I will hold a separate press conference to give the details of big defaulters, Mr Verma told reporters here after the 162nd meeting of Central Board of Trustees of Employees Provident Fund Organisation (EPFO). The EPFO, which is saddled with default arrears amounting to Rs 1,200 crore, will also set up a directorate of recovery in addition to directorate of audit.
We have decided to establish directorate of recovery and directorate of audit and confidence validity for expediting the recovery of arrears, of which about 70 per cent were locked in litigation, the minister said.
The proposed directorate of recovery would maintain dossiers on large defaulters, apart from tracking delinquency and defaults.
Earlier, former chief vigilance commissioner N Vittal, who is now the chairman of Central Board of Trustees IT taskforce, had made public the names of tainted officials of public sector organisations.
The minister said those who defaulted on payments of over Rs 1 lakh would be exposed and no one would be spared.
Mr Verma further said that EPFO has entrusted Jamshedpur-based Xaviers Labour Relation Institute (XLRI) with the job of preparing a blueprint for its organisational redesigning. He said XLRI had been asked to submit the report within six months, following which the EPFO could take action in this regard so as to realign the organisational structure with business process re-engineering (BPR). The BPR, for which the board had sanctioned Rs 16 crore, would involve streamlining the organisation and networking the provident fund commissionerates.
The Board of Trustees also decided that the Industrial Finance Corporation of India would have to pay 10 per cent on the bonds issued by it for the next 10 years, starting from this year. IFCI chairman VP Singh welcomed the EPFOs decision for rollover of interest to 10 per cent from an average of 12-14 per cent, saying the move vindicated the corporations demand for its restructuring.