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Date: 02-Sep-2023 Category: Extra Ordinary State: Union Government Country: India

Amendment to SO No. 1433 (E) dated 29.05.2015

Issued by Ministry of Labour and Employment · Social Security I

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Executive Summary & Key Takeaways

What it means

  • The notification issued by the Ministry of Labour and Employment amends notification S.O. 1433(E) dated May 29, 2015, related to the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
  • The amendment modifies paragraph 4 of the original notification to include proceeds from the sale or redemption of investments in equities and related investments.

Key Changes

  • The amendment to notification S.O. 1433(E) now explicitly includes “sale or redemption of investment in equities and related investments” as part of the income considered under paragraph 4.
  • This change is effective retroactively from August 24, 2023.

Impact Analysis

Stakeholders: Provident Fund Organizations/Trusts

  • Action Items: Review existing investment policies to ensure alignment with this amendment. Update accounting systems to accurately track and report income from equity transactions. Communicate the changes to relevant staff and stakeholders.

Stakeholders: Employees/Beneficiaries

  • Action Items: No immediate action required. However, employees should be informed about the change and its potential impact on their PF accounts.

Stakeholders: Ministry of Labour and Employment

  • Action Items: Monitor the implementation of the amendment and address any queries or concerns from stakeholders. Ensure consistent application of the rule across all PF organizations.

Key Entities Referenced

Employees’ Provident Funds and Miscellaneous Provisions Act, 1952: The principal legislation governing employee provident funds in India. Section 17(3)(a) provides the central government with powers to issue notifications related to the Act. Ministry of Labour and Employment: The government ministry responsible for administering labor laws and regulations, including those related to employee provident funds. Notification S.O. 1433(E), dated 29th May, 2015: The original notification being amended, concerning employee provident funds. Notification S.O. 3035(E), dated 22nd September, 2016: Previous amendment to the principal notification. Notification S.O. 28(E), dated 4th January, 2021: Previous amendment to the principal notification. Notification S.O. 1709(E), dated 29th April, 2021: Previous amendment to the principal notification.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-02092023-248518 CG-DxLx-xEG-I0D2H0x9x2x0 23-248518 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 3731] नई दिल्ली, िजनिार, जसतम्ब र 2, 2023/भाद्र 11, 1945 No. 3731] NEW DELHI, SATURDAY, SEPTEMBER 2, 2023/BHADRA 11, 1945 श्रम और रोिगार मत्रं ालय अजधसचू ना नई दिल्ली, 1 जसतम्ब र, 2023 का.आ. 3892(अ).—केंद्रीय सरकार, कममचारी भजिष्य जनजध और प्रकीण म उपबंध अजधजनयम, 1952 (1952 का 19) की धारा 17 की उपधारा (3) के खंड (क) द्वारा प्रित्त िजियों का प्रयोग करत े हुए, भारत के रािपत्र, असाधारण, भाग 2, खंड 3, उपखंड (ii), तारीख 29 मई, 2015 म ें प्रकाजित भारत सरकार के श्रम और रोिगार मंत्रालय की अजधसूचना का.आ. स.ं 1433 (अ), तारीख 29 मई, 2015 का जनम्नजलजखत और संिोधन करती ह,ै अर्ामत् :- उि अजधसूचना के परै ा 4 म,ें “स े प्राप्त होन े िाली आय” िब्िों के पूिम “अर्िा इदिटी और संबंजधत जनिेिों म ें जिजनधान के जिक्रय या मोचन” िब्ि अतं :स्ट्र्ाजपत दकए िाएंग े और य े 24 अगस्ट्त, 2023 स े अंत:स्ट्र्ाजपत दकए गए समझ े िाएगं े । [फा. स.ं िी-20031/2/2022-एसएस-II] जिभा भल्ला संयक्ु त सजचि टटप्पण : मलू अजधसूचना, भारत के रािपत्र, असाधारण, भाग II, खंड 3, उपखंड (ii) म ें का.आ. स.ं 1433 (अ) तारीख 29 मई, 2015 द्वारा प्रकाजित की गई र्ी और तत्पश्चात,् का.आ. स.ं 3035(अ), तारीख 22 जसतंबर, 2016, का.आ.स.ं28(अ), तारीख 4 िनिरी, 2021 और का.आ. स.ं 1709(अ), तारीख 29 अप्रैल, 2021 द्वारा संिोजधत की गई । 5645 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 1st September, 2023 S.O. 3892(E).— In exercise of the powers conferred by clause (a) of sub-section (3) of section 17 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Labour and Employment number S.O.1433(E), dated the 29th May, 2015, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section(ii), namely:— In the said notification, in paragraph 4, after the words “Proceeds arising out of”, the words “sale or redemption of investment in equities and related investments,” shall be inserted and shall be deemed to have been inserted with effect from the 24th day of August, 2023. [F. No.G-20031/2/2022-SS-II] VIBHA BHALLA, Jt. Secy. Note: The principal notification was published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii) vide number S.O. 1433(E), dated the 29th May, 2015 and subsequently amended vide notification numbers S.O. 3035(E), dated the 22nd September, 2016, S.O. 28(E), dated the 4th January, 2021 and S.O. 1709 (E), dated the 29th April, 2021. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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