intimate the year wise amount spent on the Welfare of EPS 1995 pensioners during 2016-17 to till date
7. Amount, if any, transferred from inoperative accounts to some other head/account, please provide year wise details of such transfer
Reply Point No. 7 (RTI - EPFOG/R/E/20/10338/3 dt. 9.8.2020-Received on 25.8.2020): A sum of Rs. 52919,79,90,114.45 has been transferred from in-operative account to EPF Contribution Fund – Members’ operative account during the year 2018-19, due to amendment in definition of in-operative accounts w.e.f. 11.11.2016. Apart from this, an amount of Rs. 1,881.5 crores was released from the inoperative account in 2018-19 towards the payment of claims to those holders of inoperative accounts who came forward to claim their provident fund.
Reply Point no. 6 (RTI - EPFOG/R/E/20/10338/2 dt. 9.8.2020 - Received on 7.10.2020): Kindly note that no amount has been spent in this regard.
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