Employees Provident Fund Organisation (EPFO) writes to Finance Ministry
New Delhi: Concerned over its exposure to IL&FS bonds, the Employees Provident Fund Organisation (EPFO) has intimated the Ministries of Finance and Corporate Affairs and sought its help in protecting the retirement fund money of large numbers of people. “Letters have been written to the Finance Minister and also to Corporate Affairs,” Central Provident Fund Commissioner Sunil Barthwal said. However, he said the EPFO’s exposure in the debt-ridden company’s bonds is “very less” considering its total corpus.
“Till now there has been no default by IL&FS in paying our interest amount or any principal amount. Now we will have to see, what happens when our interest becomes due. That we are watching,” Barthwal said without divulging the amount of investment in the bonds. Sources inform that the EPFO has invested about Rs 570 crore in the IL&FS bonds. Though it is less than 0.1 per cent of the Rs 8 lakh crore assets under its management, thousands of crores of rupees have been invested by privately managed provident fund trusts. (IANS)
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