EPFO's accounting needs transparency jab

The Employees’ Provident Fund Organisation’s (EPFO) trustees announced 8.5 per cent interest for 2020-21, well after more than 10 months had passed in the financial year. This rate, tax-free to boot, sounds too good to be true and stands in sharp contrast to the interest rate on long-term government securities (G-Secs) being at a record low during the year.   If newspaper reports are to be believed, this was mainly because equities bought in 2015-16 were sold at a good profit. A little digging into the EPFO’s latest available annual report for 2018-19 shows (on page 18.....

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