Q&A: A D Nagpal, EPF funds
Aditi Phadnis / New Delhi September 19, 2010, 0:27 IST
A D Nagpal, the man who uncovered ‘lost’ EPF funds, tells Aditi Phadnis how he made the discovery...
In the past, before interest rates fell so drastically, the EPF Organisation (EPFO) used to earn as much as 16 per cent interest on its contributions. But the rate of interest would almost invariably be 12 per cent. The Comptroller and Auditor General had also pointed out this discrepancy In other words, everything that EPFO would earn was not always distributed to its contributors. This was because the finance ministry would always demur and say: “Don’t give more than 12 per cent interest”.