The Hindu Business Line : PF defaults go up 14 pc

THOUGH the economy is buoyant and the Left partners of the Congress-led UPA coalition are pitching for an upward revision of interest rate on provident fund deposits from last fiscal's 9.5 per cent to 12 per cent annually, the total PF default amount has increased by more than Rs 200 crore over the last four months.

The amount increased from Rs 1,377.87 crore as on December 31, 2003, to Rs 1,582.15 crore on April 30, 2004, marking an increase of 14.86 per cent, according to estimates made by the Employees Provident Fund Organisation (EPFO).

While West Bengal continues to top the list with the total PF default amount remaining stagnant at Rs 286.99 crore over the past four months, the only State in which the EPFO had been able to record spectacular recovery is Chhattisgarh where the total pending amount has come down from Rs 18.89 crore in December 2003 to Rs 3.1 crore in April end this year.

The worst-show was put up by Jharkhand.

The total pending amount due from industrial units located here increased from Rs 33.9 crore in December to Rs 124.88 crore, mainly on account of Rs 117.65-crore default by the Central public sector unit, Heavy Engineering Corporation (HEC).

While West Bengal continues to top the list, Maharashtra too, retains its second position with the total default amount increasing marginally from Rs 217 crore to Rs 221 crore. followed by Rs 124.88 crore default by units located in Jharkhand.

Karnataka and Andhra Pradesh stand fourth and fifth with defaults amounting to Rs 112.02 crore and Rs 105.04 crore, respectively followed by Uttar Pradesh with Rs 102.14 crore pending recovery.

More Stories on : Small Savings | Economic Offences

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Reforms will be continued, says Karnataka Minister

BHEL, OIL sign MoU for land rigs upgradation

Paswan proposes steel regulatory commission

Steel industry confused

ISA defends steel price hike

News channels scene hotting up in South

Australian agro processors keen to set up facilities

Property valuation: ICAI seeks scrapping of Section 50C of I-T Act

FLO signs MoU with Pak chamber

PF defaults go up 14 pc

`MNCs must customise products with local needs'