Withdrawal of epf amount
NAVEEN KUMAR
(Querist) 23 December 2014
This query is : Resolved
Dear Team,
I was employee of icici bank and i had worked there for 2 years and had left mu job six month before .
Due to medical emergency i have applied for withdrawal of my pf and eps balance as im unemployed right now .
The bank has credited the amount also after three weeks in my account , but instantaneously they have deduct it also in form of staff loan recovery from my account .
Please tell me that is it legal for any organisation to use my epf balance for any of there recovery .How can i get my amount back .Please guide.
Kumar Doab
(Expert) 23 December 2014
There are Supreme court of India judgments that lay down that even after retrial benefit reach the hands of employees these do not loose their character....
You may find another thread as relevant :
http://www.lawyersclubindia.com/forum/P-f-gratuity-90740.asp#.VJahooNAmo
You may show all docs on record to an able labor law consultant/service matters Lawyer and understand the merits and remedies and proceed further under expert advice of your lawyer
NAVEEN KUMAR
(Querist) 23 December 2014
Dear Sir,
Thanks for your valuable reply .So, is there still is any hope for me that i will get my money back from the bank . ??
The bank staff is saying that they have every right to use my Pf money as it dosen't belong to any govt. organisation .They are not ready to repay me back the Pf money.
A detailed solution of my problem is highly appreciated so that somehow i will get my money back
Kumar Doab
(Expert) 23 December 2014
Hope sustains life.
The lawyer that has examined the documents and inputs can advice you the best.
Surrender K Singal
(Expert) 24 December 2014
Bank haws in fact recovered from balance in your Account and not from EPFO; However, SC citation may be useful if you go through it to find your desired answer
NAVEEN KUMAR
(Querist) 24 December 2014
@ respected singal sir ,
sir, the concerned authority in bank has given this reply to me
"Kindly note that it is not like that PF amount got debited.
If account will be funded for any reason then the same will get debited against the recovery of pending dues (if employee has pending dues after leaving the organisation)"
as per the legal advisor i have filed a report in the nearby police station and will submit it to the PF commisioner soon.
Sir, if u can give any further advice i would be grateful to you .
Regards,
Kumar Doab
(Expert) 24 December 2014
Submit a fitting reply to the reply of the bank preferably thru your able lawyer.
Rajendra K Goyal
(Expert) 26 December 2014
Bank must have taken the agreement for lien of your PF balances while giving you the loan.
Even Bank mmust have credited the proceeds of EPF in your account and it has right to settle its loan from your account.
Kumar Doab
(Expert) 26 December 2014
You have already availed the services of a lawyer.
The lawyer that has examined your docs on record and inputs can advice you the best.
Labor Law/Service matters is altogether different field and in each city there are few lawyers/law firms that specialize in such matters and usually such matters are referred to them.
If the need be you may go for second opinion.
It is deemed that BANK AND BANKERS shall act in a manner that is just and right, fact is otherwise.................all banks and all bankers do not act in a manner that is just and right.
That is why Banks and Banker are responsible and are one of the biggest contributors to burden of litigation.
You are pitched against M/s ICICI Bank that as per various publications is known to act in a manner that is not just and right and has been penalized and punished by the lawful authorities and courts of law......for the transgression ........etc etc...
Your lawyer may opine and substantiate that
....... even after retrial benefit reach the hands of employees these do not loose their character.......and NO lien can be marked on PF funds......
Since you have decided to contest the action of the bank that was your employer too..................spend quality time with your able lawyer...
NAVEEN KUMAR
(Querist) 26 December 2014
@ Rajendra K goyal Sir thanks for your valuable time,
The bank has not taken any agreement from my side or any type of lien while giving me the loan .
Sir,I'm also a banker, if their is any such type of agreement or any type of lien from bank side then i must be having knowledge about it and in that case i would not have posted my problem on this page and asked for yr valuable time and support .
NAVEEN KUMAR
(Querist) 26 December 2014
@Kumar Doab Sir,
Thanks for your valuable time and advice.
i will definitely discuss all your helpful advices with my legal advisor
Regards,
Kumar Doab
(Expert) 26 December 2014
You may also disclose to your able legal adviser that did you instruct the bank to credit the PF funds in the a/c from which the debit was made?
NAVEEN KUMAR
(Querist) 26 December 2014
@ kumar doab sir,
Sir,i have applied for withdrawal of pf funds ,and i have mentioned the account no. in it as per process, from which the debit was made .
As earlier also i was doing regular transactions from this account and bank has not a single time made any deductions from it .
Sir,even i received my advance salary in this account only few months back and then also bank didn't made any type of deduction in it . Its just this time they have made the deduction without any knowledge of mine .
If earlier on i have any element of doubt in my mind then i might have not mentioned same account no. in the withdrawal form .
Kumar Doab
(Expert) 26 December 2014
Your lawyer may opine that:
--RBI had issued guidelines that Bank need to have explicit consent from customers that bank has the right to exercise right to lien and set off and incorporate it in its forms.............
Right now I do not have access to my Library and can provide the copy.
--was the bank's action to exercise lien/mar debit justified in the situation... or it was a transgression...and hence illegal
NAVEEN KUMAR
(Querist) 26 December 2014
@Kumar Doab Sir,
I'm very grateful to you if u provide me any such copy in next few days ,which will help me in legal fight against the bank debit.
Definitely, i will consult mt advisor also if he is having any such copy and knowledge about the same.
Regards,
Kumar Doab
(Expert) 27 December 2014
You may go thru the following and ask your legal adviser for further. Being a banker yourself you can find all relevant docs thru RBI or thru RTI.......
I won't have access to my library for quite long time.
http://www.rbi.org.in/commonman/english/scripts/Notification.aspx?Id=141
Guidelines on Fair Practices Code for Lenders
(iv) Post disbursement supervision
c. Lenders should release all securities on receiving payment of loan or realisation of loan subject to any legitimate right or lien for any other claim lenders may have against borrowers. If such right of set off is to be exercised, borrowers shall be given notice about the same with full particulars about the remaining claims and the documents under which lenders are entitled to retain the securities till the relevant claim is settled/paid.
Surrender K Singal
(Expert) 29 December 2014
KB has really done sufficient job for the querrist
