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Retirement fund body EPFO has asked its field offices not to insist on provident fund deduction from the salaries of Singaporean citizens working purely as temporary workers in India. "All field offices are therefore advised not to insist on deduction of EPF and EPS contributions from salaries of Singapore citizens working purely as temporary workers in establishments covered/coverable under the EPF & MP Act 1952 and who do not hold the status of permanent residents in India," the Employees' Provident Fund Organisation (EPFO) headquarters said in an order. Business Standard New Delhi,15th March 2017

Successors of those who migrated to Pakistan and China during Partition will have no claim over the properties left behind in India, with Parliament on Tuesday passing a Bill to change a 49yearold law. The Enemy Property (Amendment and Validation) Bill, 2016, which changes the Enemy Property Act, 1968, was passed by voice vote in the Lok Sabha, incorporating the changes made by the Rajya Sabha last week Business Standard New Delhi,15th March 2017

Prosecution action by the Income Tax( IT) Department in black money cases has shot up three times with the taxman filing over 570 such charge sheets across the country till January this year. The department, according to an official report, has also directed its field offices to not spare cases of“serious irregularities” indeposits as certained by it under´Operation Clean Money´after demonetisation and file court cases against such entities. The latest prosecution figures do not include action linked to demonetisation as such cases are still in the investigation stage,a senior IT officer said. There port said IT prosecution action in cases of tax evasion hasjumped 300 percent to 570 complaints filed till January in FY17, as compared to 196 such complaints filed in courts during the corresponding period in the last financial year across the country. Business Standard New Delhi,15th March 2017

The Pension Fund Regulatory and Development Authority (PFRDA) has, throughacircular dated March 6, laid down the procedure through which subscribers to shift their corpus fromarecognised provident/superannuation fund to the National Pension System (NPS). Experts say investors should weigh the pros and cons carefully before deciding whether to shift their corpus from the Employees´ Provident Fund (EPF) to NPS. The road map, as laid down by PFRDA, is as follows: An employee needs to have an active NPS TierIaccount, which can be opened through the employer, an eligible point of presence, or online through eNPS. Business Standard New Delhi,10th March 2017

The Centre has releasedaset of draft guidelines for digital wallet companies as part of its efforts to promote electronic payments while ensuring the security of transactions. The Ministry of Electronics and Information Technology issued on Wednesday the draft Information Technology (Security of Prepaid Payment Instruments) Rules 2017 for public consultation, and will take suggestions until March 20. The draft rules underline security parameters that digital wallet companies, such as Paytm, FreeCharge and Mobikwik, will have to follow. They also stipulate standards for data protection and customer grievance redressal. Every prepaid payment instrument (PPI), or digital wallet, has been asked to developasecurity policy based on the rules and standards set by the government. “Every ePPI issuer shall review the security measures at least onceayear, and after any major security incident or breach or beforeamajor change to its infrastructure or procedures,” read the draft rules. Besides, t

Direct tax collection grew by 10.7 per cent in the first 11 months of this financial year (April 2016 till February 2017) over the same periodayear before, less than the set target. The fullyear target is Rs.8.47 lakh crore or 14.3 per cent more. With Rs.6.17 lakh crore collected in these 11 months, March has to seea20plus per cent growth to achieve the target. The subdued tax numbers were due to fall in growth of both corporation tax due to stillawaited recovery in the performance of companies and personal income tax in AprilFebruary compared to AprilJanuary period. “We are hopeful of achieving the target. Net tax collections have been low due to substantially higher refunds issued compared to the previous financial year. Besides, the corporate sector is yet to showapickup,” saidagovernment official. Corporation tax growth was 2.6 per cent up to February, slower than the 2.9 per cent in the period to January. Personal income tax grew 20 per cent up to February, against 23.1 per ce

Finance Minister Arun Jaitley will holdameeting on Friday with Reserve Bank of India (RBI) Governor Urjit Patel and other top central bank officials to discuss the burgeoning toxic asset levels in the banking system and to draw upapossible structure ofastateowned ´bad bank´ or asset management company (AMC) that will take over nonperforming assets (NPAs) and enable banks to clean up their balance sheets. Also, issues such as how much ofahaircutabank must undertake in different stress account cases and the state of existing asset reconstruction companies (ARCs) will likely be discussed, Business Standard has learnt from finance ministry and RBI sources. The meeting will happen over video and will be attended by Patel and all RBI deputy governors. While the ´bad bank´ or AMC will be largely in line with what the RBI Deputy Governor Viral Acharya has proposed, officials in the RBI and the finance ministry´s department of financial services are working on its possible structure. So