Business
Explained: EPFO overhauls withdrawal rules to boost transparency, ease access for 30 crore members
New Delhi, Oct 14: The Employees’ Provident Fund Organisation (EPFO) has restructured its partial withdrawal regulations, combining 13 distinct clauses into three main categories: Essential Needs, Housing Needs, and Special Circumstances. This change aims to make it easier to access provident fund savings.
For the nearly 30 crore members who collectively own a corpus of about Rs 30 lakh crore, the reform aims to make the withdrawal process quicker, simpler, and more transparent.
The revised framework, referred to as EPFO 3.0, has standardised withdrawal limits.
Depending on the goal, members can now access up to 100 per cent of their eligible provident fund balance, which includes employer and employee contributions. However, at least 25 per cent of the EPF balance needs to stay in the account in order to maintain a safety net for retirement.
This implies that members can keep the required balance while withdrawing up to 75 per cent of their total corpus.
Additionally, the new regulations standardise the requirements for services. In the past, there were specific requirements for each type of withdrawal, such as five years of service for housing purposes and seven years for marriage-related withdrawals.
All partial withdrawals are now subject to a single 12-month minimum service period, which streamlines the procedure and removes any ambiguity.
Members will no longer need to provide documentation of their withdrawals under the “Special Circumstances” category, which is a significant relaxation. In the past, withdrawals under this heading required proof of emergencies, such as natural disasters or job loss.
The new clause, which permits members to leave without giving a reason, is anticipated to reduce red tape and expedite approvals.
The EPFO has also increased the withdrawal limits for marriage and education-related withdrawals. Instead of the previous cap of three combined withdrawals, members can now make up to 10 withdrawals for education and five for marriage.
Stricter guidelines for final settlements are also introduced by the reforms, though. In contrast to the previous two-month eligibility window, members can now only apply for an early final settlement 12 months after quitting their job and for pension withdrawal 36 months later.
In the event of a job loss, the 25 per cent minimum balance requirement only applies to partial withdrawals; it does not apply to full settlements.
While it is anticipated that the simplified framework will increase efficiency and transparency, workers who are laid off or have experienced extended periods of unemployment may find it difficult to obtain their provident fund savings immediately during a time when they may need it most, due to the revised settlement timelines.
Business
Indian markets open higher amid positive global cues; PSU bank stocks lead

Mumbai, Oct 5: Indian equity benchmarks opened sharply higher on Monday, tracking gains across Asian markets after softer-than-expected US jobs data tempered expectations of an immediate Federal Reserve rate hike.
Nifty opened at 22,532.40, an increase of more than 100 points or 0.49 per cent.
Similarly, Sensex began the trading session up over 400 points or 0.6 per cent at 72,340.95.
Moreover, the broader market sentiment was positive with most sectoral indices trading in the green in early deals. Nifty PSU Bank, Nifty Media, and Nifty Metal gained up to 1 per cent.
Nifty Realty advanced 0.93 per cent, while Nifty Chemicals, Nifty FMCG and Nifty Oil & Gas gained between 0.8 per cent and 0.85 per cent.
Nifty Private Bank and Nifty Consumer Durables were also trading higher in morning trade. While Nifty IT, Nifty Auto and Nifty Pharma were seen flat.
On the other hand, healthcare stocks were only trading marginally lower as Nifty 500 Healthcare and Nifty Healthcare Index declined 0.07 per cent and 0.12 per cent, respectively.
Market experts said markets could see a near-term rebound after eight consecutive weeks of declines.
However, elevated crude oil prices, high US bond yields and continued foreign institutional investor selling remain key headwinds, they said.
“Valuations have turned attractive, particularly for large-caps,” the experts said and added that the market may be better placed to withstand the prevailing headwinds.
Positive September automobile sales data also point to continued resilience in the domestic economy, according to them.
The Reserve Bank of India is widely expected to raise its policy rate by 25 basis points on Wednesday with the move largely priced into the market, according to the experts.
Banks could benefit from the rate hike as higher floating lending rates may support margins, they added.
In addition, foreign institutional investors (FIIs) remained net sellers in the previous trading session with a net outflow of Rs 9,484 crore, while domestic institutional investors (DIIs) continued to provide support with net purchases of Rs 10,041 crore.
Additionally, crude oil prices eased with international benchmark Brent crude trading nearly 1 per cent lower at $101.27 a barrel.
Business
Piyush Goyal highlights India’s growing strengths as global hub for talent, innovation

New Delhi, Oct 3: Commerce and Industry Minister Piyush Goyal on Saturday said he highlighted India’s growing strengths as a global hub for talent, innovation and business services, and the potential for deeper India-US business partnerships.
During his US visit, the minister met several global leaders and CEOs.
“Met Greg Case, CEO of Aon, and discussed the company’s operations in India and the opportunities for further expansion,” Goyal posted on social media platform X.
He also met Paul Grewal, Chief Legal and Global Affairs Officer at Cognition, and exchanged views on leveraging Cognition’s pioneering AI solutions and deepening its presence in India.
“Highlighted how India’s rich engineering ecosystem and dynamic startup culture provide a strong launchpad for building and deploying next-generation technologies for the world,” said Goyal.
During an engaging interaction with the Institute of Chartered Accountants of India (ICAI) leadership and members from Chicago, Michigan, and Ohio Chapters, the minister discussed the expanding opportunities in the India-US economic partnership and “highlighted how India’s economic momentum, marked by record FDI inflows and strong GDP growth, reflects PM Narendra Modi’s vision of a confident, self-reliant and globally competitive India”.
“Chartered Accountants have a pivotal role in strengthening this partnership by helping businesses navigate cross-border taxation, regulatory compliance and financial governance, while making Indian enterprises investment-ready for global capital,” the minister noted.
Goyal also delivered the keynote address at the USIBC Roundtable in Chicago.
“Discussed venture investment, commercialisation, and corporate partnerships to help Indian and US startups scale across markets. Explored opportunities to deepen India–US innovation linkages and foster the next generation of high-growth enterprises,” Goyal said.
He met Juan Ricardo Luciano, Chair of the Board and CEO of Archer Daniels Midland (ADM).
They discussed avenues to expand ADM’s presence and investment opportunities in India.
“With our rapidly expanding food processing sector, modernising agricultural value chains, and massive consumer base, India offers tremendous potential for sustainable growth and long-term collaboration,” said Goyal.
Business
Dharavi Experience Centre will build trust among area residents: CM Fadnavis

Mumbai, Oct 2: Maharashtra Chief Minister Devendra Fadnavis on Friday said that the ‘Dharavi Experience Centre’ will not merely showcase blueprints of the redevelopment project but allow the area’s residents to directly experience their future homes, neighbourhoods, and workplaces.
In an interaction with the media, he stated that this initiative will help curb rumours, misconceptions, and incomplete information, creating an atmosphere of trust around the redevelopment.
CM Fadnavis inaugurated the state-of-the-art ‘Dharavi Experience Centre’, which offers physical and digital previews of the Dharavi Redevelopment Project plan, rehabilitated homes, industrial spaces, and upcoming social infrastructure, built near the BKC in the PMGP Colony’s H Block.
The event was attended by Adani Group Managing Director Pranav Adani, BMC Commissioner Ashwini Bhide, Mumbai Slum Rehabilitation Authority (SRA) CEO Dr Mahendra Kalyankar, Dharavi Redevelopment Project CEO and SRA Secretary Vipin Paliwal, Adani Navbharat Developers Private Ltd (the Special Purpose Vehicle executing the redevelopment project) CEO Anil Sardana, among others.
After inspecting the centre, Fadnavis said: “Dharavi is not just a slum; it is a major economic engine. A significant economy thrives here through Kumbharwada’s pottery industry, leather business, food processing, plastic recycling, and various micro, small, and medium enterprises. The redevelopment plan respects these industries and focuses on providing them with better, well-planned workspaces. This is an effort toward comprehensive urban transformation while preserving Dharavi’s existing social, cultural, and economic identity.”
He added that this serves as an ideal example of the urban transformation taking place across the country under the leadership of Prime Minister Narendra Modi.
The Chief Minister noted that the ‘Dharavi Experience Centre’ will provide real-time information to everyone on how the Dharavi redevelopment project will look, what Dharavi is today, and how its structure will evolve in the future. This centre will play a crucial role in addressing the questions and confusion among Dharavi residents regarding their future post-redevelopment. He expressed confidence that by offering information on homes, roads, open grounds, social amenities, and employment opportunities all under one roof, the centre will be valuable for citizens, stakeholders, and urban planning researchers across the country.
The Dharavi Experience Centre highlights the journey from Dharavi’s present to its future transformation through modern audio-visual and digital technology. During his visit, CM Fadnavis also launched a special song titled “Dharavi Ka Kal”, sung by renowned singer Shankar Mahadevan, portraying the changing face of Dharavi, and released the book “Mere Sapno Ki Dharavi”.
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