Change of rate of interest on GPF w.e.f 01-04-16 to 30-06-2016 for the F.Y2016-17 and action regarding GPF final settlement cases for the month of April & May 2016
To
All CFA Offices
All Br.A.O.s Offices
Sub: Change of rate of interest on GPF w.e.f 01-04-16 to 30-06-2016 for the F.Y 2016-17 and action regarding GPF final settlement cases for the month of April & May 2016.
Consequent upon the publication of GOI,MOF (Deptt. of Economics Affairs) New Delhi Resolution No-5(1)-B (PD)/2016 dated 2nd june 2016, which was forwarded vide HQr. Office letter No.FC/042/Vol-V dated 10-06-2016, it is intimated that, the rate of interest on GPF has been changed to 8.1% w.e.f 01-04-16 to 30-06-2016 for the F.Y.2016-17 (earlier it was 8.7%). It is also intimated that, GPF accumulation shall carry interest at the rate of 8.1% w.e.f. 1st July 2016 to 30th September,2016 vide GOI, MOF (Deptt. of Economics Affairs) New Delhi Resolution No-5 (1) -B (PD)/2016 dated 30th June 2016, which was forwarded vide Hqr. Office letter No.FC/042/Vol-V dated 21-07-2016. This is for your information, guidance and necessary action.
As there was no prior information regarding change of rate of interest on GPF accumulation in the month of April & May 2016, all Final settlement cases for above months have been passed at this end on due date with a rate of interest of 8.7%. Hence some excess payments have been made to subscribers. Details of the same are furnished in the annexure.
In view of the above, it is requested for taking up the matter with factory/formation concerned under your jurisdiction to recover the excess amount already paid to the officer concerned at the earliest under intimation to this office. Retirement/Final settlement cases finalised at your end may please be re-opened for recovery and settled accordingly.
Encl: As stated above.
Dy.Controller of Accounts (Fys)