Top 20 high net worth individuals used PF accounts to park Rs 825 crore, govt says

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The top 20 high net worth individuals (HNIs) have a combined amount of Rs 825 crore in their provident fund (PF) accounts, as per government sources.

According to sources, 1.5 lakh subscribers which make up for less than 0.3 per cent of the 45 crore base, were contributing huge sums, running into crores into the PF account.

PF accounts, which give high tax-free returns and meant for workers, are was being misused by some HNIs.

Investigations have found that one HNI had a whopping Rs 103 crore in his account, followed by another who had Rs 86 crore.

Investigations also found that the top 20 HNI have a combined wealth of Rs 825 crore in their accounts, while top 100 HNIs parked Rs 2,000 crore in these accounts.

This comes amid criticism of the government over the proposed tax changes for those contributing over Rs 2.5 lakh annually towards the provident fund. Finance Ministry Nirmala Sitharaman, however, assured that the move would not affect a normal subscriber of EPF or General PF for government employees.

The Finance Minister also clarified that the move was to remove anomaly and fraud from the system and not to impact the saving of the common man.

She highlighted that the system was being rigged by certain individuals.


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