A major change has been made in the rules of EPFO. This change is related to partial withdrawal. EPFO has issued a circular giving this information on April 16.
EPFO has doubled the limit for withdrawal of money under para 68J of Form 31. Earlier this amount was Rs 50,000, now it has been increased to Rs 1 lakh. Form 31 of EPFO is the form related to partial withdrawal. It is used for premature withdrawal of money for various purposes. Different tasks have been put in different paragraphs. This includes tasks like marriage, building a house, buying a house and withdrawing money for treatment.
Para 68J of Form 31 is given to withdraw partial amount for the treatment of illness. Under this, earlier Rs 50,000 could be withdrawn but now this amount will increase to Rs 1 lakh. However, one thing to be remembered here is that the employee cannot withdraw 6 months’ basic and DA or the employee’s share including interest (whichever is less). This means that if you have Rs 1 lakh more in your PF above this amount, then only you will be able to claim it.
What has changed?
This limit has been increased under 68J. In this, the subscriber can prematurely withdraw Rs 1 lakh from his PF account for the treatment of himself or any member of his family. This was announced by issuing a circular on 16 April. If someone wants to take advantage of this, he can fill Form 31 and submit it. But Certificate C will have to be submitted along with this form, in which signatures of both the employee and the doctor will be required.
What is Form 31
As we told that Form 31 looks at partial withdrawal from PF for different purposes. It has many different clauses under which money is withdrawn for various purposes. For example, under Para 68B, money can be withdrawn to repay the loan in special cases. Under 68H, money is withdrawn for advance in special cases. You have already known about 68J. Similarly, 68BB, 68K, 68N and 68NN are used for everything from children’s education and marriage to withdrawing funds before retirement.
