The updated procedure aims to reduce compliance hurdles for employers and make fund transfers more efficient for employees, particularly by addressing issues related to the filing of tax forms Form 15 CA and Form 15 CB, which have been a source of administrative challenges.
Under the revised guidelines:
- Payments to overseas bank accounts will be facilitated only for SSA countries.
- International workers can choose to receive their benefits in India, in their home country, or in a third country, in line with bilateral SSA provisions.
- Employers or competent institutions can verify foreign bank accounts via attested bank statements or passbooks.
The Regional Office in Delhi (North) will act as the nodal office for filing necessary tax documentation, and a dedicated Chartered Accountant will be engaged to ensure compliance.
Control registers for such payments will be maintained at regional offices and reconciled monthly with the nodal office.
The circular also reiterates existing instructions for settlement of provident fund and pension benefits on the date of leaving service for international workers.
EPFO has highlighted that these changes are designed to enhance “Ease of Doing Business” for employers while improving the “Ease of Living” for international employees, ensuring timely and compliant transfer of retirement benefits.
