Excelsior Correspondent
JAMMU, Oct 7: Government today accorded sanction to constitution of a committee to oversee the fulfillment of conditions imposed by the Central Provident Fund Organization to ensure a smooth and time bound transfer from J&K EPF to CPFO under the relevant Acts.
According to the order, the committee will comprise of Financial Commissioner, Finance Department as chairman, Labour Commissioner, J&K as member secretary and Administrative Secretary, Labour & Employment Department, Director General Budgets, Director Finance, Labour & Employment Department and FA/CAO EPFO as members of the committee.
The committee will supervise digitization, validation, reconciliation and updation of accounts of J&K EPF members upto a cut off date for digital migration to the Central EPFO System along with corpus equivalent to the transferred amount.
It will supervise completion of Annual Accounts (Balance Sheet) of JK EPF upto the date of transfer for finalization of assets and liabilities and submission of the same for audit to Auditor General of Jammu and Kashmir for issue of formal Audit Certificate. It will also do physical verification of assets of J&K EPF vis-à-vis book value shown in accounts as per Balance Sheet duly audited by CAG office.
The committee will supervise matching of transferred liabilities (mainly JK EPF members’ PF balances on the date of transfer) with the assets (mainly investments, on the date of transfer) available for transfer. It will also supervise Fund recouping by Government of J&K, in case of any shortfall of assets/funds against the JK EPF members’ liabilities, as on date of finalization of value of assets and liabilities.
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