Need money on critical Basis , Can I Withdraw from my EPF ?

POSTED BY ngowda ON March 22, 2014 8:15 am COMMENTS (2)

Myself Nagesh from Bangalore. I had worked in IBM Daksh Business Process Ser Pvt Ltd for 4 years 6 months and at present i am working in IBM India Pvt Ltd since Jan 2014. After 60 days of service, I had sent duly filled withdrawl PF form to withdraw my PF amount exists by the previous company and the company (IBM Daksh) is not approving OR attesting the signatures in the form.
They rejected the form and sent a letter stating, you will not provided option to withdraw your PF amount and you are supposed to transfer the PF amount to the existing new account number by new company.
As I am need of money on critical basis, i want my PF amount to be withdrawn. Please help me out and tell me is there a way to withdraw my PF amount.

2 replies on this article “Need money on critical Basis , Can I Withdraw from my EPF ?”

  1. Syamantak says:

    as per the rules, you are not allowed to withdraw your PF accumulation if you are working in any organization in India. Since you are in IBM india now, you must have to transfer your previous accumulation. You might have not stated the ‘truth’ while filling up the withdrawal form (form 19), where you had signed on this declaration :

    “In the case of submission of application for settlement under clause (S) of sub-paragraph (i) and in clause (b) of Sub paragraph (2) of paragraph 69 of the EPF Scheme,1952 the claim should be submitted after two months from the date of leaving
    service provided the member continues to remain un-employed in an estt. to which the Act applies ”

    Unless you make a false statement, you are not legally allowed to withdraw

  2. curiousraj says:

    Nagesh, First of all talk to the company why they are forcing you to transfer. If they have valid reason then take decision accordingly.
    One thing more, are you sure your new company has new epf account as both seems to be segment of IBM.

    Anyways, there is an option using which you can withdraw your money without signature of your previous employer. All you need to do is get signature of gazetted officer and specify why you have not provided signature of your previous employer. As you have already got a letter from them. you can provide the same and get your money.
    I think you have not read article written by Manish in this regard:
    https://www.jagoinvestor.com/2012/11/withdraw-your-epf-without-employer-signature.html

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