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Sanjeev

Sanjeev Govila  | Answer  |Ask -

Financial Planner - Answered on Nov 15, 2023

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more
Samrat Question by Samrat on Nov 13, 2023Hindi
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Sir my pf amount transferred to my new company from old company. But not credited to my company. UAN is different. Please help

Ans: I would recommend the following steps if your PF amount has been transferred to your new company from your old company but has not been credited to your new company account:

• Check the status of your PF transfer. You can do this by logging into the EPFO website and checking your PF passbook. If you see that the transfer has been initiated but not completed, you can contact your old employer to find out why.

• Contact your new employer. They should be able to see the PF transfer request in their system and follow up with the EPFO to get it processed.

• Raise a grievance with the EPFO. You can do this online or by visiting your nearest EPFO office. Be sure to have your UAN, PF account number, and other relevant details handy.

• If your UAN is different from your old UAN, you will need to link them together. You can do this on the EPFO website.

• Once your PF transfer is complete, your new employer will start depositing your PF contributions into your new PF account.

• You can check the status of your PF contributions by logging into the EPFO website and checking your PF passbook.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Asked by Anonymous - Oct 31, 2023Hindi
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I had PF account under UAN number A1 in organisation A. I switched to organisation B and they created UAN B1. I raised transfer request from A1 to B1. Organisation A1 sent me annexure K saying pf is transferred. I then sent this to pf office saying plz send my amount to organisation B1. They say amount is transferred. B1 says they never received the amount. I raised this to pf department and now I am revolving between the two since 3 years. Now my UAN A1 shows no amount but UAN B1 does not show amount credited. How do I tackle this and get my money back?
Ans: Resolving PF Transfer Issues: A Step-by-Step Guide
Dealing with PF transfer issues can be frustrating, but with patience and persistence, we can work towards resolving the situation. Here’s a step-by-step guide to help you tackle this challenge effectively.

Assessing the Situation
Review Documentation

Verify all documents related to the PF transfer, including Annexure K and communication with both organizations and the PF office.
Check UAN Portal

Log in to the UAN portal to verify the status of both UAN A1 and UAN B1.
Contacting Concerned Parties
Organization A1

Reach out to organization A1 and request detailed information regarding the PF transfer status from their end.
Organization B1

Similarly, contact organization B1 and inquire about any updates or correspondence received regarding the PF transfer.
PF Office

Follow up with the PF office regarding the status of the transfer. Provide them with all relevant documents and communication details for their reference.
Escalating the Issue
Grievance Redressal Mechanism

If you encounter challenges in resolving the issue through regular channels, consider escalating the matter through the PF grievance redressal mechanism.
Online Grievance Portal

Lodge a formal complaint through the online grievance portal provided by the Employees' Provident Fund Organization (EPFO). Provide comprehensive details of the issue and attach relevant documents for reference.
Seeking Legal Assistance
Consulting Legal Experts

If the issue remains unresolved despite your efforts, consider seeking assistance from legal experts specializing in PF matters. They can provide valuable insights and guidance on further courses of action.
Legal Recourse

Explore the possibility of taking legal recourse to address the issue, especially if there are discrepancies or delays beyond reasonable timelines.
Maintaining Communication
Regular Follow-Ups

Maintain regular communication with all relevant parties involved in the PF transfer process. Follow up via email, phone calls, or in-person meetings to ensure continuous progress.
Documenting Communication

Keep detailed records of all communication exchanges, including dates, content, and outcomes. These records serve as crucial evidence in case of any disputes or escalations.
Ensuring Resolution
Persistence

Stay persistent and determined in your efforts to resolve the issue. Persistence often pays off when dealing with complex administrative processes.
Patience

While navigating through the resolution process, practice patience and remain optimistic about achieving a favorable outcome. These situations may take time to resolve, but perseverance is key.
Conclusion
Resolving PF transfer issues requires a systematic approach, effective communication, and perseverance. By following the steps outlined above and seeking appropriate assistance when needed, you can navigate through the challenges and eventually secure the transfer of your PF amount successfully.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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Asked by Anonymous - Nov 14, 2024Hindi
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Hello finance guru, I am 45 years old , with 2 kids. I live in a Tier-1 city with ~49 Crores of networth. This includes ~12 crores of investment in real estate (land and a flat at a prime location), ~34 crores in equity, ~1 Cr in Crypto and ~2 Cr in cash. I work in a pharmaceutical firm in an executive role and planning to retire in the next 1 year. My knowledge on finances is average and would like to seek your advise. I would like to generate ~2.5 lakhs per month for expenses from my savings and would like to double my networth in the next 7 years. Could you provide me help on the directions I can take to make this working?
Ans: Hello;

Deducting the real estate and crypto investments from your networth, we have 36 Cr.

You may invest 4 Cr each in 2 equity savings type mutual funds and 2 conservative hybrid debt oriented mutual funds.

If you do a 3% SWP from each of these funds you may expect a monthly payout of around 2.8 L (post-tax).

These funds generally yield 8-9% returns so they will continue to provide inflation adjusted income to you.(6% inflation rate considered)

Balance remains around 20 Cr, while 2 Cr may be retained as liquid fund for contingency requirement, the balance 18 Cr you may invest in combination of mutual funds, PMSs and AIFs.

As you enter retirement phase your focus should shift from "maximising returns" to "decent returns with moderate risk" since return of capital is more important than return on capital.

Happy Investing;
X: @mars_invest

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing.

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Insurance, Stocks, MF, PF Expert - Answered on Nov 17, 2024

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Dear Sir, I am 53 yrs. I want to retire @60 with a INR 2.00 Cr Corps. Currently I have following SIP Total SIP 30000/- PM Axis Bluechip Fund - Regular Plan - Growth HDFC Mid-Cap Opportunities Fund - Growth Plan Aditya Birla Sun Life Pure Value Fund - Growth Option Aditya Birla Sun Life Equity Advantage Fund - Regular Growth Sundaram Mid Cap Fund Regular Plan - Growth Bajaj Finserv Flexi Cap Fund -Regular Plan-Growth Franklin India Focused Equity Fund - Growth Plan Franklin India Smaller Companies Fund-Growth HDFC Top 100 Fund - Growth Option HDFC Multi Cap Fund - Growth Option I have MF Investment @ 26.00 Lakh Current Value is @ 52.00 Lakh. I have Savings of Rs. 10.00 Lakh, PPF Rs. 5.00 Lakh, Share investment Current Market Value around Rs. 20.00 Lakhs. I don't have any Loan. Insurance INR 1.50 Cr. up age of 70. Per month earning around Rs. 1.25 Lakh. I have a Investment in real estate which can give my INR 40.00 Lakh at current Market Price & Gold Investment of INR 20.00 Lakh which I think sufficient for my daughter Marriage. Current Monthly Expense INR 40-50 K. I am in a new tax regime, so discontinue my ELSS saving and PPF Saving. Suggest how i can increase my Corpus for retirement.
Ans: Hello;

You may top-up your monthly sip by 10% every year for 7 years. This will grow into a sum of around 0.51 Cr.

The MF corpus and direct equity holdings worth 0.72 Cr today will grow into a corpus of 1.59 Cr after 7 years.

Therefore you may achieve your intended corpus of 1.59+ 0.51=2.1 Cr, 7 years from now. A modest return of 12% is assumed from MF and direct equity holdings.

2-3 years before 60 you should start moving your gains from equity funds to liquid or ultra short duration debt funds to protect it against market volatility.

Also good health care insurance for yourself and your spouse.

RE property you may sell at a later date to boost your retirement income.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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