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, EMPLOYEES'PROVIDENT FUND QRGA SATIONNEW DELHI

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84th Meeting of the

) FINANCE AND INVESTMENTCOMMITTEE

[CENTRAL BOARD OF TRUSTEES, EMPLOYEES' PROVIDENT FUND)

on

30th May, 2006 at 3.00 P.M.

VENUE: Conference Hall,3rd, Floor, EPFOHeadquarters,

Bhavishya Nidhi Bhawan,14, Bhikaiji Cama Place,

New Delhi - 110 066.

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CONTENTS ~

Description, I

litem INo. ii---1-~--1Confir~ati~~~f the Minutes of 83rd Meet-in"-g-O-f-+----"-------

1 II the Finance and Investment Committee held onI I 6-03-2006 at EPFO HO, New Delhi. II I Confirmation of the Minutes of 8~d Meeting ofI 1a. I the Finance and Investment Committee held oni I 03-12-2005 at SBI, Mumbai.

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Page No.

, II 2. I Statement showing the action taken on theI I recommendations of the committee. II 3. 1 Review of Investments inrespect of Provident II IFund, Pension Fund & EDLI Fund.

II 4. ',Gist of Auditors' Report on ~ortfolio I

"IManagement of CBT, EPF by S81 dunng theyear 2004-05. Il 5. lRevised Investment Pattern.

II 6. Default in payment of interest and principal onsecurities invested in Public Sector Units andState Government Securities by Exempted

1" Provident Fund Trusts.i

1-22

I 7. Any other item with the permission of the Chair.

22(a) -56

57-87

88-99

100-106

107

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Item No.1 Confirmation of the Minutes of 83rd Meeting of the Financeand Investment Committee held on 06-03-2006 at New Delhi.

Minutes of 83rd meeting of the Finance and Investment Committee were

circulated vide letter no.lnvest.1/1(83rd ) F&I Meetingl200512790S dated 29.03

2006. Copy of the minutes is enclosed Annexure-A ( Page No.1A to 10 ).

1 (a). Confirmation of the Minutes of 82nd Meeting of .the Finance andInvestment Committee held on 03-12-2005 at S81 Mumbai.

The minutes as placed before the committee were confirmed in the 83rd

Meeting.

In this regard, comments have been received from - Shri Allampali

Venkataram Member, F&I Committee (Employees' representative) vide letter No.

090/2006 dated 22.04.2006 {placed as Annexure-8 (Page No. 10 to 17)}.

Relevant abstracts from the minutes of 82nd Meeting of the Finance and

Investment Committee are placed as Annexure -C ( Page No.18 to 20).

1 - A

Annexure-A

DRAFT MINUTES OF 83""MEETING OF THE FINANCE AND INVESTMENT (F&I)COMMITTEE, CENTRAL BOARD OF TRUSTEES, EMPLOYEES PROVIDENTFUND, HELD IN THE CONFERENCE ROOM,3"" FLOOR, EPFO, HEAD OFFICE, ,

NEW DELHI AT 2.00 P.M. ON 06.03.2006

The 83rd meeting of the Finance and Investment Committee, Central Board ofTrustees, Employees' Provident Fund was held on 06th March, 2006 in the ConferenceRoom, 3rd floor, EPFO Head Office, New Delhi, at 2.00 P.M. The meeting was chairedby Smt. Rama Murali, Joint Secretary & Financial Advisor, Ministry of Labour andEmployment, Government of India.

(a) The following were present in the meeting.

1. Shri J.P. Pati Member, Joint Secretary, Ministry of Labour2. Shri W.R. Varada Rajan, Member, CBT (Employees' Representative)3. Shri A. Venkataram Member, CBT (Employees' Representative}4. Shri G. Sanjeeva Reddy Member, CBT (Employees' Representative)5. Shri J.P. Chowdhary Member, CBT (Employers' Representative)6. Shri Ram Tameja Member, CBT (Employers' Representative)7. Shri A. Viswanathan Central P.F. Commissioner,8. Shri KC. Pandey FA&CAO, Convener9. Shri M.L. Meena Add!. CPFC(Pension) (HQ)10. Shri V.P. Ramaiah RPFC (FA), EPFO (HQ)11. Shri C.M. Pillai DGM (PMS & CS), SBI12. Shri S. C. Goyal RPFC (Investment), EPFO (HQ)13. Smt. NidhiSingh APFC (Investment), EPFO (HQ)

(b) 5peciallnvitees

1. Shri Ram Mohan, Genera' Manager, SBI, Mumbai.2. Shri Sanjay Jain SBI - CAPS, SBI

At the outset, the Chairman welcomed the members of the Committee and otherparticipants of the meeting.

Item No.1: Confirmation of the Minutes of the 82nd Meeting of the Finance and. Investment Committee held on 03-12-2005at 581, Mumbai.

The minutes as placed before the Committee were confirmed.

Item No.2: Statement showing the actions taken on the recommendations of thecommittee.

The Committee noted the contents.

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ItemNo.3: Reviewof Investment in respect of Provident Fund/Pension Fundand EDLIFund.

The committee noted the contents.

Item No.4: RevisedInvestment Pattern

SBI General Manager Shri Ram Mohan attended the meeting alongwith DGM-

Treasury Department - Shri C.M. Pillai and a representative of SBI - CAPS. The

Chairperson welcomed SBI officials and invited them to present their views on the

subject. Shri C.M. Pillai introduced Shri Sanjay Jain from SBI-CAPS to highlight the

case for equity investments.

Shri Sanjay Jain made a presentation depicting Capital Market Overview,

present investment guidelines, expected returns and the gap between the expected and

the desired level of returns, the various types of risks associated with equities and the

ways to combat such risks.

Sh. C.M.Pillai referred to other aspects in the context of EPFO policies and

practices. He discussed the accounting treatment aspects related to equity valuation in

the statement of accounts and pointed the need to discuss issues relating to taxes.

Further, he presented the portfolio manager's proposal on the subject. He stated that

Rs. 100 Crores corpus may be set up for this purpose out of which Rs. 75 Crore may be

invested in equity and Rs. 25 Crore may be kept as fluctuation reserve. He emphasized

the need for marking the portfolio to market on a daily basis (keeping in tune with the

prudent practices prescribed for Banks/Insurances Cos.IMFs by the regulators).

Further it was stressed that the investment guidelines or norms prescribed by the ('

CBT for being followed by the Portfolio Manager while investing the trust funds, would

need to be reflective of the risks associated with the subject investment avenue and that

the norms would need to be constantly under review (atleast once a quarter or even

earlier) to keep aligned with market volatility. Further, he suggested that if the decision

was taken to commence investment in equities then they would furnish their views

separately for preparing the investment norms.

Finally, he touched upon the issues discussed and the issues missed out in the

presentations made by various experts during the workshop held on 22.2.06 .

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Shri W.R Varada Rajan commented that the views or comments furnished by

Portfolio Manager were not sufficient enough to satisfactorily address all the issues

raised in the workshop.

Keeping in view the concerns raised by the committee, Chairperson desired

S81 to furnish comprehensive comments on the issues addressed during the

workshop and keeping in view the corpus of EPFO, Rs. 100 Crores for investment in

equities or equity based Mutual Funds will not be sufficient for experiment basis even,

the S81 should come out with a fresh proposal.

The committee thus deferred any decision to review its previous

recommendations, till the final views were received from SBI.

Item No.5: Continuance of S81 as Portfolio Manager and Portfolio

management of EPF Money - Charges payable to 581 for the

year 2006-2007

The item was discussed before arrival of 581, officials.

Shri Ram Tarneja suggested that EPFO should definitely have more than one

portfolio manager. He suggested that atleast 3 fund managers may be engaged.

Further, he stressed that Asset Management Companies (AMCs) may be preferred

because they are specialized in the activity of managing the portfolio. Thus, within S81

also it would be better to go for S81 AMC rather than S81 per se.

Shri J.P. Chowdhary reiterated the need to introduce competition by engaging

multiple fund managers. He.second the opinion of Shri Ram Tarneja that at least 3 fund

managers may be engaged like, HDFC, LlC, UTI, etc. He said that eligibility criteria

could be drawn for inviting capable and efficient contenders. He insisted the need for

transparency in the matter of selection of the portfolio managers.

Chairperson elicited the opinion of the committee on whether to place the

proposal for appointment of multiple fund managers, before the CST.

Shri J.P. Chowdhary informed that the matter has already been adequately

discussed before CST and also agreed to by it.

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Shri W.R. Varada Rajan said that before taking a final decision on the subject,

it is desirable to discuss the administrative problems associated with it.

Shri Ram Tameja suggested that the committee could adopt the names of

lets say 5 distinguished contenders and seek presentations from them to decide about

the final players from amongst them.

CPFC opined that it is definitely better to have more than one manager. Equal

amount may then be distributed to them so that there could be comparable standards

to judge their performance. He however, expressed the need for some assistance to

measure the performance of C\ifferent fund managers. Further, he suggested that

.AMCs are a better option since they are specialized in the activity and are regulated

by SEBI.

Shri W.R. Varada Rajan suggested that it would be better to continue with SBI

during the year 2006-07, with regard to 2007-08, preparatory activities may be

initiated during the current year by creating separate specialized Investment as well as

Actuarial Cell in EPFO within next 3 months i.e. atleast by June 2006. Simultaneously

during this period Finance & Investment Committee may decide the criteria for

engaging other fund managers. Further, he stated that it would be difficult to engage

AMCs. And it would be better to hold Public Sector Banks or any other entity per se. '.responsible rather than AMes promoted by them. This is because the banks! other

.entities ' are under supervisory control of RBI and AMCs are under the control of

SEBI. And as compared between the two, RBI is a better regulator.

Shri G. Sanjeeva Reddy: He stated that not only banks but other Financial

Institutions like L1Cmay also be involved. Further, he suggested that it could be better to

keep cards in our hands by not straight away recommending for SBI to continue during· (

whole year of 2006-07. \

Shri Ram Tameja stated that he agreed with Shri W.R.Varada Rajan's

suggestion except that instead of allowing S81 for full one year of 2006-07, it would be

better to allow blanket continuance with them for only 6 months.

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Shri J.P. Chowdhary suggested to adopt 6 Month's deadline while keeping in

mind that one year's time may be consumed in meeting all the requirements.

Shri W.R Varada Rajan stated that we may advertise to invite fresh applicants

for 2007-00' and if valuable offers are received within 2006-07 then additional funds

raised thereafter could be handed over to new managers.

CPFC desired that SBI may be allowed to continue as one of the managers till

EPFO undergo learning curve to cope with issues relating multiple fund managers.

Shri Ram Tameja stated that creating an Investment Cell within EPFO is a good

idea and its better to decide on its further aspects.

CPFC informed that it is difficult to obtain any professional expert! banker on

deputation basis - for creating I developing our own investment cell - at the scales of pay

obtaining in EPFO, as past experience showed no bank officer was willing to come in

the middle level i.e., RPFC -II. He suggested that there are some employees of EP.FO, '

who have been trained in related fields and they may be further groomed to become part

of proposed Investment Celli Actuarial Cell.

Chairperson stated to pick these trained personnel and keep them under

gu~dance of outside experts to groom them. CPFC reiterated the problem in obtaining

services of inside experts owing to low pay scales existing in EPFO.

Shri W.R Varada Rajan suggested that SBI should not have the comfort of

continuing during 2006-07 and EPFO must reserve the right to introduce competition

mid-way also. Further, during 2007-08, when more then one manager is to be appointed

(considering a remote eventuality) then SBI may not be automatically re-appointed.

Further regarding Investment Cell, he suggested that to begin with, in-house talent may

be explored and utilized.

Chairperson desired that instead of engaging an institutional consultant, an

individual consultant may be engaged by CPFC to guide EPFO into the steps for going

for Multiple fund managers.

Finally, the committee decided to recommend continuance of 561, as

portfolio manager during 2006-07 while reserving the right to introduce

competition mid-way. Simultaneously, the Committee directed the Central

Provident Fund Commissioner to engage an individual consultant for assisting in

actions to be undertaken for adopting multiple fund managers including - drawing

the eligibility criteria for seeking fresh applications, tendering processes & final

selection, performance measurement of various managers and ultimately building

our own Investment and Actuarial Cells.

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Item NO.6: Recommendation of Rate of Interest to be credited to EPF

Members' accounts for the year 2006-07

Central Provident Fund Commissioner presented the item with reference to the

statutory requirement stated in Para 60 of the EPF Scheme 1952.

On going through the contents of the item, Chairperson stated that they had no

option but to accept the figures. stated therein and accordingly recommend the Rate of

lnterest to the CBT, EPF.

Shri G. Sanjeeva Reddy second the statement made by the chairperson.

Shri W.R.Varada Rajan suggested that without giving any recommendation on

the subject the facts may be placed before CBT to take a decision_

Shri J.P. Chowdhary stated that not recommending any rate of interest would

imply failing in our duty as a sub-commfttee.

Shri G. Sanjeeva Reddy stated it is not desirable to make it a political issue.

SRF has already been exhausted during previous years, in attempt to meet the populist

demand for rates higher than those sustainable out of the earnings of the fund. It was

totally unfair and now let us pay as much as we earn.

Shri A.Venkataram raised the issue that the figures presented before the

committee are not comprehensible. He pointed out that the figure of corpus as stated

in the agenda item was not commensurate with the corresponding figure given in last

year's Balance Sheet. It was clarified to him that the figure shown in the Balance

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Sheet was the cost price adjusted after amortisation whereas, the figure presented in

the agenda item was at face value. Further, he contended that the basis for

calculating the liabitities was not clear and it was overtly stated at much higher level.

He also pointed out that tt,e reserves built over previous years would be sufficient

enough to pay much higher rate of interest than that suggested in the agenda item.

CPFC referred to the previous decision of the Board to appoint two members of

the Board to decide the matter once and for all, Shri A. Venkataram had discussed

with Shri Mehrotra, an eminent Chartered Accountant and a CST Member. CPFC

informed that Shri Mehrotra had given his willingness to examine the matter. Thus, if

agreed to he may be requested to look into the issues raised by Sh. A. Venkataram

and sort out the matter in consultation with the Hon'ble member.

Chairperson desired that within one Month's time the two members may

examine and report the matter of discrepancy in accounts to the committee.

Shri G. Sanjeeva Reddy stated that the rate of interest should be based on

current year's income only and any reserve, if any, built out of previous years' earnings

should not be utilized for this purpose.

CPFC stated that it is in fact groping in dark by estimating before the beginning of

a-year, the income to be earned by the end of that year.

Shri Ram Tameja said it is not prudent to declare a rate higher than the earnings.

Thus, he re-iterated to recommend 8% as ROI for 2006-07.

Shri G. Sanjeeva Reddy suggested that an agenda may be prepared for CBT

proposing that instead of declaring interest rate in advance on the basis of estimates, it

may be declared at the end of the year on the basis of actuals.

Shri W.R.Varada Rajan second the suggestion of Shri Reddy. He further suggested that

for the claims settled during the currency of the year, the interest may be paid at the last

declared rate. It the rate declared for the current year happens to be less then the previous

year's declared rate, then it would accrue as bonus to the outgoing members and it shall be

incorporated into calculation for deriving the current year's rate of interest at the end of the year.

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He atso darified to the point raised by Sh. Reddy that there is nothing political about the

issue and it is only an economic issue. As trustees of the workers, it is our economic concern to

ensure that they get best return on their mandated savings. c

CPFC informed that the !tern regarding proposed change in the statutory

provisions contained in Para 60 of the EPF Scheme 1952 is already prepared and may be

modified as per current discussion and decision.

Regarding recommendation of the Rate of Interest for the year 2006-07,

Chairperson concluded as under:

The Committee noted the facts and figures presented before it and observed that in

the light of these facts, only 8% rate of interest was sustainable out of the income of the

fund during the subject year. The employers' representatives agreed to recommend 8% as

the rate of interest for the year 2006-07. However, the Employees' side wanted to place

their views before the CBT so that it could take a wider view of the economic

considerations associated with the mandated savings of the poor subscribers before

taking a final decision of recommending the rate of interest to the Govt of India.

Item' No.7: Default in payment of interest and principal on securities invested inPublic Sector Units and State Government Securities by ExemptedProvident Fund Trusts

The matter was deferred for discussion in the next F&I committee meeting.

The meeting ended with vote of thanks to the Chair.

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~l Allampalli Venkatram..! Prrdent, BM.S. - Karnatab Srare

MEMBER:Central Boord of Trusfees : Employee's Provident FundRegional Boord: E.SJ.c., KomotokaMinimwn Wages Advisory Boord, Komotoka

Ref. No. : 090/2006

=pe s','

"N/'Ie 'tuR~ - ~ .

BlIIIUlmA IIAIDOOB SINSB ~/Subedar Chatram Road, Bangalore - 560 0090: (0) 2811703 (R)3314433 .

Date: 22.04.2006

The Regional PF Commissioner (Invest).,Finance & Investment Committee ofEmployees Provident Fund Organisation,'Bhavishya Nidhi Bhavan',14, Bhikaji Cama Place,NEW DELHI 110 066,

BY SPEED POST

KIND ATTN : SRI. V.P. RAMAIAH - R.P,F.C.Dear Sir,

Sub : Draft Minutes of the 83rd Meeting of F & ICommittee.

Ref : Your letter No. Invest.I/1(83rd)F&IMeeting/2005/23965 dated 29th March 2006.

With reference to the above subject, the Draft Minutes werereceived by me recently. In that connection I would like the fo-llowing to be added in the Draft minutes :-

As Item No.1, Confirmation of the Minutes of 82nd Meetingof F&I held on 3.12.2005 at SBI, Mumbai, came for confirma-tion in Delhi Meeting, ~ submitted 5 page no~e STRONGLY PLEA-DING against PF Investment in Stock Market. Please see this

.~, •.:';-.:...~amendnent is incorporated in the Draft Minutes.

I have also requested to take thos~ 5 sheets of paper 0!2,re-cord for which the Chair person agreed that it would be trea-ted as part of the record. As an abundant caution once againI am enclosing one set of those 5 sheets of paper,'of coursewith one little correction that has been made in these papersrelating to date and place of Meeting.

Thanking you,/I

Ene1 As above.

1o

MEMBER:Central Boord of Trustees : Employee's Provident FundRegional £oord : E.S.I.t, KarnolakoMinimwn Wages Advisory Board, lCarnoloko

BBlBlftYA MAZDOORSUSHSubedar Chatram Road, Bangalore· 560 009e : (0)2871703 (R) 3314433 (

Allampalli Venkatram-eSiJc:lIC, B.M.S. - Kurmtzk» Srare

B3RD MEETING OF THE FINANCE AND INVESTMENTCOMMITTEE TO BE HELD ON 06.03.2006

With regard to confirmation of the Minutes of the 82nd Meeting of Financeand Investment Committee held on 3.12.2005 at S61, Mumbai, the ·undersignedwant the following to be put on record. The undersigned was unable to reach themeeting place intime inview of the delay in flight and the traffic jam which causeddelay and the meeting was almost completed.

01) Regarding Investment pattern by the Ministry of Finance, Notificationpermitting new avenues:-

Trading in investment upto 10% which works out to 361 Crores calling it~s "INVESTMENT TRADING RESERVE- should not be accepted.Likewise Investment in private sector banks also should be rejected.Further, any investment in Equities or Provident Fund entering the equitymarket should not be done, keeping in view the safety of PF. Many timesthe investment in equities had been discussed and it was. rejectedkeeping in view the safety of the Social Security Fund of EPFO.

02) People who advocate the investment of PF in the Share market in theguise of getting higher returns should note that Share market isspeculative in nature and it would hurt the workers interests, when themarket collapses. The deposits of thousands of persons in UTI wasmishandled by bureaucrats thereby it suffered a loss of more than 12,500Crores. The bureaucrats mishandling of more than 100 Crores inSiemens PF cannot be forgotten. We cannot forget that traditionallyProvident Funds have been perceived as a reliable and stable source ofIncome and investment for a rainy day and this fundamentalcharacteristic should not be changed which involves a great risk as that ofchanging horses in the midway stream.

03) One Journalist by name Sucheta Dalal, as long back as in January 99wrote in Indian Express that: .

"In India, fiduciary laws are virtually non-existent mainly because they arenot enforceable by PF contributors. The return of Jndian PFs in meagerand large chunks of it already invested in hare-brained social schemes orpublic sector while elephants. But, will it serve any purpose to give thegovernment control over employee savings to that it has yet anotherhandle with which to rig up the stock markets of support the

Further some details about United States of America debate overPresident (Mr. Clinton) intense proposal that 25% of Social Security Fundof 700 Billion dollars to be invested in Stock Market came. 2 mostpowerful regulations in the United States. namely Allen Green Span(Chairman of Federal Reserve) and Archur Levitt (Chairman of SecuritiesCoryvnission) bitterly opposed investing in the stock market. That apartattention has been drawn with regard to Unholly nexus between theBroker Banker and the Politician can do by way of kick-backs and pricerigging. .

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04) The various presentations that were made by HDFC Bank. MercerInvestment Consultation. Mr. U.K. Sinha. the CMD of UTI AMC PrivateUmited and an Actuarial view point on relevance of equities of Pensionand PF etc .• have never stated the actual return of the investment madeby them. Therefore they should not be accepted. One example that wasgiven by UTI stating that a Mine worker in Califomia reaping the benefitsof investment in Indian Securities and why not an Indian worker shouldnot reap similar benefits in India should be taken with a pinch of salt.Since the bitter experience of UTI in India which caused a loss of morethan 12.5000 Crores is green in memory even now. Hence the ProvidentFund or the Pension Funds should never be invested in Equities.

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05) It may not be out of place to mention here that recently i.e. 31st October2005. Bombay High Court has ordered to recover 30.000 Crores ofrupees from the properties of Late Shri. Harshad Mehta in the famous1991 Security Scam. That news cutting has been enclosed for readyreference. Even the President of CITU Sri. M.S. Pandhe has been onrecord to say that "it is suicidal to put PF money into Equities. That newsitem appearing in Economic' Times of 11th February 2005 is alsoenclosed. The article of Smt. Suchta Dalal. which appeared in IndianExpress of 31.1.1999 which goes under the heading of "GlobaHyPoliticians misuse Pension Fund" is also enclosed for ready reference.The statement of Hon. Secretary of MIDAS Touch Investors AssociationSri. Veerendra Jain. Advocating "not to invest in Equities" whichappeared in Economic Times 23rdApril 2004 is also enclosed.

ALLAMPALLI VENKA TARAM12.. MEMBER - CBT

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i~ invest in equity? j

It's suicidal to put PFmoney into equities i-,

PFCONfRIBUTIONSofemployeesshouldnotk treated at parwith other·deposits as they are long-term deposits towardssocialsecurity on which depends aworker's retired life.Every

government should thus assure good returns to PF contributions.The govemmentdeddes just how the PFmoIle.ygets invested, and I

the Board of'Irustees has little say.Almost 85°/~the fund is used bygovernment. Stilt~a recent government decision has again raisedreturns to 9.5%, after lowering them from l~oloto 8.50/0 •.

. AS"for the' offid.allYiliooted idea ()f lnv~g Pr: !deposlts.in theI .".".") •.••/.:::..; s~fuarketS'o'astO rliiSe renliilS','m'at would i·:::.0 F F be:'·~Culative in nature and would hurt_ workers if the market collapses. India's sea-

men, for instance, lost on their PF accountwhen, thanks to the bungling of bureaucrats,.they-lost Rs 100 crore on their PF account inshare markets; the .govemment has yet tomake good their loss. TUs do not want suchexperiments to be repeated.,

Even deposits.in UTIwere adVerselyaffec-ted as the money was mishandled by bureau-crats; the former PM's office was critidsed byMPs for its role in the scam. And, such mis-takes are likely to be repeated since.the sharemarket investments ofPFswill be handled bybureaucrats. Meanwhile, two parliamentary

_______ committees have critidsed the manipulationof the bourses,' but their recomrnendationsremain on paper.

. Insider-trading and the artificialboosting ofprices ofsome counters

. (followed by sudden falls)are daily occurrences. It would be suici-dal to put the PFmoney ofworkers into such speculative activities.That iswhy TUs.disapprove of the officialproposalto investwork-ers' savings in equity, Workers may even lose their savings thus,which would adversely affecttheir post-retirement life. ~

It would be better to accord PF organisations more powers todecide on investment. Workers' representatives should have theright to decidehow to augment returns on PFcontributions. But the.government doesn't giveany such power to the trustees even thoughit does not itselfcontribute finandally. The government should keeptreating PFdepositsas spedal, and ensure higher rates ofreturn.

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Globally. politlcianspension funds

It may be recalled thai when the prill1;II-Ymarket was bOom~ and the corporate sectorless dependent on government banks and'institutions, stalwarts such as the laic AdityaBirla had called for "privati sat ion of theprivate sector" and demanded that institutionsreduce their collective holding in the privatesector to 25 percent or less.

•mISUSe&Cheques

BalancesSUCH ETA DALAL

1_.,J!E Rs.200.OOO Crore corpus of IndianI'ensicn & Provident funds (PF) is today the

itfl': block of money potentially available fornv- ;; ',~nt in the Indian private sector. Mukesh'. II, ,;, points to this, and the-fact of low returns onIII!':!! runds and their pattern of investment in his"ppn on reforms in the financial sector and capitaluar kc ts submitted to the prime minister.

Significantly, Ambani only sticks to a narrationIf :;,( IS. He does not specifically recommend, what're .) ive committee has done, which is to say that PFnd I).;nsion funds should be invested in the capitalmr::\'t I would wager a bet, that the savvy Ambani'JS s opped short of being caught on a-specific'.~CI.'T, mendation because he is aware of the US debate

INDIAN EXI'HESS3110111999

The primary market cannot remain deadforever, Are industry association being veryshort term in seeking potentially moreinterference from government? While a highergovernment holding may be bad for companiesit could be worse for investors. Those lobbyingfor PF investment in stocks, talk selectivelyabout the 125 percent returns by Chileanpension funds (as compared to 2.3 in India)but rarely do they quote global experience ofgovernment using pension funds 10 make:politically motivated loans or support stockmarkets.

- Tho-MSNBC article says that"governments .from Malaysia to Swedenhave used or tried to use pensionfunds ti) support stock markets ormake politically motivated loans". Itsays that these funds have been usedto preserve local jobs, or make mora!statements by'dumping tobacco com-pany stock or jn one case, shares ofWalt Disney (for depicting violencein movies) 'Robert .Palacios, a WorldBank economlst is quoted .as saying

-ve resident Clinton's proposal that 25..o;;r."1' of social security funds (around $'()O :};Jlion) be invested in the stock marketour .i -her returns and the opposition to it.

Pensioners loseout each time ~when Mahathir inMalaysia usestheir funds tosupport the

falling market, orwhen Hong Konguses it to keep off

speculatorsthe "looking at experience around the worldwe haven't found any examples of a well -insulated peaslon - fund investment -management system". For instance MalaysianPrime Minister' Mallathir Mohammad badproposed to use the national pension systemof buy stock and support' the collapsing stockmarket in 1997. The find finally' never cameabout, but lending on concessional terms fromthe pension fu~ c~s has already led to abig drop in dividend payments, drawing angryand used public money last year to keep oil'speculators, _and the government. is now stuckwith huge holdings .in local companies. Evenwith strong fiduciary laws in the US, statepension funds have often 'been involved inpolitically motivated lending or socialinvestings. ~

So far the Indian PF Organisations,'av( r- .rrained investing even 10 percent ofine i icrernental deposits in private-omnanies that is allowed to them. Part of1 'lis ; Jue to pressure from trade unions ledIy 'il,,1 of Philips India w.bo want the\ ov-snment to get out of managing their"ti, ,:r .ent funds and tinkering with the

I turns.

-

If we agree that social security funds are a goodc «nparison with Indian PFs, then one cannot but paya .ent ion to the US debate on this. The two mostP' ,wcr/JI regulators in the US - Alan Greenspan,C iairman of the Federal Reserve and Arthur Levitt,C iainnan of the Securities Exchange Commission(~ I~Cl have both opposed it Greenspan has bluntlysilled that "l do not think it is politically feasible toil ;ul;'I( such huge funds from governmentald 'ce' .011": We in India have a good example of whatall ur.scrupulous brokers banker - politician nexus cand, b~ .vay of kickbacks and price rigging.

rile US debate raises other Important Issues. IIIth l:; 5 700 billion investment in the market\VI \lId eventually give the government control overappro.c.uu.rely four percent of US stocks says 1111ar .clc P isted on the MSNBC com site. This is at leaston- p.rrcent higher than the stock owned by Fidelityln.est.nents and Barclays Globillnves,ors, which arepr balll) the two largest fund managers in the world.

, n India too: PF funds, which are sought to beIn' ;:skd would give the government far greater;0 fro "ver private sector companies.

':ompanies which thrived under the license-pCI nil probably look forward to maipulating suchit S ua: ion of their advantage, but it is not always easy

The author's e-rnail :suchetada Ial@yahoo,com

. In India, .fiduciary laws are virtuallynon-existent mamly because they are notenforceable by PF contributors. Thereturn onIndian PFs is meagre and large chunks -of italready invested in' .hare - brained socialschemes or public sector white elephants, Butwill it serve any purpose to give thegovernment control over employee savinzs tothat it 11<15 yet another handle with \Vhi~h torig up the stock markets of support themegalomaniac ambitions of greedyindustrialists? -

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United States of America d be ate over President (Clinton)intense proposal that 25% of social security fund 700Billion Dollars = 700 Billion x 100 Crores = 70 000 C, .Tores,70,000 Crores x Rs.42/ - about 30,000 Lakhs Crores.

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Two most powerfull Regulatkns in the United States

Allen Greenspan(Chairman 01_ Federal Reserve)

Bitterly opposed forinvesting in StockMarketArchur Levitt

(ChaiJ'man of the Securities Commission)

Greenspan Bluntly stated that "1 Do not think that it isPolitically feasible to insulate such huge .fun4.s from the

Governmental Direction".

1) Those lobbying PF Investment in stocks, selectively talkabout 12.5% by Chilean Pension Funds.

2) MSNBC-ARTICLE: Governments from Malaysia to Sweden''t

use Pension funds to ,.support stock market.

3) Malaysian Prime Minisf~7 Mahathi Mohammad had proposed

to use National Penaion System to buy stock and support

collapsing stock marK~t in 1997. Lending on concessiorial

terms from the Pen~~on fund corpus led to a big dropin Dividend paymenfs.

4) Pensioners lose out e~ch time - when Mahathir in Malaysia

uses their funds ~ support the falling market, orwhen Hong Kong ured it to keep off speculators.

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· ety2vest In equi .....No. Equities entail the risk of losing capital

. ~F. ALLING interest rates and higher payouts than the income: earned have put pension funds in a Catch-22 situation.,The.' EPFOmanages a corpus ofoverRs 1,14,000 crore (besi<iesreg-.uating Rs40,000 crore ~ged by employers themselves in 2,600companies). It dedarerfa return of9S%'t'O its members last yearthough the likely income (consideringthe.marketrates) of its gov-ernment held securities may be only 5.5%1 'lb make up for the.$ortfallin.income,thq~~~~oUi~~.chidP.~~-"trneIitshQ'uldallowPFs t6~v.estmequ.mes.pu~v~~- ... • .' " " . tib&ilai1srislt"~ o~bp~}ttiiofft. .- 0 FF 'lbepresentsystemof~aDaf;ingPFsie~ves

much to be 4~d: administrative laxity tal-lowing thousands of coinpanies to escapewithout 4epositing the money in the PF ac-count), l:llghinanagement expenses, opaqueworkirig, poor service to members and low.real returns (bardlyhal! of what is earned bysimi1arfunds in other countties).

The primary objeaives ofPFs are to providesoda! securltyto citizens in time of unemploy-ment, old age and sickness. Desirability of any

~~ attempttoincreasetheretumsbycompromis-VlRENDRA JAIN ing on safety of the capital has to be viewed in

Honorary Secretary, thisperspective aswell. Due to a variety of rea-MITA· sons, tlie ~ social security net becomes

, . all the more important. More so, as the gov-ermnenrspendsless than 2% 9f GDPon social security measures.CounniessUchasiheU¢tedStatesSpendasmuchas40%.~the appetite and capacity for risk taking would.vary, largely on thebasis of age, the younger ones in may be more adventurous,

Traditionally, PFs have been perceived as a reliable and stable .source of income and investment for a rainy day. To change this .fundamental diaracteristie unilaterally mid-way or at the fag end,would not be fair to the employees. Abetter alternative may be thatinvestment in equities be allowed out ofmoney depositedinfuture'and - not from the existing corpus - the rnodalmes, frameworkand other regulations worked out beforehand and disdosed to the.participants/public for making an informed investment dedsion. .

(*Midas Touch InvestorsAssaciation)

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Annexure -C

Relevant abstracts from the minutes of 82nd F&JCom. (3.12.2005)

Item No.6 Revised Investment Pattern

The Chairperson requested 5hri CM. Pillai, DGM-Treasury Branch, 5B!,Mumbai to submit his presentation on the Revised Investment Pattern,notified by the Ministry of Finance, Government of India, on24.01.2005, and other changes desired in the Investment Guidelinesprescribed by the CBT,EPF.

The issuesdiscussed during the meeting can be categorized as under:

1) INVESTMENT.PATTERNISSUES

India

2) INVESTMENTNORMSISSUES

3) OTHERISSUES

To be recommended to Govt Of

To be recommended to CBT

Screen- basedTrading

1) INVESTMENTPATTERNISSUES

The Ministry of Financenotification permits the following newavenues:-

i. Investment in Gilt Mutual Fund, Equity Mutual Fundsand

Equities: The committee was not in favour of exercising

the option for such investments in view of the inherent

market risks.

ii. Trading in investments upto 10% of the portfolio in (i) &

(ii}(a): As suggested by the Portfolio Manager, the

acceptable norm of this Reserve is up to 10% of the

tradable portfolio. The tradable portfolio or EPFO in

respect of all the schemes is 10% of Rs.36092.S6 crores

as on 31.03.05, hence 10% is worked out to Rs.360.93

crores. The Reserve can be called as "Investment

Trading Reserve". To begin with the Trading Rs. 125

crores will be earmarked to this "Investment Trading

Reserve" out of the earnings of the respective funds in

the proportion of which the fund represents.

Hi. Though, Central Board of Trustees proposed Irecommended for investment in National Saving

Certificate & Post Office Term Deposit Receipt, Ministry of

Finance did not indude the proposal in the Revised

Investment Pattern dated 24.01.05. Finance &

Investment Committee of EPFOreiterated the proposal to

permit the investment in National Savings Certificate &

PostOffice Term Deport Receipt.

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Following needs to be incorporated in the RevisedPattern:-

iv. TOR'S with private sector banks (AAA rated) should be

permitted subject to a limit of 5% of the deposit base.

2) INVESTMENTNORMSISSUES

i. Norms for investments in dual - AAA rated PVT sector

banks will be the same as for PSU banks. The earlier

restrictions on proportion to issue size, maturity should

not be retained. However, such exposure would be within

the 10% permitted for corporate exposure, within the

overall minimum, 300/0 of investments stipulated in the

PSUBonds category.

ii. TDR exposure will not be counted while computing

exposure limits on any bank (presently TORs are with

PSUbanks only).

iii. The question of investing in MBS/ASSwas examined and

not found to be desirable at present..

iv. Although CBlO deployment may be authorized, in view of

doubtful! marginal benefits, the matter need not be

actively pursued. However, SBI was requested to pay

Savings Bank interest on the undeployed balances.

3) OTHERISSUES:SCREENBASEDTRADING

SBI requested that the Finance Ministry may be

approached to seek permission from RBI for participation

of EPFOPortfolio Manager in the Screen Based Trading

platform of RBI. It was confined to TDS and MFsonly till

the permission was granted to Insurance Companies

recently.

The DGM -Treasurv Branch, SBI Mumbai agreed for

providing copy of communication, State Bank of India

had with Reserve Bank of India. He also requested the

chairperson for intervention into the matter for quick

responsefrom ReserveBankof India.

The Chairperson agreed with the suggestion and

requested Shri CM. Pillai to give a note on that so that

further action could be taken at her end.

S6I requested that the FinanceMinistry be approached

to request RBI to permit participation for EPFOfunds in

the screen based RBI platform which is presently

confined to POstBanks/Mutual Funds/InsuranceCoso

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/.., Item No 2: - Statement showing the actions taken on the recommendations of the

Committee.

S.No Action Taken

1. Outstanding interest and maturity S81 has been _advised to invoke the Stateproceeds. Government Guarantee and explore the

possibilities of lodging FIRs against the Directors ofCommittee was informed that in case UP PICUP & UPSFC vide letter dt. 24.04.06of UP State PSUs, default has been (placed as Annexure -D Page No. 23 ).continuing since long time. It wasdecided that a letter from the In this regard a note was forwarded to theSecretary Labour may be issued to Secretary on 13.3.2006 and a letter from thePrincipal Secretary UP State Secretary Labour has been issued to ChiefGovernment. It was also decided that Secretary UP State Government vide letter dt.SBI should pursue the matter of 22.03.06 (copy placed as Annexure El24-30).invoking State Government guaranteeon priority basis.

Recommendations

2. Idle funds The requisite details in the form of fortnightlyIn accordance with the minutes of reports of idle funds for the period from 16.02.2006

the meeting of the representatives of to 31.03.2006 are placed as Annexure FI 31-56 ).the Central Board pf Trustees, EPFand SBI, in Mumbai on 30.5.2001,signed fortnightly reports in respect of However in no case, delay of more than 4 daysIdle Funds are required to be occurred for which the funds of CBT, EPF werefurnished in the agreed format by the lying idle and uninvested by SBI.S81 and the same need to be 'placedbefore the Finance & InvestmentCommittee.

The Committee noted the contentsand desired that the matter may betaken up with SBI to open SavingsBank Alc instead of Current Alc atSecurities Services Branch which isbeing permitted to EPFO in its fieldoffices viz. ROs/SROs/SAOs, etc.'

In this regard reminder has been issued vide letterdt. 21,04.06 but the reply is still awaited from S8/.

3. Actuarial Valuation of Staff Pensioncum Gratuity Fund.

The item was approved in 8200meeting of F& I Committee held on3.12.2005. The recommendations of

I,F&I Committee were approved by

i 174th CBT, meeting held on! ! 23.02.2006.I ! One of the recommendations was that'jl I the Actuarial Valuation of the pension

\cum gratuity fund may be carried out

. on bi-annual basis. Accordingly, nextL__Jactuariaf valuation is due by 31.03.06.

The matter is under active pursuance forappointment of actuary.

'~~~~-----=------~~-------.----------~~~~------------.S.No Recommendations Action Taken I

5.

While discussing the item on Rateof Interest for 2005-06 in 173rd CBTmeeting held on7.12.2005,Chairman desired to forma committee to look in-to the iaccounts of EPFO. The decision Iwas reiterated in the 83rd meeting of II

the F&I held on 6.3.2006 wherebychairperson, F&I Committee desired Ithat the committee may present itsreport within one month' s time. I

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Revised Investment guidelinesThe changes in the existingInvestment guidelines were discussedand recommended during the 82nd

meeting of F&I Committee held on3.12.2005. The same were approvedby CST,EPF in its 174thmeeting heldon 23.2.2006.

Further itwas recommended that: -

"TOR exposure will not be countedwhile computing exposure limitsbased on Net Worth on any bank(presently TORs are with PSU banksonly). In this regard SBI (PortfolioManager) may be requested todevise a suitable Exposure normwhich may not be based merely onthe Net worth of the Bank".

Revised Investment PatternThe item was placed before 8~ F&ICommittee meeting held on 3.12.2005and the committee gave itsrecommendations on the subject. Therecommendations of F&I Committeewere placed before the 174th CBTmeeting held on 23.2.2006. However,subsequent, to F&I Committeemeeting, in the presence of CBT, aworkshop was conducted by EPFO oninvestment pattern on 22.2.2006.Several experts made presentationsduring the workshop. After hearingthe different views of various experts,CST decided that the SBI may givetheir comments/remarks and presenttheir final opinions on the subject andbased on that F& I Committee mayreview its recommendations.

6. Constitution of a Committee to lookinto the Accounts of EPFO

S81 has been advised to follow the revisedguidelines vide letter dated 16.3.2006 and areminder was issued on 2.5.2006 regardingdrawing of suitable exposure norms.

SBI has been advised to furnished its comments.Reply is still awaited.

However, a separate item is also being placed atSINo. 5.

After receiving approval from the CompetentAuthority requisite Notification regardingconstitution of the Committee was issued on9.05.2006. Various meetings of the committeehave been convened since then and thedeliberations are going on.

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The itemwas placedbefore83rd F&ICommittee meeting held on06.03.2005andtherecommendationsof F&ICommitteewereplacedbeforethe 175th CST meeting held on28.3.2006.

S.No Recommendations Action Taken

7. Continuation of State Bank of India Thematteris underactivepursuance.as Portfolio Manager and Portfoliomanagement of EPF money-charges payable to S.B.I. for theyear 2006-07.

CBTapprovedthe sameas under:

The committee decided torecommendcontinuanceof SBI asportfolio managerduring2006-07wh~lereservingthe right tointroduce competition mid-way.Simultaneously, the Committeedirected the CentralProvidentFundCommissioner to engage anindividualconsultantfor assisting inactionsto beundertakenfor adoptingmultiple fund managersincluding-drawing the eligibility criteria forseekingfreshapplications,tenderingprocesses & final selection,perfonnance measurement ofvarious managers and ultimatelybuilding our own Investment andActuarialCells.

). I '\ -

--EMPLOYEES' PROVIDENT FUND ORGANISATION

,(ry1ini~. of Labour, Govt. of India)(Head Office)

Bhavishya Nidh14, Bhikaiji Cama Place,New Delhi - 1 'j0066.

Invest.L'I (;.2S)/UP PICiJP/20~S-

To

Date: 24.4.2006

2 4 APR 2006The Deputy General Manager,Secunties SerVice Branch (2ns Floor),fv1umbai Main Branch Building,fv1l1mbai Samachar Marg,Mumbai-400023

:!

Sub: Non- Receipt of periodic-al interest over due on 13.75% UPPICUP-2008 5(.3- Regarding.

Please refer to this office letter No.Invest.I1I(125)/UPPICUP/2004/S9935,10379 & 24199 dated 3.3.2005, 13.5.2005 and15.6.2005 respectiveiy on the above cited subject.

In this connecnon, it is :reiterated that all necessary steps maybe taken to effect recovery of the dues from the UP State Govt.Undertakings- M/5 UP~FC and Mis.:PI~Up. It is further advised toexplore the posslbllltles of loadlnq FIRs against the directors of uPPICUP & UPSFC.

YOUr~hfUIlY ,

(S.C. GOYAL)REGIONAL P.F. COMMISSIONER (INVESTMENT)

.• File No.LOVEES' PROVIDENT FUNQ ORGA;rN=I=S=-:A=-=TI=O~N:----

d. NEWDELHI

Default by UP PICUP & UP SFC the UP State Govt Public Sectorundertakings -in payment of periodical interest and repayment ofprincipal amount -Regarding.

1. It is informed that the CBT/EPF administers and manages the. Provident Fund money of the workers- as a custodian of their fund. The.money is invested as per the dirdons laid down by the Govt.of. Indiathrough a notification issued by Ministry of Labour and Employment,prescribing the pattern of investment to be followed by CaT EPF whileinvesting the trustees" fund. CST ,EPF invested funds in the Bonds issuedby the.·UP State Govt undertakings-namely Mis. Pradeshiya Industrial &Investment Corporation of U.P.Umited(UP-PICUP) and Mis. Uttar PradeshState Financial Corporation(UPSFC)." Tllese bonds are guaranteed by theU.P.Government . '.

2. However. there has teen continuous default by the saidestablishments in paying the periodical interest due on the investments andalso in repaying the principal amounts. The amount of Default had risen toRs.4.10 Crores and Rs. 0.37 Crores as on 31.05.05 in respect of MIs ..•UPSFC and Mis. PICUP ,r~vely as detailed in the Annexures. The··isSUe~WaS' also discussed 1n the art meeting of Finance. & InvestmentCQ.g.lmi1!le held on 03.12 .•05 and it was decided that alongwith other

, mi3sures-"-being adopted $imultaneously ·Secretary, Ministry of Labour-c&EmploYmer.lt could be reqpested to take up the matter with the Princi~1Secretary ,oNhe concerned-fState Government. It iS,thus, requesed that you

, may kindly take up the matter at your end.!I·;;l<j ;1··, c·!~:;r :. :..... .

··"/"'r·' ,... ~ . ,'. ·t,r'l: .: . .3. .....~The'.ma~~r ·g~s.peeq,.;~ntinuously placed befor~ the Finance &.Inves~ent Commritee"'ofl~BT",EPF. As per its direction, legal notices were (issu~·to all the con~fJled.~land the coocemed State Government. toinvo~e ttle Government ff~~~~~~q~,(~opiesare en~'oSed). . .

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4. A draft D.O. letter; addrEtss~ to the Principa, S~qretary. G~vt.' of.U.P .Is ~in9 -~ttemptea ~~hd·);n9.lo~h4~rewith.. .l . 1,!!~~, .'">:' --'.

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Encls:- As above

The·S·ecre~a( to the Governmbnt of I dia Mini of Labour & Em 10 men!!' .U.O'!N3:::~~~~;~.1/1(125)IUP-~UB 004pC' tI" Dated:03.03.2006·{

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, , You are kindly aware that Cenrral Board of Trustees,Employees ProvidentFund administers and manages the Provident Fund and pension money of theWQfkers- as a cu~~ian of their fund. Jhe monies are Invested as per the directionslaid down by the Govt.of India thr~h ~ notification issued by Ministry of Labour andEmployment, pr.escribing the pattem of! investment to be followed by CST EPF whileinvesting the trustees' fund ~rdingJy. Central Board 9f Trustees, Employees'Provident Fund irW~ed in UP ~P,B9nds, 2008 & UP UPFC Bonds, 2005 issuedby the U.P.State Govt. through its PortfOlio,Manager, State Bank of India, Mu~bai.These bond.s ar. guar:ante<i by the .U~P~Govt. , .: .. ; , ,~';~,,;; \'!:?.';~<i";·~~:(.~,':fL;-~4.~;:.-;~~~ ,~':: ..2. However, there has been continuous default by the said establishments inpaying the peiodical interest due on the invesbnents and also in repaying theprincipal amounts with effect from March, 2003 in PICUP and 29th January, 2004 inUPSFC in breach of contract. The amount of Default had risen to Rs.O.37 Croresand Rs.4.10 Crores in respect of Mis. PICUP and Mis. UPFC respectively as detailedin the Annexures. This has caused loss to the contributors and pensioners serviced'by EPF.

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. ~3. I shall be grateful. if you can, 'kindly take up the matter & issue appropriatedirection to:~e d~partment concemep; to release the outstanding interest along~"over due interest for delayed peiod~~nd .repayment of principal amount from theaforesaid institutions or consider for ~~ng guarantee given by UP Government. .

• ,.": .. ,,·l;',· , '" Yo . . • ' .4. . This wJ'I.en~aQp'! the credit Iflting of the Uttar Pradesh government and the '.other i~stituti~~e._bgnds are guar~nted ~y the U.P.Govt. . . .

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Yours faithfully I

(K.M. SAHNI)Sectretary MOL& Employment

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The Principal Sec(~t~ry " '~r ' . . '-'Govt. of Uttar Pradesh, . ". , ;.....U.P. Secretariat, Vidhan Sabha Bhavan,' ;VICU18nSabha Marg, I,LUCK NOW -226 001.

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interestinterest,

25 Rs.2,~2,427

Rs. 2.43.300

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10.10.2004 Rs.2.

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13.40%PICUP

2007

TOTAL

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I 30% part redemption due on 13.40% PICUP 2007 Rs.12.oo,ooo'L

'1lnle~est due on ~~ .pa~ rede~on ' amount (fr-om Rs. 31,720.... ~.

:' 21.Q3;~5 to 31.05.2005) .' . .: .. .,:..... . Rs.12.31.720..•.... ,

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Interest due but not received (up to 31/0512005) Rs.2,31 ,38,9"0. 96. ~,~. .• ~.

shoh Receipt of Interest (up to 31/0512005) Rs.1,40,44,911.10

Short interest on account of premature redemptionof 14% UPSFC Bonds 2005 .. ..,- !~~, Rs. 25,12,247.00

Interest due but not received (up to 06.06.2005)Rs. 14,00,000.00

Rs.4.10.96.099.06=----- -

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:~ "'~;l~"R-11013nioS/Ss..t1.Government of 'India

Ministry of Labour' c$ Employment

New Delhi, dated the March, 2006

'\..if\~Subject:- Default by UP Pleup & UP SFC the UP State Govt. Public .\

Sector undertakings - in.Rayment of periodical interest and \ ';!:\ (repayment of principal amount - Regarding. ~t. f'-\

. /. a I am directed to refer to your U.O. No.lnvest.1/1(125)1UP-\ ~ ) PICUP/2004/2066 dated 3-3-2006 on the subject mentioned above

• ~~J\, nd to say that Secretary{L~£:i:) :h~s\wr!!ten a 0.0. letter to the;0"\ Principal Secretary, Govt. of U.P.(ppy ~nclosed). Secretary(L&E)

,{. L.: has further directed ,o.~f,P19Jje\h~:i>'9sSibjliXi~ 9U9.dging FIRs against.. ( ) the Directors of UP PICUP & UPS'FC~·L .I.~, y. I

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The Central Provident Fund Commissioner,Employees Provident Fund Organisation,Bhavishya Nidhi ;:;he..,mli, -,14, Bhii<aji C&lTIa Place,New Delhi.

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You are, therefore, requested to take necessary action on these~o ~~ \ {.l, lines. and furnish your comments to. the Ministry on the issue." 7iatelY. .

~ J~. Yours faithfully,

~~(S.D. XAVIER)

Under Secretary to the Govt. of India

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. K. M. SAHt.f"·;····· : ._.,.I.A.S.,SECRETARY TO

Gr.)VERNMENT OF 'NOlA

,-.. ' MOST IMMEDIATE~

....,.

MINISTRY'~iA~R'~ EM~itYMEN'rSHRAM~HAKTI BHAVANNEW DELHI' 110001

BY SPEED POST~~mnm-~

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~ ~-110001TELl: 23 71 0265FAX; 23355679

E'MAIL : km.:illhni~'lik.ill.D.O.No.R-l1013/7/2005-SS.II March 22, 2006

ThiS"'j's regarding default by: M/s Pradeshiya Industrial & InvestmentCorporction of Uttar. Pradesh (~ .PICUPl and Uttar Pradesh State FinancialCcrporntton (UPSfC) in. payment- :'pf periodical interest and repayment ofprincipal amount to the Employees Provident Fund Organization (EPFO), anautonomous body under the Ministry of Labour & Employment.

"'J' , .2. This is .to inform you that the C~ntral Board of Trustees (Employees.Provident Fund) had invested in Utrf!ICUP Bo.nds 2008 & UPSFC Bonds 2005issued by. the U.P. Government t~gh. its Portfolio 'Manager , State Bank of~W: ~yrn~a.~: . ~hese b~nds ~r~ gunranteed by the State Government.

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• • • '\". ••• : -, '.. • ••••••.•• - '0' '- S .,', ~.r. .- .. .: ;. ';,..- ~ - - r ~ ...-=:.. . 1""-"_~:.3. The EPfO hcs reported that there has been continuous default by theabove two establishments in paying. the periodiccl interest due on the

, investments and, a1sp.: in. repayment of the principal amounts which were duefrom March, 2003 by UP PICUP and 29th January, 2004 in the case of UPSFC.The amount of default. hcs reached the level of Rs.0.3J crore and Rs.4.10 crorein respect of MIs uP PICUPar,d MIs .UPSFC respectively, as mentioned in theAnnexure.

4. This in turn has ,caused r'r~p9tul.'Joss to the workers who are members!.ofthe Provident Fund ~nd whose .mgriey has been invested in the two companiesmentioned above. The Central BQard of Trustees (Employees Provident Fund)at its rece~~ ig\eef.in~ und~r' t~~ .Chairmanship of Minister for Labour &Employment, has expressed conc~rn in this matter.

:-., - .:. , ~?

5. I shell, therefore, be Igrot~.~ul if you please girect the above mentionedUP Government. agencies tR+pay~~ outstanding interest, along with overdue

:,'im~er.~~!./.~~ the deklyed perio{·and:. rep?yment of principal. omou.nt to the. "~PFO, without onvfur rher delay. This Will enhance the credit rat~n~of the

Government of; .. ,. Pradesh 'qndthiabo'Je two agencies whose bonds qr'e:~guaronteed bYJ~~>¥: ·~te Gove~nm.ent~ '.

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Yours sincerely I

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Ene!: As above.

Shri R. Rcmcnl. ,~Chief SecretcryGovt. of Uttar. Pradesh

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'-.f, ~-o 2~~ {2j ANNEXU~E - F o

cq 1~d111~ ~ hT,q;I~~, ~w 'fCR,. ISi~If.T ~ Sf;. 12,,~ iIi(qf.~, ljiIt - 400 021.

56..6- D __ L of Indi Treasury DeparIrnent, Corporate Centre, State Bank Bhavan,'•• Hi DGIIIl . HI Post BoxNo. 12,.Madame Cama Road, Mumbal400 021

~Phone :+ (91) (22)2202 24261 Ext: 6304~/Fax: + (91){22)2204 5468

THE R£GIONAL PROVIDENT FUND COMMISSIONER "If. ~ I No.(INVESTMENTS)EMPLOYEES PROVIDENT FUND ORGANISATION .BHA VISHYA NIDm BHA VAN, 14, BHIKAJI CAMA PLAC~ I Date:NEW DELHI -110066

TRY/PMSl3G8~

08.03.2006

Dear Sir,

IDLE FUNDS STATEMENTS FOR THE PERIOD:16.02.2006 TO 28.02.2006

Please find enclosed herewith the captioned statement for information. Theaverage idle fund for the period was Rs. 5.99 crore. We subscribed to theprimary issue of the following Bonds during the above captioned fortnight.

S Security Subscription Allotmentno. amount(cr) received (cr)1 8.15% CANARA BANK 200.00 200.00

BONDS 2015

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for Deputy General Manager(PMS&CS) ~t;

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IEPFO ACCOUNT NO 5 I JIDLE FUND STATEMENT FOR THE PERIOD 16.02.2006 TO 28.02.06

DATE OPENING DAY'S INVESTMENTS MADE YTM AMOllN" VALUE CLOSINGBALANCE INFLOW 1%) I(RS.CR) DATE BALANCEI(RS.CR) I(RS. CR) [(AS. eR)

, ,

16102/06NIL 510.01 7.75% SBT FD FOR 15 DAYS 7.75 75.00 16/02/06MAT. 17107106

7.75% SBP FD FOR 146 DAYS 7.75 100.00 16/02/06MAT. 12107106

7.75% SSM FD FOR 148 DAYS 7.75 100.00 16102106MAT. 14107106

7.75% UBI FD FOR 144 DAYS 7.75 59.60 16102/06MAT. 10107106

7.75% AUA BK FD FOR 139 7.75 75.00 16102106DAYS MAT. 05107106

7.75% SBBJ FD FOR 137 DAYS 7.75 100.00 06/02/06".- MAT. 03107106

509.60 0.41

17/02/06 0.41 807.63 6.75% PNB FD FOR 19 DAYS 6.75 175.00 17I02I06 -~MAT 08I03I06

6.75% PN'B FD FOR 20 DAYS 6.75 100.00 17I02I06 .--MAT. 09I03J06

6.75% PNB FD FOR 21 DAYS 6.75 100.00 17I02I06 ~MAT. 10I03I06

7.80% CANARA BK FD FOR 151 7.80 100.00 17I02I06DAYS MAT. 18107106

.

7.80% SBP FDFOR 160 DAYS 7.80 82.70 17I02I06MAT. 27107106

7.80% SBH FD FOR 152 DAYS 7.80 100.00 :17I02I06of MAT. 19107106

7.80% SBH FD FOR 161DAYS 7.80 150.00 17I02I06MAT. 28107106

807.70 0.34

18102/06 0.34 30.52 [7.95% AUAHA. BK FD FOR 151 7.95 30.00 18/02106 0.86DAYS MAT. 19107106

19102/06 0.86 NIL SUNDAY 0.86

20I02I06 0.86 92.05 7.18% FCI BONDS 2010 8.00 5.10 21I02I06

'11.43".4GS2015 7.38 63.85 21102/06

12.30% GS 2016 7.40 6.83 21I02I06

11.83% GS 2014 7.31 66.00 21/02/06

11.83% GS 2014 7.31 33.00 21/02/06

11.83% GS 2014 7.31 6.60 21I02I06

6% SSP FD FOR 151 DAYS 8.00 82.00 2OI02J06

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MAT. 21/07106,~

8% SBT FD FOR 150 DAYS 8.00 10.90 20/02/06 :r,... E:MAT. 20/07106 !~\ -, ':" r

J (. . F

-) 7.38% GS 2015 7.34 5~.8521I02I06

326.13 Nil

21102106 fNll 556.56 11.43% GS 2015 7.38 25.54 22I02J06

11.43% GS2015 7.38 12.77 22I02J06

11.4SO.kGS 2015 7.38 12.77 22I06I05

12.30% GS 2016 7.41 6.83 22I02I06

~7% PNB ro FOR 20 DAYS 7.00 125.00 21102106 -MAT. 13103106

11.83% GS 2014 7.31 13.20 22I02I06

7% PNB ro FOR 21 DAYS 7.00 12$.00 21102106 ....--MAT. 14103106

7% PNB Fo FOR 23 DAYS 7.00 15Q.00 21102106MAT. 16I03I06

..

7% PNB ro FOR 24 DAYS 7.00 158.00 21102106 -I'""

MAT. 17I03I06

11.43% GS 2015 7.37 12.77 22/02J06

. 7% BOI ro FOR 24 DAYS 7.00 (i).40 21102106 ~ P-MAT. 17I03I06

to.47% GS 2015 7.35 12.05 22/02J06

7.61% M P SOL 2016 7.51 101.37 22/02J06

7.61% ARUN. PR SOL 2016 7.51 2.53 22/02J06

i?6l% SIKKIM SOL 2016 7.51 ~14 22I02I06

7.61% GWRAT SOL 2016 7.51 70~ 22I02J06,

831.45 NIL

22I02I06 NIL 465.20 10.79% GS 2015 7.37 12.54 23102106

7.18% FCI BOND 2010 8.00 10.21 23I02I06

7.77% BIHAR SOL 2015 1.50 Jt06 23I02I06

7.77% HARYANA SOL 2015 7.50 2.98 23I02I06

17.77% H P SDl2015 7.50 ~.26 23I02J06 .

7.77% M P SOL 2015 7.50 11.58 23I02I06

7.77% RAJASTHAN SOL 2015 7.50 ~36 23102106

7.77% W BSoL2015 7.50 5.54 23I02J06

7.77% JHARKHANo SOL 2015 7.50 4.54 23I02J06

7.77% MAHARSHTRA SOL 2015 7.50 7.78 23I02I06

7.77% KARNATAKA SOL 2015 7.50 2.39 23I02I06

~7.77% KERALA SOL 2015 7.50 2.60 23102106 I~rei..-'

7.77% TAMIL NAoU SOL 2015 7.50 0.55 23102106 ..•..\ ~~(,,~.

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7.61% M P SDl2016 7.51 31.83

7.61%GUJRAT SOL 2016 7.51 2.4£

7% PNB FD FOR 28 DAYSMAT

2~2I06lNIL '.)An ':t~1.46% GS 2017

587.34 iNIL

7.46% GS 2017

7.46%GS2017

7.400/0GS2035

(7.400/0~

8.35%GS2022

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1O.45%GS 2021

8.35%GS 2022

8.35%GS2022

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631.61 NIL

24102!OO NIL (Ji5 8.15! 40.00203.41 !'8.15% ("'AMADA~

11.83%GS 2014 (J~

7.60 10

7.61%_GUJRATSDL2016 7.60 24.54m.ll\?Jna

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~.~GS 2015 7.38 12.04I<!lJ02I06 T~ I~;_~..'v""'

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11.50% GS 2015 7.37 32.54 27I02I06__ 16

NIL

25I02I06 NIL NIL" 6.50% SSI FD FOR 13 DAYS 6.50 32.00 25I02I06 ~IL -~MAT. 10I03I06

"Inflow taken NIL for baiancilllQ purpose (actual inflow-Rs. 32.03 cr

26.102106NIL NIL SUNDAY NIL

27102106 NIL 150.56 6.75% PNB FD FOR 14 DAYS 6.75 100.00 27I02I06 -I--MAT. 13I03I06

6.75% SBM FD FOR 14 DAYS 6.75 50.50 27I02I06 -~MAT. 13I03I06,7.40"k GS 2035 25.12 28I02I06 -t'

175.62 NIL,

28102106NIL 524.00 7.70% TRIPURA SOL 2016 7.70 5.03 01I03I06

!7.70"k SIKKIM SOL 2016 7.70 15.66 01I03I06

7.70"k MAHARASHTRA SOL 2016 7.70 25.02 01I03I06

7.70"k UTTRANCHAL SOL 2016 7.70 25.02 01I03I06

7.67% PUNJAB SOL 2016 7.67 25.02 01I03I06

6.70% PNB FD FOR 9 DAYS 6.70 150.00 28102/06 -~MAT. 09103106

6.70% PNB FD FOR 14 DAYS 6.70 150.00 28I02I06 -••••MAT. 14I03I06 .

7.40% GS 2035 7.68 25.06 01I03I06

7.40% GS 2035 7.67 10.04 01I03I06

7.40% GS 2035 7.67 25.11 01I03I06

17.40"'"GS 2035 7~68 10.03 01I03I06

70.40"'"GS 2035 7.67 25.08 01I03I06

6.96% GOI OIL BONDS 2009 7.33 25.47 01I03I06

7.40% GS 2035 7.68 25.07 01I03I06

7.40% GS 2035- 7.68 25.07 01I03I06

7.40% GS 2035 7.68 25.07 01I03I06

7.40% GS 2035 7.68 25.07 01I03I06

10.25% GS 2021 7.52 25.42 01103106

7.40% GS 2035 7.68 25.08 01103106

7.40% GS 2035 7.68 25.07 01I03I06

10.25% GS 2021 7.52 25.42 01103106

~~7.40% GS 2035 7.67 30.13 01I03I06I~.:<'

7.40% GS 2035 7.67 25.11 01I03I06....,\, .,

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7.4O%G52035 7.67 25.11 0110:SI06

8;07% G5 2017 7.39 26.52 0110:iIOEi

856.45 I NIL

Balance less than 11akh is taken as NIL"Difference In Inflow and Outflow. on a particular day due to T+1 deals ISdeducted from next da~ Inflows

(e.g.-21102I06. 22102106. 23102106. 24I02I06. 27'102106.28I02I06) I

Average Idle Funds for the period 16.0~.2006 to 28.02.2006= Ra.OO.19c.r

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) oIEPFO ACCOUNT NO 11 I I

IDLE FUND STATEMENT FOR THE PERIOD 16.02.2006 TO 2L02.06DATE OPENLNG DAY'S INVESTMENTS MADE YTM AMOUNT VALUE CLOSING

BALANCI INFLOW l(%) ItRS.CR~ DATE BALANCE[(RS.CR) I(RS. CR RS.CH)

16I02I06 0.08 92.37 17.75% CAMARA BK FD FOR 141 7.75 77.00 1DAYS MAT. 07107106

17.75% UBI FD FOR 144 DAYS 7.75 15.40 ~~auoMAT. 10107106

92.40 0.05

17I02I06 0.05 115.58 7.80% INDIAN BK FD FOR 158 7.80 100.00 17(02106DAYS MAT. 25107106

7.80% SBP FD FOR 160 DAYS 7.80 15.60 17102106MAT. 27107106

115.60 0.03

18I02I06 0.03 22.91 [7.95% ALLAH.BK FD FOR 151 7.80 20.00 18I02I06 2.94DAYS MAT. 19107106

19I02I06 2.94 NIL SUNDAY 2.94

20I02I06 2.94 464.82 8% ALLA BK FD FOR 134 . 8.00 100.00 20102/06DAYS MAT. 04107106

8% SBM FD FOR 136 DAYS 8.00 100.00 20102/06MAT. 06107106

8% CANARABK FD FOR 141 8.00 50.00 20102/06DAYS MAT. 11107106

8% SBBJ FO FOR 143.DAYS 8.00 100.00 20I02I06MAT. 13107106

.8% UCO BK FO FOR 147 DAYS 8.00 100.00 ~MAT. 17107106

8% SBT FO FOR 150 DAYS 8.00 17.75 20I02I06MAT. 20107106

467.75 0.Q1

21102106 0.01 395.71 7% BOI FD FOR 27 DAYS 7.00 100.00 21I02I06MAT. 20103106

7% BOI FD FOR 28 DAYS 7.00 100.00 21/02106MAT. 21103106

7% BOI FD FOR 29 DAYS 7.00 100.00 21I02I06MAT. 22103106

7% BOI FD FOR 24 DAYS 7.00 95.50 21/02106MAT. 17I03I06

395.50 0.22

22102106 0.22 304.26 6.65% SBI FD FOR 12 DAYS 6.65 150.00 22I02I06MAT. 06103106

6.65% SBI FD FOR 13 DAYS 6.65 150.00 22I02I06MAT. 07103106

6.65% S81 FD FOR 14 DAYS 6.65 4.40 22102106MAT. 08103106

304.40 0.08

23102J06 0.08 146.90 7% S8M FD FOR 18 DAYS 7.00 100.00 23102106MAT. 13/03/06

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6.75% SBS FD FOR 7 DAYS 6.75 46.90 23102..00MAT. -02I03I06

148.90 0.08

24I02I06 0.08 170.99 8.15% CANARABANK BOND201 8.15 160.00 20W2J06

6.80% SBS FD FOR 13 DAYS 6.80 11.00 24I02I06MAT. 09103106

171.00 0.07

25I02I06 0.07 18.13 6.50".4 SBI FD FOR 13 DAYS 6.50 18.20 2M)2J06 NILMAT. 10I03I06

26I02I06 NIL NIL SUNDAY NIL

'Zl102J06 NIL 192.95 6~75% PNB FD FOR 11 DAYS 6.75 l00J)9 'Zl102J06MAT. 10103t06

6.75%PNB FO FOR 10 DAY5 6.75 43.45 'Zl/02J06MAT. 09I03I06

§.75% SSM FO FOR 14 DAYS 6.75 49.50 'Zl1OOJOOMAT. 13I03I06

192.95 NIL

28I02I06 NIL 97.20 1025%G52021 7.54 31.71 28I02I06 65.49

Balance less than 1 Iakh is taken as NIL

- Average Idle Funds for the period 16.02.2006 to 28.02.2006= Rs.05.53 cr

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EPFO ACCOUNT NO 25 IIDLE FUND STATEMENT FOR THE PERIOD 16.02.2006 TO 28.02.06

DATE OPENING DAY'S INVESTMENTS MADE YTM AMOU~ VALUE CLOSINGBALANCE INFLOW [(%) t(RS. CR DATE BALANCEi(RS.CR) !(RS. CR) I(RS. CR)

16102106 0.05 NIL NO TRANSACTIONS 0.05

17102106 0.05 1.70 :7.80",(,SSP FD FOR 160 DAYS 7.80 1.70 17102106 . 0.05MAT. 27107106

18I02I06 0.05 0.09 NO TRANSACTIONS 0.14

19I02I06 0.14 NIL SUNDAY 0.14

20102106 0.14 8.90 8% SBT FD FOR 150 DAYS 8.00 9.00 20102106 0.04MAT. 20107/06

21102106 0.04 2.33 7% 801 FD FOR 24 DAYS 7.00 2.30 21102106 0.07MAT. 17I03I06

22I02I06 0.07 11.83 6.65% SBI FD FOR 14 DAYS 6.65 11.70 22I02I06 0.20MAT. OaJ03lO6

23102106 0.20 36.03 6.75% SBS FD FOR 7 DAYS 6.75 36.20 23I02I06 0.03MAT. 02/03106

24102106 0.03 19.69 6.80"'" SBS FD FOR 13 DAYS 6.80 19.60 24I02I06 0.12MAT. 09/03106

25I02I06 0.12 1.54 6.50% SBI FD FOR 13 DAYS 6.50 1.50 25I02I06 0.16MAT. 10103106

26102106 0.16 NIL SUNDAY 0.16

27I02I06 0.16 0.53 6.75% PNB FD FOR 10 DAYS 6.75 0.55 27102J06 0;14MAT. 09J03I06

28102106 0.14 2.09 NO TRANSACTIONS 2.23

BaJanceless than 1 lakh is taken as NIL

Average Idle Funds for the period 16.02.2006 to 28.02.20()6.. Rs.OO.27cr

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~.'~(_J.)-.~, ~~, ~ 4lifi 'fiH,11>r~1fi. 12, ~~lUIt, ~ - 400021.TreasuIY Department. Cotporate en.. Slate Bank Shavan.

. Post Box No. 12, Madame CaIlIa Road; Mllnba/400 ~21~Phone : + (91) (22) 2202 24261 Ext.: 6304~/Fax: + (91){22) 2'204 5468

cql{ffl4 ~ ~

State Bank of India

THE REGIONAL PROVIDENT FUND COMMISSIONER ;;no ~ I No.(INVESTMENTS)EMPWYEESPROVIDENT FUND ORGANISATION .BRAVISHYA NIDHI BRA VAN, 14, BHIKAJI CAMAPLAr I Date:NEW DELHI - 110066

TRYIPMSl38~

21.03.2006

Dear Sir,

IDLE FUNDS STATEMENTS FOR THE PERIOD:01.03.2006 TO 15.03.2006

Please find enclosed herewith the captioned statement for information. Theaverage idle fund for the period was Rs. 22.76 crore. As, 0 Sec. marketturned favourable immediately after Budget announcements we made heavypurchases to the tune of Rs. 1695 crore during the I" week of March andcarried funds overnight on few occasions. We also subscribed to the primaryissue of the following Bonds during the above captioned fortnight...:

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S Security Date of Subscription Allotmentno. Subscription amount (cr) received (cr)1 8.15% STATE BANK 02.03.2006 200.00 200.00

OF SAURASHTRABONDS 2015

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IEPFO ACCOUNT NO 5 r IIDLE FUND STATEMENT FOR THE PERIOD 01.03.2006 TO 15.03.06"

DATE OPENING" DAY'S INVESTMENTS MADE YTM AM~N1 VALUE CLOSINGBALANce INFLOW {%} RS.CR) DATE BALANCE[(RS.CR) [(RS. CR) [(RS. CR)

01103106 NIL 265.42 7.40% GS 2035 7.70 25.01 02103/06

7.40% GS2035 7.70 25.01 02103106

8.35% GS 2022 7.57 16.46 02/03/06

8.35% GS 2022 7.57 5.49 02103/06

6;96% GOI OIL BONDS 2009 7.33 1529 02103106

6.96% GOI OIL BONOS 2009 7.33 25.48 02103106

6.96% GOI OIL BONOS 2009 7.33 25.48 02103106

7.67% PUNJAB SOL 2016 7.67 25.02 02I03I06

8.07% GS 2017 7.40 26.49 02103/06

8.70".4ALLA BK FO FOR 363 8.95 100.00 01103106DAYS MAT. 27102107

7.70".4 UTTRANCHAL SOL 2016 7.70 25.02 02lO3/(l6

7.70% MAHARASHTRA SOL 2016 7.70 25.02 02I03I06

339.77 NIL

02103106NIL 333.07 8.15% SSS BONDS 2015 8.15 200.00 02103106

12.40"/0GS 2013 7.29 " 19.42 03lQ3I06

7.27% GS 2013 7.28 9.99 03I03I06

7.27% GS 2013 7.28 24.99 03I03I06

7.27% GS 2013 7.29 9.99 03/03/06

7.27% GS 2013 729 9.99 03103/06

7.27% GS 2013 7.30 14.$8 03103/06

7.27% GS 2013 7.30 14.98 03/03/06

7.46% GS 2017 7.46 25.02 03/03106

7.67% PUNJAB SOL 2016 7.67 25.03 03/03/06

7.70"/0 UTTRANCHAL SOL 2016 7.70 25.03 03I03I06

7.70% MAHARSHTRA SOL 2016 7.70 16.86 03103/06

10.25% GS 2021 7.57 37.99 03103106

7.49% GS 2017 7.49 15.43 03l03I06

7.49% GS 2017 7.49 10.28 03/03/06

8.35% GS 2022 7.59 27.38 03/03/06

8.35% GS 2022 7.59 16.43 03/03/06i~

10.25% GS 2021 7.57 25.33 03103106 ~.'. \

4/

.... ,

8.35% GS 2022 7.59 21.90 03IQ3,I()6..

551.02 Nil

03103106 NIL 160:62 1.67% PUNJAB SDl2016 7.67 25.04 06103I()6

- ---- 7.70% UTIRANCHAl SDl2016 7.70 25.04 06103t06

-, 7.27% GS2013 7.30 24.913 t 06/03106.-

7.40% GS 2035 7.75 24.91 05/03106 ,I

6.96% GOI OIL BONOS 2009 7.38 25.47 06103106

7.40% GS2035 7.76 9.94 06103106

7.40% GS 2035 7.76 24.ot

7.40% GS 2035 7.76 9.94 t00J03I06

17.40%GS 2035 7.77 34.78 06I03I06

6.40% SSI FD FOR 13 DAYS 6.40 160.60 03103106MAT. 16/03106

7.40% GS 2035 1.77 34.79 06I03I06

7.40% GS 2035 7.77 24.85 06103106

7.40% GS 2035 7.77 9.94

7.40% GS 2035 7.77 24.85 06/03106

7.40% GS 2035 . 7.77 24.85 06103106

484.84 Nil'

04103106 NIL NIL NO TRANSACTIONS . Nil

05103106Nil Nil SUNDAY NIL

06/03106 Nil 37.27 8.35% ANDH BK FD FOR 45 DAYS 8.35 30.00 06I03I06MAT. 20104106

8.35% ANDH BK FO FOR 46 DAYS 8.35 7.20 06I03I06MAT. 21104106

37.20. 0.01

07/03106 0.07 312.21 8.50% CBI FD FOR 90 DAYS 8.50 78.00 07103/06MAT. 05.06.06

8.50% PNB FD FOR 84 DAYS 8.50 100.00 07103106MAT. 30.05.06

8.50% SBH.fO FOR 86 DAYS 8.50 1n1'IMMAT. 01106106

8.50"10SBS FD FOR 80 DAYS 8.50 34.00 07/03106MAT. 26105106

10.18% GS2026 7.65 32.75 08I03I06

10.18% GS 2026 7.65 1.3.10 08I03J06

10.18% GS 2026 7.65 13.11 08f03I06

10.18% GS 2026 7.66 13.09 08103106 ~.I

10.95% GS 2011 7.32 47.39 08/03106 \\

"•(

12% GS 2011 7.32 31.45 08I03I06

11~50%GS 2011 7.32 9.80 08I03I06

10.95% GS 2011 7.32 29.62 08I03I06

10.25% GS 2012 7.35 29.25 08103106

11.03% GS 2012 7.38 29.95 08103106

10.95% GS 2011 7.32 11.85 08l03I06

10.18% GS 2026 7.65 32.75 08103106

6.96% GOI Oil BONDS 2009 7.42 25.45 08I03I06

7.67% PUNJAB SOL 2016 7.67 25.05 08103106

7.70% UTTRANCHAl SOL 2016 7.70 25.05 08I03I06

10.18% GS 2026 7.65 32.75 08I03I06

714.41 Nil

08103106NIL 45.27 13.05% MAHAR. SOL 2007 7.40 16.61 09103106

6.96% GOI OIL BONDS 2009 7.44 25.44 09103106

6.96% GOI Oil BONDS 2009 7.44 5.09 09103106

10.25% GS 2012 7.35 29.26 09I03I06

7.67% PUNJAB SOL 2016 7.67 25.06 09I03I06

8.50% CANARA BK FD FOR 90 8.50 2.25 08I03I06DAYS MAT. 06I06I06

8;50% ses FD FOR 82 DAYS 8.50 43.00 08103106MAT. 29105106

.". 11.03"04 GS 2012 7.38 29.95 09103106

7.70% UTTRANCHAL SOL 2016 7.70 25.06 09103106

11.03% GS 2912 7.42 4.78 09I03I06

-- c' -- -206.50 NIL

09103106NIL 351.67 12.60% GS 2018 7.53 14.47 10103106

6.50% SBI FD FOR 8 DAYS 6.50 200.00 09103106MAT. 17/03106

'.', ..•6.50% PNB FD FOR 8 DAYS 6.50 52.6& 09103106MAT. 17103106

~6.50% PNB FD FOR 7 DAYS 6.50 99.()() 09103106MAT. 16103106

7.67% PUNJAB SOL 2016 7.67 25.06 10/03106

7.70% UTTRANCHAL SOL 2016 7.70 25.06 10103106

416.24 NIL

10/03106 NIL 272.21 8.55% CBI FD FOR 80 DAYS3 . 8.55 8O.OQ10103106 .:

MAT. 29105106 "

.-

t '. """.

8.55% PNB FD FOR 82 DAYS 8.55 80.00 10I03I06MAT. 31/05106

8.55% ALLAHABAD BK FD FOR 8.55 80.00 10/0310683 DAYS MAT~01I06I06

8.55% SBS FD FOR 90 DAYS 8.55 32.10 10I03I06MAT. 08106106

7.40% GS 2035 7.78 33.51 13/03106

8.30% MP SDL 2012 7.55 10.45 13103106

8.300/0BIHAR SOL 2012 7.55 6.27 13I03I06

8.30% JHARKHAND SOL 2012 7.55 5.23 13103J06

'8.30% MEGHALA YA SDL 2012 7.55 2.09 13/03106

8,30% NAGALAND SDL 2012 7.55 2.46 13103/06

8.30% ASSAM SOL 2012 7.55 2.09 13I03I06

8.30% ORISSA SDL 2012 7.55 5.23 13/03106

10.18% GS 2026 7.66 31.49 13/03106

10.18% GS 2026 7.66 31.49 13103/06

7.70% UTTRANCHAL SDL 2016 7.70 25.08 13103106

7.67% PUNJAB SDL 2016 7.67 25.oB 13/03106

12.50% BIHAR SOL 2008 7.40 17.55 13/03106

8.30% BIHAR SDL 2012 7.55 3.13 13/03106

12.50% RAJASTHAN SDL 2008 7.40 23.40 13103106

8.30% CHATTISGARH SDL 2012 7.55 1.04 13/03106

8.30% GWRAT SOL 2012 7.55 4.05 13103106

8.30% HP SDL 2012 7.55 2.09 13I03I06

8.30% JHARKHAND SDL 2012 7.55 1,04 13I03I06

504.87 NIL

11/03/06 NIL Nil' 8.55% BOI FD FOR 74 DAYS 8.55 30.00 11/03106MAT. 24105106

8.55% SBS FD FOR 75 DAYS 8.55 11.00 11/03106MAT. 25105106

41.00 NIL• Inflow taken as Nil for balancing purposes.

12/03/06 NIL NIL SUNDAY NIL

13/03/06 NIL 231.32 6.75% PNB FD FOR 7 DAYS 6.75 140.00 13/03/06MAT. 20/03/06

6.75% PNB FD FOR 8 DAYS 6.75 91.20 13/03/06MAT. 21/03/06

10.18% GS 2026 7.66 31.50 14/03/06El

7.67% PUNJAB SDL 2016 7.67 25.09 14/03/06 " ;,.

,~I

7.70% UTTRANCHAL SOL 2016 7.70 25.~ 14I03I06

11.03% GS 2012 7.38 26~ 14I03I06

11.03% GS 2012 7.36 26.40 14/03106

10.18% GS2026 7.66 31.50 14I03I06

9% GS2013 7.32 11.20 14I03I06

9.45% AP SOL 2011 7.55 ~.5~ 14103106

9.45% BIHAR SOL 2011 7.55 11.25 14103106

9.45% HARYANA SOL 2011 7.55 2.4$ 14103106

9.45% RAJASTHAN SOL 2011 7.55 6.75 14103106

9.45% M P SOL 2011 7.55 7.88 14103106

9.45% TAMILNAOU SOL 2011 7.55 1.61 14I03I06

9.45% GUJRAT SOL 2011 7.55 2~ 14I03I06,

9.45% ORISSA SOL 2011 7.55 11.2~ 14I03I06

9.45% SIKKIM SOL 2011 7.55 1.1~ 14I03I06j

[9.45% TRIPURA SOL 2011 7.55 16.~ 14I03I06

9.45% UTTRANCHAL SOL 2011 7.55 5.6;3 14I03I06

9.45% W B SOL 2011 7.55 2.5~ 14103106

10.25% GS 2021 7.61 12.65 14/03106,

10.45% GS 2018 7,52. 6.31414I03I06

499.3/0 NILI

14/03106 NIL 155.85 7.67% PUNJAB SOL 2016 7.67 25.1,0 16/03106I

6.40% SBI FO FOR 9 DAYS 6.40 19·1t2 14103106MAT. 23103106 !

I

6.40"10SBI FO FOR 10 DAYS 6.40 136.00 14I03I06MAT. 24103106

,,

II

12% BIHAR SOL 2011 7.55 12.f 3 16103106

12% HARYANA SOL 2011 7.55 1. 5 16I03I06

12% MP SOL 2011 7.55 8. rr 16103106

12% ORISSA SOL 2011 7.55 8.7] 16103/06,

6.35% GS 2020 .7.65 36.'2 16/03/06

10.03% GS 2019 7.59 30~2 16/03106!

9'.85% GS 2015 7.46 60.~3 16103106I

11.83% GS 2014 7.42 65.S1 16103106

4D4.t72 NILt,,"t

ll~

Balance less than 1 lakh is taken as NILDifference in Inflow and Outflow on a particular day due to T+1 deals is deducted from next days flows

I~ l(

t

('

Average Idle runds for the period 01.03.2006 to 15.03.2006= Rs.OO.01 cr..

\IEPFO ACCOUNT NO 11 I I ',1

IDLE FUND STATEMENT FOR THE PERIOD 01.03.2006 TO 15.03.06 - !

DATE OPENING DAY'S INVESTMENTS MADE YTM AMOUNT IVALU ~ CLOSINGBALANCI INFLOW %} I(RS. CR} DAn: BALANCERS.CR) RS.CR RS.CR)

01103106 65.49 61.28 NO TRANSACTIONS 126.77

02103106 126.77 104.45 10:95% GS 2011 7.28 11.86

7.15% IOC BONDS 2012 8.00 15.32 O~

7.95% PFC BONDS 2016 8.18 49.29

7.40% GS 2035 7.72 19.97

7.40% GS 2035 7.72 4.99

101.43 129.79

03103/06 129.79 161.47 6.40% SBI FD FOR 11 DAYS 6.40 200.00 03I03I06MAT. 14103106

6.40"10 SBI FD FOR 13 DAYS 6.40 25.40 03/03106MAT. 16I03I06

6.40"10 SBI FD FOR 14 DAYS 6.40 65.50MAT. 17I03I06

,

7.40"10GS 2035 7.77 24.85

7.40".4 GS 2035 7.77 4.97

8.07% GS 2017 7.44 15.86,

7.40".4 GS 2035 7.n 14.90

7.40".4 GS 2035 7.77 29.80

7.27"10as 2013 7.30 19.97

17.40"10GS 2035 7.77 24.83

. 7.40"10GS 2035 7.77 24.83

rr.95% GS 2032 7.77 15.33 06I03I06

466.24 NIL

04103106 NIL NIL NO TRANSACTIONS [NIL

05103106 NIL NIL ' SUNDAY NIL

06103106 NIL '2"4.88" 8.35% ANDH BK FD FOR 46 8.35 24.80DAYS MAT. 21I04I06 ,

[7.27% GS 2013 7.31 9.98 07 tr:J;3/06

. 7.27% GS2013 7.31 9.98 07103/06,

7.27% GS 2013 7.31 24.96 07I03I06

7.'2:7% GS 2013 7.31 24.96 07/Q3106

7.27% GS 2013 7.31 24.96 07/(j3/06

7.67"10 PUNJAB SOL 2016 7.67 25.05 07/03106

7.70% UTTRANCHAL SOL 2016 7.70 25.05 07103106

7.38% GS 2015 7.42 4.99 071f!)3106

11.03 GS 2012 7.37 11.98 07I03I06 -:11.83""- GS 2014 7.40 6.59 07700106 I

!

8.35% GS 2022 7.62 10.94 07I03I06 I

I

8.35% GS 2022 7.62 5.47 07I03I06 I. 17.27"-'>GS 2013 7.31 9.98 07I03I06

'17.27% GS 2013 7.31 9.98 07I03I06 i

9.85% GS 2015 7.46 12.00 07I03I06 :T

10.96"10GOI OIL BONOS 2009 7.42 25'.44 07I03I06,

6.96% GOI OIL BONOS 2009 7.42 25.45 07I03I06 I

6.96% GOI OIL BONOS 2009 7.42 25.45 07I03I06 i

318;01 NI~,

07103106 NIL 140.44 8.50% SBT FD FOR 87 DAYS 8.50 50.00 07I03I06 I

MAT. 01I06I06

8.50% SBP FD FOR 83 DAYS 8.50 75.00 07103106MAT. 29/05/06

8.50% SBS FD FOR 80 DAYS 8.50 15.40 I

MAT. 26105106140.40 I 0.04

08103106 0.04 197.87 8.50% PNB FD FOR 83 DAYS 8.50 50.00 08I03I06MAT. 30l05I06

8.50% SBP FD FOR 85 DAYS 8.50 50.00 08I03I06MAT. 01/06106

,

8.50% CBI FD FOR 90 DAYS 8.50 50.00 08l03I06MAT. 06I06I06

8.50% SBH FD FOR 84 DAYS 8.50 47.90 08I03I06 ;

MAT. 31105106197.90 0.01

09103106 0.01 301.33 6.50% SBI FD FOR 7 DAYS 6.50 200.00 09I03I06MAT. 16103106

6.50% PNB FD FOR 8 DAYS 6.50 1.30 09I03I06 ,

MAT. 17/03106

6.50% PNB FD FOR 7 DAYS 6.50 100.00 09103106MAT. 16103106 ,

301.30 0.04

10103106 0.04 350.13 8.55% SBM FD FOR 90 DAYS 8.55 85.00 10103106 I

MAT. 08I06l0!LI

8.55% 801 FD FOR 88 DAYS 8.55 100.00 10I03I06MAT. 06106/06

8.55% CANARA BK FD FOR 8.55 50.00 10l03I0689 DAYS MAT. 07106106

8.75% CANARA BK FD FOR 9.00 50.00 10I03I06 I

363 DAYS MAT. 08103107

8.55% SBS FD FOR 90 DAYS 8.55 65.10 10I03I06 I

MAT. 08106/06350.10 , 0.07

,

11/03106 0.07 86.49 8.55% SSS FD FOR 75 DAYS 8.55 6.50 11/03106

t~' \ (

(

(-

MAT. 25I05I06

8.55% eBI FD FOR 76 DAYS 8.55 ·30.00 111103106MAT.26/05tt)6

I

8.55% SBHFD FOR 73 DAYS 8.55 50.00 11I03I06MAT. 23I05I06

86.50 0.06

12103106 0.06 NIL SUNDAY 0.06

13103106 0.06 197.29 6.75% PNB FD FOR 8 DAYS 6.75 46.30 1~'VMMAT. 21I03I06 I

6.75% PNB FD FOR 11 DAYS 6.75 151.00 1;jIJ.};j/UfjMAT. 24I03I06 I

197.30 I 0.05I

14/03106 0.05 301.97 6.40""- SBI FD FOR 9 DAYS 6.40 77.00 1~MAT. 23103106 I

6.40% PNB FD FOR 7 DAYS 6.40 100.00 14lO3106MAT. 21/03106 I

6.40% PNB FD FOR 8 DAYS 6.40 125.00 14103106MAT.22lO3I06

302.00 0.02

15103106 0.02 NIL HOLIDAY (HOLl) 0.02;-

Balance less than 1 lakh is taken as NILDifference 10 Inflow and Outflow on a particular day due to T+1 deals ISdeducted from ne~ days Inflows

Average Idle Funds for the period 01.03.2006 to 15.03.2006= Rs.17.1!2 cr

IEPFO ACCOUNT NO 25 J IIDLE FUNDST ATEMEtIT FOR THE PERIOD 01.03.2006 TO 15.03.06

DATE OPENING DAY'S . INVESTMENTS MADE [YTM AMOUr. VALUE CLOSINGBALANCE INFLOW 1(%) I(RS. CR DATE BALANCERS.CR) {RS. CFt} [(RS. CRt

01/03106 2.23 19.02 NO TRANSACTIONS 21.25

02103106 21.25 40.57 NO TRANSACTIONS 61.82

03/03106 61.82 1.91 6.40% SBI FD FOR 14 DAYS 6.40 63.70 03103106 0.03MAT. 17/03/06

04/03106 0.03 0.18 NO TRANSACTIONS 0.21

05I03I06 0.21 NfL SUNDAY 0.21

06/03106 0.21 0.48 NO TRANSACTIONS 0.69

07103/06 0.69 1.54 8.50% SBSFD FOR 80 DAYS 8.50 2.20 07103/06 0.03MAT. 26/05106

08103/06 0.03 18.57 8.50% SBH FD FOR 84 DAYS 8.Ji.O 2.10 08103106MAT. 31105106

8.50"/0 CANARA BK FD FOR 8.50 16.45 0810310690 DAYS MAT. 06l.06I06

. 18.55 0.05

09I03I06 0.05 35.54 i6..50%PNB FD FOR 8 DAYS 6.50 35.55 09/03106 0.04MAT. 17103106

10103106 0.04 2.80 8.55% SBS FD FOR 90 DAYS 8.55 2.80 10103106 0.04MAT. 08/06106 I

I

11103106 0.04 3.16 8.55% SBS FD FOR 75 DAYS 8.55 3.20 111O~ NILMAT. 25105106

12103106NIL NIL SUNDAY NIL

13/03106 NIL 2.57 6.75% PNB FD FOR 8 DAYS 6.75 2.50 13/0~ 0.07MAT. 21103106

14103106 0.07 2.44 6.40% SBI FD FOR 9 DAYS 6.40 2.50 14103IQ§ 0.01MAT. 23103106

15103106 0.01 NIL . HOLIDAY (HOLl) 0.Q1

Balance less than 1 lakh is taken as NIL

Average Idle Funds for the period01.03.2006 to 15.03.2006= Rs.OO.S.63er

, '. t , \.~ .' , ';'_'i- ( /.).~,~~,~~1tCFf,~ ~ 1fi. 12, ~ Cifi)qr lIPT, ~ - 400 021.Treasury Department. Corporate eeiItre. State Bank Shavan.Post Box No. 12. Madame cama Road. Mumbai 400 021~Phone : + (91) (22)2202 24261 Ext.: 6304_/Fax: + (91)(22)2204 5468

THE REGIONAL PROVIDENT FUND COMMISSIONER . TRYIPMSlOSS-(INVESTMENTS) ~. ~ I No.EMPLOYEES PROVIDENT FUND ORGANISATION

~:~V~~~~1 ~:~::HA VAN, 14, BHIKAJI CAMAp~, I Date:

State Bank of India

11.04.2006

')

Dear Sir,

IDLE FUNDS STATEMENTS FOR THE PERIOD:16.03.2006 TO 31.03.2006

Please find enclosed herewith the captioned statement for information. Theaverage idle fund for the period was Rs, 70.78 crore, G Sec. market wasvolatile during this fortnight, hence, we carried funds overnight for makinginvestments in Government securities. We also subscribed to the primary issueof the following Bonds during the above captioned fortnight.

S Security Date of Subscription Allotment.no, Subscription amount (cr) received (cr)1 8.80% ICICI BANK 20.03.2006 2000.00 2000.00

BONDS 2016 TO, 24/03/062 8.60% HDFC BANK 27.03.2006 300.00 300.00

BONDS 20162 SDLAUCTION 27/03106 245.00 25.00

(VARIOUS (AUCTION-27103I06) (pAYOUT-

STATES) 2813106)

~~e regret late submission of report due to Bank's Strike.!~O~: ~"---p/'11 . YO~IIY. ~ V£,\"

for ~neral Manager(PMS&CS) Sl

I ' rr:r-(EPFO ACCOUNT NO 5

[IDLE FUND STATEMENT FOR THE PERIOD 16.03.2006 TO 31.03.06DATE OPENING DAY'S INVESTMENTS MADE VTM AMOUN1 VAlUE CLOSING

BALANCE INFLOW ,(%) RS.CR) DATE BALANC~I(RS.CR) I(AS. CR) I(RS. CR)

16103106 NIL 306.10 7.67%PUNJAB SOL 2016 7.67 44.48 17I03I06

8"10ALLAHABAD BK BONDS 2016 8.65 87.25 16103106

8"10ALLAHABAD BK BONDS 2016 8.65 72.71 16103106

5.69"10GS 2018 7.60 26.24 17I03I06

5.59"10GS 2016 7.49 25.90 17I03I06

11.83"10GS 2014 7.42 65.93 17I03I06

12"10BIHAR SOL 2011 7.55 12.54 17I03I06

11.50"10GS 2015 7.39 32.55 17I03I06

367.60 NIL

17103/06 fNlL 424.50 12.50% RAJASTHAN SOL 2008 7.40 52.73 20I03I06

12.15% A P SOL 2008 7.40 17.11 20I03I06

12.50% GOA SOL 2008 7.40 2.34 20/00lO6

6.40"10SBI FD FOR 10 DAYS 6.40 5.03 17I03I06MAT. 27103/06

6.40"/0 SBI FD FOR 11 DAYS 6.40 419.00 17I03I06MAT. 28/03/06

10.18% GS 2026 7.65 6.31 20I03I06

502.52 NIL

18I03I06 NIL NIL NO TRANSACTIONS Nil

19I03I06 Nil NIL SUNDAY Nil

20/03106 NIL 114.14 8.80"10ICICI BK BONDS 2016 8.80 114.05 20I03I06

8% AllAHABAD BK BONDS 2016 8.65 24.26 21/03106

138.31 Nil

21I03I06 NIL 323.82 8.80% ICICI BANK BONDS 2016 8.80 323.60 21I03I06 O.~

22/03/06 0.22 235.44 8% W B SOL 2012 7.55 10.23 23103106

8.30% ORISSA SOL 2012 7.55 10.47 23103106

8.80"10ICICI BANK BONDS 2016 8.80 235.65 22I03I06

8.30% MAHAR. SOL 2012 7.55 8.53 23I03I06

8.30"10KARNATAKA SOL 2012 7.55 10.46 23103106

8.30"10A P SOL 2012 7.55 8.19 23I03I06

8% KARNATAKA SOL 2012 7.55 1.53 23103106 ~..A ~NII'>. .

8"10A P SOL 2012 7.55 5.38 23/03106~7~~ ~~"\~ ~ 9'#"

~...•.

r:('

C·

(

(

(

(

(

(

(

(

\ .) I

I

9% GS2013 7.35 11.2() 23I03I06..

!

301.6 NIL

23103106NIL 177.77 6.25% GS 2016 7.54 22.1J" 24I03I06

6.25% GS 2016 7.53 22.8 24I03I06

6.25% GS 2018 7.52 22.8 24I03I06

11.SOOIOGS 2015 7.45 32.6 24103106I

11.50% GS 2015 7.46 32.5 24103106

8.60% !CICI BK BONDS 2016 6.60 177.5 23I03I06

9% GS 2013 7.35 22.4 24103106

333.715 NIL

24103106 NIL 31.57 NO TRANSACTIONS , 31.57

25103106 31.57 131.84 8.65% CANARA BK FD FOR 364 9.11 100·00 25103106 63.41DAYS MAT. 24103107 ,

,

26/03106 63.41 NIL SUNDAY I 63.41,

,

27/03106 63.41 96.70 a6O% HDFC BK BONDS 2016 8.60 100.00 27I03I06 . 60.11I

28103106 60.11 453.84 7.79% PUNJAB SOL 2016 7.79 25.01 28I03I06I

11.50% GS 2015 7.45 6.5;3 29I03I06

8.75% SBH FD FOR 90 DAYS 8.75 150.op 28I03I06MAT. 26I06I06

9% PNB FD FOR 44 DAYS 9.00 100.00 28I03I06MAT. 11I05I06 I

I

I

18.95%BOI FD FOR 45 DAYS 8.95 150.op 28I03I06MAT. 12105106 I

._.431.E1O 82.35

" •..-,

29103106 82.35 10.20 10.25% GS 2021 7.63 31.E[7 31I03I06

7.40% GS 2035 7.7fl 9.~ 31I03I06i

10.25% GS 2021 7.64 18.Q8 31103106

8.07% GS 2017 7.49 26048 31I03I06,

10.03% GS 2019 7.62 5.~ 31103106I

92.~6 0.19,

30/03/06 0.19 NIL HOLIDAY (GURI PADWA) 0.19

31/03106 0.19 -33.52 NO TRANSACTIONS 33.71.;

Balance less than 1 lakh is taken as NIL ,

Difference 10 Inflow and Outflow on a particular day due to T+1 deals ISdeducted from next days Inflows

Average Idle Funds for the period 16.03.2006 to 31.03.2006- Rs.20.95 cri

EPFO ACCOUNT NO 11 J IIDLE FUND STATEMENT FOR THE PERIOD 16.03.2006 TO 31.03.06

DATE OPENING DAY'S INVESTMENTS MADE YTM AMOUNT VALUE CLOSINGBAUNCI )NFlOW :(%) "RS.CR) DATE IBAlANCEI{RS.CR) !{RS. CR) . IUIS. CR)

16I03I06 0.02 533.61 NO TRANSACTIONS 533.63

17I03I06 533.63 246.51 5.59"k GS 2016 7.49 22.06 20I03I06

11.83% GS 2014 7.42 65.98 29/03'06

11.5O%GS 2015 7.46 32.58 2OI03t06

11.83% GS 2014 7.41 46.20 20I03I06

11.83% GS 2014 7.43 52.76 20I03I06

6.40".4 581 FD FOR 7 DAYS 6.40 500.00 17I03I06MAT. 24I03I06

6.40".4 SBI FD FOR 10 DAYS 6.40 280.10 17I03I06MAT. 27I03I06

999.68 NIL

18/03106 NIL NIL NO TRANSACTIONS NIL

19I03I06 NIL NIL SUNDAY NIL

2OI03t06 NIL 32.96 8.80% ICICI BANK 8C)NOS 2016 8.80 32.75 20I03I06 0.21

21103106 0.21 300.83 8.80% ICICI BANK BONDS 2016 8.80 301.00 21Al3106 0.04

22103'06 0.04 342.98 8.80% ICICI BANK BONOS 2016 8.80 343.01 22I03I06 0.01

23I03I06 0.Q1 162.05 8.80% ICICI BANK BONDS 2016 8.80 162.00 23IQ3I06 0.06

24103106 0.06 680.75 6.25% GS 2018 7.54 22.~ 27I03I06

6.25% GS 2018 7.53 22.89 27I03I06

6.25% GS 201"8 7.52 22.91 27I03I06

8.80% ICICI BANK BONDS 2016 8.80 299.00 24I03I06

9.25% PNB FD FOR 11 DAYS 9.25 100.00 24I03I06MAT. 04/04106

9,a5%-PNB so FOR 12 DAYS 9.25 10(M)O 24l00I06MAT. 05104106 !

9.25% PNB FD FOR 14 DAYS 9.25 100.00 24I03I06MAT. 07104106

667.68 13.13

25103106 13.13 338.74 8.75% SBP FD FOR 90 DAYS 8.75 200.00 25/03106MAT. 23106106

8.75% SBH FD FOR 89 DAYS 8.75 200.00 25103106MAT. 22106106

400.00 NIL

26103106 NIL NIL SUNDAY NIL .27/03106 NIL 264.42 8.60% HDFC BK BONDS 2016 8.60 200.00 27/03106 64.42

28103106 64.42 142.12 6.25% GS 2015 7.53 22.90 29/03106

11.50% GS 2015 7.45 32.65 29/03106

11.50% GS 2015 7.45 26.12 29/03106

( '\I

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8.75 100.00

NIL

8.75% SBS FD FOR 48 DAYSMAT. 15I05I06

8.75% SBP FD FOR 91 DAYSMAT. 27I06I06

8.75 100.00

29103106 [NIL 21.87 10.25% GS 2021

10.25% GS 2021

10.03% GS 2019

281.67

12.66 31~)31()67.63

7.63 6.33 31J)3I06

21.78

2.79 31~P3I06

0.09

7.62

30103106 0.09

31m3l06

0.09 NIL

0.09 53.54 8.35% GS 2022

10.25% GS 2021

HOLIDAY (GURI PADWA)

7.69

35.32

18.94rn~MIM7.68

Average Idle Funds for the period 16.03.2006 to 31.03.2006= Rs.39.31 cr

18.31

Balance less than 1 lakh is taken as NILDifference in Inflow and Outflow on a particular day due to T+1 deals is deducted from next days inflows

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EPFO ACCOUNT NO 25 IIDLE FUND STATEMENT FOR THE PERIOD 16.03.2006 TO 31.03.06 I

DATE t9'pENING DAY'S INVESTMENTS MADE YTM AMOUfl VALUe CLOSINGBALANCE INFLOW (%) I(RS. CF1DATE' BALANCEI(RS.CR) ,{RS. CR) (AS. CR)

16/03106 0.01 1.35 NO TRANSACTIONS 1.36

17/03106 1.36 117.06 6.40% SBI F FOR 10 DAYS 6.40 118.40 17103106 0.02MAT. 27/03106

i

18/03106 0.02 0.32 NO TRANSACTIONS i 0.34I

19/03106 0.34 NIL SUNDAY,

0.34

20/03106 0.34 0.89 8.80% ICICI BANK BONDS 2016 8.80 1.20 0.03,

21103106 0.03" 3.38 8.80% ICICI BANK BONDS 2016 8.80 3.~ 21J031()6 0.01

22103106 0.01 1.94 8.80% ICICI BANK BONDS 2016 8.80 1.95 NIL!

23103106 NIL 3.90 8.80% ICICI BANK BONDS 2016 8.80 3.50 0.40

24/03106 0.40 1.44 NO iRANSACTIONS . I 1.84,

25103106 1.84 9.54 NO TRANSACTIONS , 11.38

26103106 11.38 NIL SUNDAY 11.38,

27/03106 11.38 119.58 NO TRANSACTIONS : 130.96,

28/03106 130.96 1.52 8.75% SBM FD FOR 127 DAYS 8.75 125.00 28/03106 7.48MAT. 02108/06

29103/06 7.48 NIL 10.03% GS 2019 7.62 7.34 311OM>6 0.14,

30103106 0.14 NIL HOLIDAY lGURI-PARWA} , 0.14.I

31I03I06 0.14 1.44 NO TRANSACTIONS 1.58I

,.Balance less than 1 lakh is taken as NILDifference 10 Inflow and Outflow on a particular day due to T+1 deals ISdeducted from next d~ys Inflows

!

Average Idle Funds for the period 16.03.2006 to 31.03.2006= Rs.10.46 er,

-- - -----.----~-

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Item No. 3 A: Reviewof Investments in ~ of Provident Fund.

The details of inflows and outflows are as given below:-

Providentfund Investment ( Ale No.5) Duri~ 01-04-2005 to 31-03-2006

(Figures are in Rupees)

Source Amount AppIicG~ Amount

Opening Balcmcc 8.501.445.74 INVEsrMENT N.ADE 503.718.498.923.44

Fresh Accretions 45,578,347,704.71 Central Govt. 66,262,047,350.00

MATURITY 391,655.226,552.00 State Govt.lGuaronted 9,941,057,800.00

Treasury Bills 11,171,200,000.00 State Develop.Loons 27,092,016,373.44

Others 380,484,026,552.00 PSU / PSFI 400,423,377,400.00

INTEREST 68,961,648.937.19 Treasury Bills -Central Govt. 10,382,725,092.00 A~lnteIat

1.719,549,593.08

State Govt./Guaranted 464,958,922.90 Transfer to Main Sr.420,000,000.00

State Develop.Loons 6,359,063,032.60 SI>S Deposit

PSU / PSFI 10,047,392,548.60 Income Tax Deducted1,046,166.00

S()S INTEREST 41,707,509,341.09 BANKCHARGES 13,086,386.00

Refund of Income Tax937,693.00 Transaction Fees 6,618,408.00

Incentiws 3,417,534.00 Income Collection 5,256,714.00

Refund of AppI. Money Service Tax 1,211,264.00

Refund of Bank Charges - Misc. Charges263,666.50

Other receipts 1,476,601.00 CutTent Account .337,111,732.62

Total 506,209 ,556,467.64 506,209,556,467.64

Details of investment during the period from 01-01 •..2006 to 31-03-2006 are placeas Annexure- (;1 Page No.M-76).

S7

INVESTMENT CORPUS- VNEXEMPTED SECTqR

A. PROVIDENTFUNDINVESTMENTS(All f;gu-es in a-cres of Rupees)

S.N. As on 00 31.03.02 31.03.03 31.03.04 , 31.03.05 31-.03.2006"

1Central Govt.

4,374.12 4,997.00 6,013.31 9.188.77 13567.16Securities

2(0) State Govt. 2,456.65 2,964.32 5,419.75, 6,918.46 8915.75

Govt.(b) Guaranteed 730.46 626.49 533.58 385.77 1345.06

SecuritiesSpecial

3 Deposit 47,441.14 51,851.28 51,954.77 , 52,096.15 52167.06SchemeIPublic Sector

4 Financial 4,986.07 4,974.64 7,317.19 11.175.33 14443.33Institutions

Total 59,988.44 65,413.73 71.838.60 79,764.48 90.438.36

(~

Item No. 3 8: Review of Investment in ~ of Pension Fund.The details of inflows and outflo~ are as follows:-

PensionFund Investment (Ale No.1ll During01-04-2005 to 31-03-2006(\

(Figures are in Rupees)

(

(

Source Amount Application Amount

Opening Balance19.638.467.75 INVESTMENT MADE 369.043.468.300.58

Fresh Accretions33.696.974.000.00

Central Govt. 34,540,978,100.00

MATURITY 300.783 .547.667.00State Govt.lGuaranted 12.076.937.840.00

Treosury Bills 9,531,450,000.00 State Develop.Loans 21,669,580,306.58

Others 291.252,097,667.00 PSU / PSFI 300.755.972.054.00

INTEREST 35.949.613.914.39Treasury Bills -

Central Govt.14.251.297.967.75

AccnJed Interest860.044,648.90

State Govt.lGuaranted468.706.996.76 Transfer to MainBr: 8

State Develop.Loans 7,121,334,769.10 SDS Tr. In (Contra) -PSU / PSFI 12,987.988.984.64

lnc:oInc Tax Deducted2.846.694.00

SDS Interest 1.120,285.196.14 BANKCHARGeS 11.826.577.00

Refund of Income Tax1,296,764.00 Transaction Fees 4,002,645.~ U

Incentives3.425.424.00

Income Collection 6,73l.121.00~ QRefund of AppI. Money - Service Tax 1,092.811.00(: &Refund of Bank Mise. O\orgesCharges 20.000.00 -

Other receipts(SDS Current AccountTr. In Contra) 35,135.50 536,365,152.16

Total 370,454,551.372.64 Total 370,454,551,372.64

Details of investment during the period from 01-01 ~2oo6 to 31-03-2006 are placeas Annexure - HI Page No. 77- 84}.

Note: Details of Other receipts: 1.Rs. 15,812.50 Refund of Transaction Fees;2. Rs, 19.323.00 Refund of Service Tax

51

INVESTMENT CORPUS- UNEXEMPTED sscroa

B. PENSION FUND INVESTMENTS

(All figures in Croru of Rupees)

As on 00 31.03.02 31.03.03 31.03.04 .31.03 .. 05 31.03.06

1 Central Govt. Securities 6.386.14 8.231:50 9.640.54 12.370.80 14.001.64

2(a} StateGovt. 2.503.71 3475.57 4,426.61 6,735.82 8,160.37

(b) Govt. Guaranteed Securities 622.98 561.38 496.15 397.24 1.454.49

3 Special Deposit Scheme 1.227.34 1339..36 1,339.36 1,400.52 1,400.52

4 Public Sector Financial9.290.26 10,369.76 13.508.14 14,423.92 16,715.48Institutions

5 Public Account 19,019.38 21,067.64 23,333.07 25.989.93 29,016.63

Total 39.049.81 45.045.21 52.743.87 61.318.23 70,749.13

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Item No.3 C : Reviewof Investment inrespeetjof EDU Fund.The details of inflows and outflows Qre as follows:-

EDU Fund Investments (Ale No.25) During01~04-2005 to 31-03-2006

(Figures are in~es)- ,I

Source Amount Category I Amount IOpening Balance 1,195,579.63 INVESTMENT MAl>E 16.326.578.335.00

Fresh Accretions 1,670,862,000.00 Central Govt. 863,620,950.00

MATURIlY 13,599.080.000.00 State Govt.lGuaranted 281,500,000.00

Treasury Bills 121.500,000.00 State Develop. Loons 850,267,385.00

Others 13,477,580,000.00 PSU/PSFI 14,331,190,000.00

INTEREST 1,082,261,353.73 Treasury Bills -Central Govt. 442,267.023.00 Aa:naed Interest 10,696,786.10

State Govt .lGuaranted 9,926,597.00 Transfer to Main Br.

State Develop. Loans 220,n9 ,613.42 SI)S Deposit

PSU /PSFI 407,290,015.59 Inc:ome Tax Deducted-

S{)S INTEREST 1,998,104.72 BANK CHARGES 341,362.00

Refund of Income Tax Transoction Fees 101.150.00-Ince!IfMs 78,000.00 Income Collection 208,615.00

Refund of Appl. Money Service TOJ( 31,597.00

Refund of Bank Olarges Misc. Olorges

Other receipts 70.00 Cun-ent Account 15,860,520.26

Total 16,353.477.003.36 16,353.477.003.36

Details of investment during the period from 01-01-2006 to 31-03-2006 are placedas Annexure - II Page No. 85-87.

Note: 1. Rs.701- shownas other receipt is adjustment on account of change in the price ofsecurities

2. Rs. 1,25,00,000/- Transferred amount received from Ale No. 11

61

r:

r'INVESTMENT CORPUS- UNEXEMPTED seCTOR

C. INSURANCE FUNt> INVESTMENTS

(All figuJ-es in Crores of ,.. ;JAs on O[] 31.03.02 31.03.03 31.03.04 31.03.05 31.03.06

1 Central Govt. Securities 171.53 224.04 288.73 380.27 430.26

2(0) State Govt. 69.18 107.98 134.34 222.86 237.51

(b) Govt. Guaranteed 23.04 15.54 15.24 7.21 31.7Securities

3 Special Deposit Scheme 2.29 2.50 2.50 2.50 2.5

4 Public Sector Financial 257.84 313.16 401.55 440.22 612Institutions

1=\ Public Account 2,600.92 2,822.00 3,061.87 3,322.13 3605.02oJ

TOTAL 3.124.80 3.485.22 3.904.23 4.375.19 4.918.99

6~

r

Break-up of investments in different securities

((All f"1!JUfVS in Croru of Rupees)

As on 00 31.03.02 31.03.03 31.03.04 31.03.05 31.03.06

i} Central Govt. Securiti~s 10.931.79 13.452.54 16.542.58 21,939.84 27.999.06

,

Ii) State Govt. / Govt. 6,406.02 7.751.28 11.025.67 14.667.36 20.144.88Guaranteed Securities

Iii)Special Deposit Scheme

48.670.77 53.193.14 53,296.63 53-.499.17 53,570.08of Central Govt.

jv} Public Sector Financial 14.534.17 15.657.56 21.226.88 26.039.47 31.770.81Institutions

v) Public Account 21.620.30 23,889.64 26,394.94 29,312.06 32.621.65

Totol 102.163.05 113.944.16 128.486.70 145.457.90 166.106.48

Corpus under different schemes lying investedin the securities approved by the Centred Govt.

Igure5 In 0 Jpees,Ason -+ 31.03.02 31.03.03 31.03.04 31.03.05 31.03.06

"

i) fProvident Fund 59,988.44 65,413.73 71,838.60 79,764.48 90,438.36

Ii) Pension fund 39,049.81 45,045.21 52,743.87 61,318.23 70,749.13

Iii} Employees' Deposit 3,124.80 3,485.22 3,904.23 4,375.19 4,918.99Unked Insurance Scheme

Total 102,163.05 113,944.16 128,486.70 145,457.90 166,106.48

(Allf' . Crores f Ru )

•

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Item No.4: Gist of Audit Rept1rt Dn Investment Portfolio of EtrPorees' Provident FundOrganiSIJfion monaged by the StQte BDnkof IndiQ for the period 01-04-2004 to 31.3.2005

PagePara

OF

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/ REMARKS OF AUDITOR REMARKS OF SBI REMARKSEMPLOYEES'PROVIDENT FUNDORGANISATION

12-13/3.3.2

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VERIFICATION OFSeeuRITIES INPHYSICAL AND DEMATFORM:

In one case, against sameDemat INE number, twodifferent security codeshave been created. Theyhave been merged on19.4.2OQ5.

No comments. No comments.

( i 13-I/14/3.3.3j

I

I

In two cases, against same No comments.security code, twodifferent INE numbershave been allotted.

While, 591, SS9 branchhas complied with duringthe course of audit.

No comments.

14/3.3.4 In two cases, there was No comments.difference in !:fate ofredemption between holdingas per SBI and as per NSDLstatement

591, 559 branch haschanged the maturitydates at Auditors' instonce..

S9I should exercisedue attention andcare in recordingparticulars aboutinvestment holdings.

15/3.3.5 In certain cases, the The matter has been No comments.holder's or Transferee taken upwith NewDelhiname is mentioned as S9I 9ranch.AI c EPFO instead ofC9T,EPF.Explanation given by SBISome securities are veryold and were issued by NewDelhi main branch and arein their custody. I

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15-16/3.3.6

Securities were held in the Securities had become Nocomments.form of allotment letters as due for redemption andon 31.3.2005, though the were sent for obtainingdate of purchases pertains maturity proceeds.to perviousyear.and earrter. However,the issuer has

not paid the proceeds.The matter has beentaken up with EPFOforreferring the matterfor arbitration.

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16-17/3".3.7

Certain EXIM Bank The securities have No comments.Securities (in the form of since beenSCR) are in the name of dematerialized and581 AIc EPFOMaininstead credited to EPFO.of CBT,EPFA/c.

In previousyear, the abovesecurities were applied forDematerialization butNSDL had rejected theapplication on the groundthat the securities werenot in the name ofCBT,EPFO.

The matter was processedby 5BI and the securitiesname has been changed on18.1.2006 and further the5eCl.B"itieswere sent forDematerialization on19.1.2006.

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17-18/3.3.8

In the cases of partlyredeemed/maturedsedrifles. Systemgenerated Report showsthe reduced value of thesecurities, but in certaincases NSDL has notupdated it's statement.

Note: These remarks werealso incorporated '" ourpreviousreport.

NSDL .will reduce theentire holding from()emat f)p holding,onlyafter final redemptionand also after thecorporate action by theissuer for withdrawingthe securities.However, the matterhas been taken up withN5DL

Auditors may suggestways to handle thisstttJCfl:ion of gapbetween the twopositions.

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19-2013.3.9

In certain cases, the Regardingthese two Nocomments.securities were cases, the matter ismatured/opted Call Option continuouslyfollowedup

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22/3.3J2

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before 31.3.2005 but the with the issuers.same appear in NSDLStatement as on 31.3.2005.Excepting two cases. resthave been removed fromNSDL statement at ourinstance,

21/3.3.11(

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In certain cases. there I Since rectified duringwere differences in the course of audit.nomenclature of securitiesin the holdingstatement ofSBI and that of NSDLOne security remained un- The correct holding was Auditors should havereconciled Rs.4 lacs. explored the reasons

for such differenceHolding statementmaintained by SBI showedit at Rs. 4 lacs whereasNSDl showedat Rs.1lac.

Redemptionamountof and cited the same inRs.4 Lacshas since been thetr report.received and credited toEPFOA/c.

Auditors may alsomention in theirreport as to who was(It fault.

22/3.3.13

24-25/4.3-.1(a)

Strabus system is No commentsconfigured in such. a way Ithat it wi" accept ,investment only in Debt'securities and will notaccept the equityinvestment. However. SBIhas received theinvestment in equity sharesvia acceptance and same isnot accepted by Strabusbut accepted by PANDASystem.Compliance with the No commentshave beenGuidelines-'" ----.. -received from SB!.In six deals. credit rating(LAAA)from ICRAnotobtained for investments in7.30io Fa Bonds2015 ofRs.500Crores dated18.2.2005. Investmentnote was for 500 croresand investmentmade ofRs.500 crores.

In certain cases, CreditRating af the issuer is notwritten in Investmentnotes.

Nocomments.

(1)1nthe ratingsrequirements statedby Auditors- it needsto be amended inrespect of PublicSector Banks- Norating is required ifprofits have beenearned in last 3 years.

(2) SBI should furnishits comments on the

I observations of theI auditors.

I

•26-27/4.5.1

INVESTMENTOPPORTUNITIES

a. With respect tocondition of firm allotment, No comments have been 5B! should furnish itsas per investment note, the received from SBI.proposed amount to beinvested was Rs. 150 croresin RBI Auction of Govt.Securities 6.01% GS 2028of Rs. 4000 Crores on28.5.Q4. Bid was submittedat a price of 96.30 havingan yield of 6.31115;0. Thereware 6 bids of 25 coreseach but no firm allotmentmade to EPFO.

c. In certain cases, creditRating of the issuer is notwritten in investment notes.

comments. ,--.)

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28/5.2.0 .=Exp:.:c.:':.:Q:,:;nG::.,:t:.,:;ion==---:z9:..:ive.::n::... --=b:.LY No comments.S8I

In certain cases, the There was no offer ininvestments are made in the market in relationTDR of 5B! having interest to these Governmentrate 5.3;0 and 5;0. Even securitiesthough there was anopportunity for making On 15.5.04 and 17.5.04,investments in Government our investment 10.71;0Securities having GS 2016 would havecomparatively better 9iven a yield of 5.51%interest rate. and 11.83% GS 2014

would have 9iven a yieldof 5.51;0 to 5.60%whereas TORs for lessthott a yeM wef'e gi¥iRg

a yield of 5.30% to5.50;0. Hence it wouldnot be prudent on ourpart to invest in bovt.securities for a longperiod at a lower yieldwhen the same yield isavailable for a lesserperiod.

I

I

Cr i; ,

In PublicUndertaking

byGovernment

Matter has alreadybeen reported to EPFOfor necessary action attheir end.

No comments;

33/7.1.0

Suggestion: The EPFOgUidelines permit PortfolioManagers to makeinvestmentsSectorGuaranteedCentral/State

Matter is alreadybeing taken upappropriately.

undertakings. The paymentof interest and payment atmaturity is a matter ofconcern for 581. Thefollowing are the instanceswhere EPFO's huge Fundshave been blocked due tofinancial stringencies facedby these organizations.

i) Redemption Amount notreceived.Richordson and Cruddas(1972) Ltd.Rs.6,OO,OO,OOO/-

ii) Part redemption notreceived:Pradeshiya & InvestmentCorp of UP Ltd.Rs.12,00,000/-

Note: We suggest thatEPFOshould use their goodoffices with the concernedM1rriStry (IndustryMinistry, Labour Ministry,Finance Ministry ) to sortout the problems.

Pattern of Inwstment Auditors havereferred to thenotification of theMinistry of Financedated 24.1.2005.However, it is not yetapplicable to EPFO,since the same is yetto be r-e-no+ified b'yI

36-3718.2.0

381Para9.3.0

Interest(1~ope:-

(a) To verify whetherthe interest are collectedpromptly and invested asper the provisions made inthe pottern of investment.Also to point out delays ifany, and the causes forsuch delay.(b) To verify whetherproper records have beenmaintained for alltransaction and contractsand to ascertain and toascertain whether therecords are correctly andtimely updated.

(2) In acceptancecases, the process ofregistration & transfertakes 3 to 5 Months.Interest during theintervening period is to becollected by Trust anddeposited with RPFCconcerned under intimationto SBI.

Suggestion RPFCshould notpermit any transfer ofsecurities whose interestdue dates/maturity datesare in near future.

MATURITY PROCEEDS(a) In certain cases delays iare observed in receipt of I

Iproceeds (An.I). I

In all the cited casesthe interest amount hasbeen collected by theconcerned trusts &deposited with RPFCs.

Auditors have simplyplaced the reportgenerated through

. STRABUS - by SBIand regularly sent to

r

Ministry of LabourUnder Para 52 of theEPF Scheme 1952:Auditors' may beadvised to re-examinew.r.t. Correctreference.Auditors have notcOltUl\ent~d regardingthe points mentioned.in the scope.

They mayspecificalJy

commentwhether

interest is colJectedpromptly and investedas per provisions - incases other thanacceptance cases also.Also, they have notreported anything onthe recordsmaintenance and theircorrect & promptupdation.

42-43/10.3.0

Bank Transaction Feesand lneom£ CoII£ctionFees(c ) In certain cases, the SSB has bun advisedtransactions ore made in to record the time andsame account (sometimes in date ofdifferent A/cs) for same acknowledgement.security at same rate andon the same day with samecounter party but for which2 deal tickets are prepared.This has resulted in higherrecovery of TransactionFees amounting toRs.135000/-.

us. It has not beenanalyzed by auditorsto check the correctstatus. The variousremarks recorded bySB1 have not beenscrutinized byauditors to arrive atthe correct figure.They may be advisedto do the needful.5B1 has been advisedon various occasionsto furnish the detailsof counter party clsoin the investmentdetails. However,thesame is still wanting.

SBI mayadvised to dothe above and alsorefund the excesscharges.

44/11.3.0

Tax Deducted at Source(TDS) Matter is continuously

followed with PGa....In two cases, where T()S lCIC! and HDFCBankswas deducted and the TDs for refund of TDScertificates received have amount.been forwarded to RegionatProvident CommissionerOffice, NewDelhi

(i) Theobservation ofAuditors is difficuli-to comprehend sinceit is stated that TDScertificates havebeen forwarded toRPFC, New DelhiWhereas, thereseems no role of hisinthe matter.Also. the commentsof SBl ore that theyare following up thematter with counterparties for refund.50. the question ofTDS certificatesdoes not arise.(ii) It isunderstood that

II

there are many casesin which the TDSamount isoutstanding, either, inform of refunds fromIncome Tax Deptt.Or TDS certificateshave not beenreceived from 1SSuerSor counter parties.

It is thus evidentthat cuditors havenot conducted properscrutiny. They maybe advised to do theneedful.

46112.3.0

INCENTIVES

We have verified theincentive received reportgenerated from the system& observed that the same isreceived onallotment date.

Nocomments. Nocomments.

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Page47Para13.2.0(;

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113.3.0

t

OVERDUE INTEREST

The followingstatements ason 31sf March 2005 wereverified by us:

a. OverdueReport

b. Short

interest

Interest

Contents noted.

The figures ofoverdue interestrecorded in thereport have beentaken ditto from theSTRABU5 generated reportsof SB!. NO effortshave been madeauditors to checktheir correctness orverify the contents.

The figures containedthere in actually needto be adjusted forvarious remarksrecorded by SBI inthe said reports.Auditors may beadvised to verify thedetai ts and come upwith the correctfigures.

ReceivedReportc. Outstanding Maturities

Reportd. Coupons Outstanding

ReportIn many cases, overdue

interest has been noticed.RecommendationThe newsystem of paymentof high value transactions(RTGS) introduced by RBIbe insisted upon by thebank to all PSUs/ theissuers making interestpaymentby cheque/draft.

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Page49-50

Para14.2.0

14.3.0

Idle Funds in variousAccounts:

EPFO have permitted thePortfolio Manager (SBI) tomake investments in' FDR,of the surplus funds aftermaking investments inCentra 1/ .State GovernmentSecurities, even though theyield on such investmentsare comparatively low.

Recommendation:The year~ average of idlefund was Rs.60.80 Croresfor the Financial Year2003-04, which has beenreduced to Rs.40.36 Croresduring the current year.Idle Fund may be investedin fixed deposits so thatthe funds can earn interest.b) EPFO should define theidle fund limit.

We are utilizing the S8r has been advisedavenue of TDRs to open Savings Bankextensively which had account instead ofbrought down the CLrrent account inaverage idle funds from respect of theRs. 60.80 crs to investment accountsRs.40.36 Crs. However, on the lines of EPFOa careful study of the field offices'idle funds statement accounts.reveals that the funds SBT's response is stillaccumulated onJy for owo.ited. They may beparticipation In RBI advised to give theirauctions. remarks on the

matter. Further,For the past one year, more efforts may bethe average balance made to bring downheld in the EPFO the bakince of idleaccounts is less than funds.Rs.1.00 Crores exceptwhen auctionparticipation occurS.

Further, the concept ofidle funds shouldrecognize that onoccasions theinvestment madesubsequently at higheryields repreSents a netgain despite idling for ashort period prior tothe investments.

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Page50Para15.0.0

Special Deposit Scheme

There are no physicaltransfer in this accountduring the year 2004-05.

No comments. No comments.

Page51-52Para16.2.1

Verification of Inwstmentnotes and [)eal TicketsSBr has prescribed thequorum of three membersfor authorization ofinvestments above Rs. 50Crores. In certain cases,the investments above thislimit have not been!

I

authorized by the Iprescribed Quorum. I

For SBI - commentsare not presented inrespect of Para 16.2.1.

For Auditors

(1) Annexure VIIIreferred to in theAudit Report is notpresent. Further thedeficiencies noted by

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16.2.2

16.2.3

In some cases, counter All counterparty auditors may beparty confirmations were confirmations are specifically pointednot available (Ref received and held as out to SBI so thatAnnexure -VIII) per our records. they could furnish

Annexure -VIII is not their comments on themade available and same.hence individual onesare not commented onby us.

Quotations have not been Market practice is toobtained in writing from all condude the deal overthe brokers. telephone and obtain

contract note (frombroker) deal

(2) Auditors have notcommented upon theadequacy andreasonableness ofinternal controlssystems and recordskeeping (i,e. point 'c' &'d' in scope).

confirmation (fromcounterparty) and (3) No commentsbrokers are under no have been madeobligation to send regarding point 'e' inquotes, particular~ scope.when we are not payingany brokerage to them. (4) Regarding point 'b'However, the quotes in scope auditors havereceived during the day not commented onfrom different brokers whether the recordsare being noted in a are correctly andseparate register for timely updated.verification by theinspectingofficials/auditors.

Page 53

Para17.2.0

AcceptancesWithdrawa's

The acceptance andwithdrawals are processedon receipt of letter fromRegional Provident FundCommissioner& resolutionsof the respective Trusts.

and No comments.

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I

Auditors' observationsare inadequate and donot comment onadequacy and proper

. mointencmce ofrecords, for example,whether properreferences have beenreceived from RPFCs,confirmation lettersare issued to RPFCsand coy endorsed toEPFO, Head Office,whether securitiespertaining todifferent fieldoffices are shown asacceptancesrespect

anthose

n

Regional Office only,the accepted valuecorresponds with thevalue of securities,physical verificationof the securitiesreceived on forwardalfroin field offices,erc., Auditors may beadvised to conductthrough scrutiny and

_report adequately.Page54

Para18.~.0

Observance on GAAP and No comments.IAAS

Indian GAAP has' beenadopted to the extentpossible in all the areas.The Accounting Standardsprescribed by.lCAl are onthe same line of IAAS andhence we don't feel thatany change in the existingsystems is necessary.

No comments.

Page55

Para19.2.0

Observance on Internal No comments.Control System

Based on our auditprocedure we concludethat the internal controlsare adequate.

No comments.

Page56

Para20.0.0

Rectification of No comments.Deficiencies Pointed in--bIs't~AudttRepoi I --.- ..--h -

The discrepancies pointedout in our earlier reportdated 1st December 2004

. have been attended to bySBI.

No comments.

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(,Item No 5. Revised Investment Pattern

1. According to para 52 of EPF Scheme 1952, the pattern of investment of moniesbelonging to Employees' Provident Fund can be prescribed. The para 52 reads as under:

-(1) All monies belonging to the Fund shall be deposited in the Reserve Bank or the(State Bank of Indi&) or in such other Scheduled Banks as may be approved by the CentralGovernment from time to time or shall be invested, subject to such directions as the Central-Govemment may from time to time give, in the securities mentioned or referred to in clauses (a)to (d) of section 20 ofthe Indian Trusts Ad, 1882 (11 of 1882), provided that such secufities arepayable both in respect of capital and in respect of interest in India.'

The pattem of investment was notified by Ministry of labour vide notification dated 09-07~03. Now Ministry of Finance has issued the notifICation about Revised Investment Pattern,dated 24.01.2005. Again notification under Para 52 of EPF Scheme, 1952 by Ministry of Labouris·under tonsideration for recommendation to CST and thereafter to Ministry of Labour andEmployment.

2. The table of NotifICation of Ministry of Labour dated 09-07-2003 and Ministry of FinanceInvestment Pattem dated 24-01-2005 with unaccepted CBT recommendation is given below:-

ParaNo.

Existing Investment Patternby Ministry of Labour vide

notif"acation dt.0~7-2003

Amendmentsproposed by CBT,

EPF. But notaccepted by

Ministry of Finance

Revised InvestmentPattern dt. 24.01.2005(Ministry of Finance)

Remarks

1 (i) Central Govt. Securities as 25%defined in Sec. 2 of the PublicDebt Act, 1944 (18 of 1944);and lor units of such MutualFunds which have been set upas dedicated Funds forinvestment in Govt. Securitiesand which have been approvedby the Securities and ExchangeBoard of India;

Percentamountto be

Invested

1 (ii) (a) Govt. Securities asdefined in Sec. 2 of 15%the Public Debt Act,1944 (18 of 1944);created and issued by8fty- . --_.. _.•...•

Government; andl orunits of such MutualFunds which havebeen set up asdedicated Funds forinvestment in Govt.securities and whichhave been approvedby the Securities andExchange Board ofIndia; andlor

(b)Any other negotiablesecurities the principal whereof

Central GoV!.Securities as defined inSec. 2 of the PublicDebt Act, 1944 (18 of1944); and lor units ofsuch Mutual Fundswhich have been setup as dedicated Fundsfor investment in Govt.Securities and whichare regulated by theSecurities andExchange Board ofIndia;

(a)Govt. Securitiesas defined in sec.2 of the PublicDebt Act, 1944 (18of 1944); createdaOO issued·-Dy..aRy.State Govemment;andl or units ofsuch Mutual Fundswhich have beenset up as dedicatedFunds forinvestment in Govt.securities andwhich areregulated by theSecurities andExchange Board ofIndia; and/or

(b)Any other negotiable No change if

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(j

and interest whereon is fullyand unconditionally guaranteedby the Central Government orany State GQvernment exceptthose covered under (iij) (a)-6efoW: -- . -- - .

1(ii) (c)--

1 (iii) (a) Bonds! Securities

in respect of Govt.Securities andunits of GiH Funds(being un-rated),following provisobe added in theinvestment pattern:

Portfolio be dividedin tradable andnon-tradablecategories. A smallproportion (say10%) of total portfolioat the end ofpreceding financialyear can be treat~as tradable and itcan be used foractive management.Provided Fundsmaybe allowed· 10 sellsecurities to bookprofits, switchsecurities can chumportfolio in case ofGovt. securities andGilt Funds. Tradableportfolio of Govt.Securities should bemarked to marketand Gilt Funds bevalued at NAVas atthe close of financialyear.

le(a)E}ondslSecurities of For Clause 1

securities 'the principalwhereof and interestwh~on is fully andun~itionallyguaranteed . by the.Ce~rntGovemment oran~ State Governmentexqept those coveredunqer (iii) (a) below.

Prqvided thatirr~sP9':tive of the.prqportlon ofinvestments stated in(i) i and (ii) above,exposu.e of a trust toany individual mutualfund which has beenSet:up as a dedicatedfuRd for investment inGoy!. securitiesshould not be moretha,.. 5% of its totalpolitfolio at any pOintof time.

1(ii)(c, The Trustees,su~ject to theirassessment of theris~-retum prospects,may, if they sodecide, divide thetotal portfolio undercategories (i' and (ii)(a) : above intotra~able and non-trac,table categories.Upto 10% of the totalportfolio at the end ofthe precedingfin~ncial year can betre~ted as tradableand may be used for~ management.

PrQVided that thetra4able portfolio ofGOlId.Securitie.ss.hill.1be ~arked to marketand mutual funds,wh~h have been setup, as dedicatedfun~s for investmentin •Govt. Securities,sh~1 be valued at NetAsset Value at theclose of the financialyear.

percentageamount to beinvested.However.followingproviso··havebeen added:-

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Request ofCBT has~fI p~rtlyaccepted bythe Govt.Only inGovt.Securitiesand GiltFundstrading hasbeenpermittedand not inbondsdebentures.

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(b)

(c) --

of 'Public FinancialInstitutions' asspecified underSection 4(1) of theCompanies Act;"public sectorcompanies' asdefined in Section2(36-A) of theIncome Tax Act,1961 includingpublic sectorbanks; and lor

Short duration (lessthan a year) TermDeposit Receipts(TOR) issued bypublic sector banks

·Public Financial (iii) (a), (b) &Institutions' as (c),specified under Section proportion4 (1) of the companies of theAct; ·Public Sector amount tocompanies" as defined ~ inveStedin Section 2 (36-A) of .has .beenthe Income Tax Act, reduced to. 1961 induding public 25%.sector banks; and/or

(b) Term Deposit Now, TORsReceipts upto three can also beyears issued by public used assector banks. short term

30%

tc) CollateralBorrowing andlending Obligation(CBlO) issued byClearing Corporationof India Limited andapproved by theReserve Bank ofIndia.

Provided that theinstruments coveredunder (iii) (a) abovehave an investmentgrade rating from atleast two credit ratingagencies.

National SavingCertificate (NSC) &Post Office TermDeposit Receipt(POTDR) and/or

investmentavenues asagainstshort termparking offunds.Howeverproviso may

also be rconsidered.

Request of ICST, EPFrecommended vide Imeetingdated 23~2-2004 isacceptedmay befurtherinsisted.

Not includedin theRevisedPattern.Govt. may.berequestedagain toincludePOTOR &NSC in theInvestmentPatternalongwithotherrequisitechanges, ifany afterpresentationof detailedstudy paper

by portfoliomanagerregardingreview ofinvestmentpattern. amtinvestmentguidelines.

(iv) To be invested in any of the 30%above three categories asdecided by their Trustees.

To be invested in any No change.of the above threecategories as decidedby their Trustees.(v)Upto 5% in shares Investmentof companies that in equityhave an investment shares isgrade debt rating optional.from at least twocredit rating agenciesorin (iii) above.

(v) The Trusts, subject to theirassessment of the risk - retumprospects, may invest up to113n! of (iv) above, in privatesector bonds! securities, whichhave an investment graderating from at least two creditrating agencies.

(vi) The Trustees,subject to theirassessment of the risk-return prospects, mayinvest upto 1I3'd of (iv)above, in private sectordebt instruments whichhave an investmentgrade rating from atleast two credit ratingagencies and/or inequity-linked schemeof mutual fundsregulated by theSecurities andExchange Board ofIndia.

Equity-linkedschemes ofmutual fundsregulated bySecurities &ExchangeBoard ofIndia havebeenincluded.

2. Any moneys received on thematurity of ear1ier investmentsreduced by obligatoI)' outgoingshall be invested in accordancewith the investment patternprescribed in this Notification.

Any moneys receivedon the maturity ofear1ier investmentsreduced by obligatoryoutgoing shall beinvested in accordancewith the investmentpattern prescribed inthis NotifICation.

No change.

3. In case of any instrumentsmentioned above being ratedand their rating falling ~investment grade and the samerating has been confirmed bytwo credit rating agencies thenthe option of exit can beexercised.

In case of anyinstruments mentionedabove beiflg fateEJ.·aAdtheir rating fallingbelow investmentgrade and the samerating has beenconfirmed by two creditrating agencies thenthe option of exit canbe exercised.

No change

3. The Finance & Investment Committee in its 8~ meeting held on 03.12.05considered the revised investment pattem dated 24.01.05 issued by Ministry ofFinance. Portfolio Managers, State Bank of India represented by their Dy. GeneralManager, Sh. C.M. Pillai submitted presentation before Finance & InvestmentCommittee evaluating the merits and demerits of the revised investment pattern andprocedures involved in implementing the revised investment pattern.

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4. The Finance & Investment Committee observed and recommended that

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(i) Investment upto 5% in shares of companies to have an investmentgrade debt rating from at least two credit rating agencies is an

.. optional one.· ~ ill 'o'iew'of aha Ask inV4lved in the-in.vestmentof shares this option should not be exercised. Accordingly, Finance &Investment Committee does not agree for investment of 5% in theshares ·of the companies.

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(ii) Though, Central Board of Trustees proposed I recommended forinvestment in National Saving Certificate & Post Office Term DepositReceipt, Ministry of Finance did not indude the proposal in theRevised Investment Pattern dated 24.01.05. Finance & InvestmentCGmmittee of EPFO reiterated the proposal to permit the investment inNational Savings Certificate & Post Office Term Deport Receipt.

(iii) TOR's with private sector banks should be permitted subject to a limitof 5% of the deposit base.

A workshop was conducted by EPFO on investment relating issues on 22-02-2006. Several experts made presentations during the workshop. After hearing the differentviews of various experts. the CST decided that the Portfolio Manager (SSI) may give theircomments I remarks in a consolidated manner and present their opinion on the subject, in thelight of these facts I recommendations. (A note on the gist of the presentations is placed asAnnexure J.) Further, it was decided that the matter may be placed before the F & I Committeeto reconsider its recommendations in the light of these developments and place its revisedrecommendations before the CST, :EPF for taking the final decision on the issue.

The matter was accordingly placed before the Finance & Investment Committee inits 83'd meeting held on 6th March 2006, for consideration. SBI officials attended the meetingand made a presentation on the subject. Members commented that the views or commentsfumishedby Portfolio Manager were not sufficient enough to satisfactorily address all the issuesraised in the workshop.

Keeping in view the concerns raised by the committee, Chairperson desired SSI to furnish

comprehensive comments on the issues addressed during the workshop and keeping in

view the corpus of EPFO, Rs. 100 Crores for investment in equities or equity based Mutual

Funds will not be sufficient for experiment basis even, the SSI should come out with a fresh

proposal.

The committee thus deferred any decision to review its previous recommendations,

till the final views were received from SB!.

The Matter is again placed before the committee hoping that S81shall present its

comments well in time so that the same could be placed on table.

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Annexure J

Note On The Workllhop Conducted On 22.02.2006 On Investment StratCl!ics

Workshop WIftt~ by IiPFO-OII.11,1Jl6 regarding, WAICS relating 10 investment of Provident Fund

Monies. Several experts from various organizations were invited to present their views on long term and

medium tcnn investments strategies, Salicnt .points/propositions put forth by each of them arc Slated

below in brief.

(,J

Tobcgin with. Mrs. Nidlli Singh. Assistant P.F.Commissioncr-lnyestmcn •. on behalfofEPFO made briefI

presentation to givc a broad overview of the scenario as currently existing in respect ofthc investments of

CBT. EPF funds. Thc role and autbority of tbe Central'f.loard of Trustees (CBT) in this regard was

highlighted. Other issues discussed therein related to existing lnvcsuncm strategy comprising prescribed

investment Pattern and the investment guidelines. changes proposed by the CBT to seck possible,

cnhancement in the returns. constraints that the P(Ovident Funds usually face and the need to change for

keeping pace witb the changing environment.

I. SHRI C.M. PILLAI - DGM - State Bank of India. Corporate Centre

i. He presented the changes recommended by Finance & Investment Committee in its

previous meeting. with regard to Investment pattern and investment guidelines.

ii. Regarding investment in equities be stated tbat -

• Returns are comparable with debt and there is low reward for risks.

• However. if the present upsurge in equity markets is maintained, these returns may

improve. Hence. a beginning may be considered with sa)' Rs, lOll/ISO crores subjcct to

availability of reserves to meet possible erosion in asset value.

2. SHRI U.K. SINHA-CMD, UTI AMC 1>\-1. Ltd .:

He suggested the following investment strategy

i, More active management within existing framework by selecting across maturities. trading

and using multi pte Fund managers:,

II. Investments in equity atleast through MF route. He propounded that investment in equities

for long terms does not involve risks of losses and rather the yields are better than other

avenues of investment.

3. SHRL RABI SHANKAR - DGM. Depu. or Debt. R.B.L

Hc explained the characteristic features of Go'\'1. securities and the Corporate Debts.

Regarding investment ofPF monics his propositions werc:-

I. Priority of objectives should be in order of safety. then liquidity and then returns:

ii. To minimize liquidity risk - Cash Management ill required.

iii. For Cash management. surplus may be invested ill T-Bills and CBLOs.

iv. While return in bonds is comparable to equities ~nshort term and medium term

equities out perform bonds in long tcrm.

n-to SHRI HARISH ENGINEER - Executive Director HDFC Bank, Mumbai

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i. He propounded that investment objectives for investment of PF monies should be Highest

. St1rcly and Maximnm retnrn~.ii. Regarding equity he suggested that maximum upto 2'r.> of investible funds could be invested

in cquit ics.

iii, Regarding Debt scgment he suggested that it may be ~pto 2()% ill T Bills and CBLOs. 5()%

ill GO\t of India Long Term securities and balance in dual AAA rated PSU loans.

Upto 12% may be invested in Mutual Funds comprising 30"10 in equity schemes. 30% in

Debt schemes and 40"10 in balanced funds.

There should be atleast 3 fund managers for managing CBT. EPF funds.

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vr, Flexibility 1l1<IY be grarued to fund managers which guarantee atlcast /()% returns per

annum.

5. SHRI KANAN - Actuarv sal Life

He explained the various factors which are relevant in dctennining the sustainability of afund or otherwise. He explained the varied natures of Provident Funds and Pension Fundsowing to different liability structures. He detailed the investment paucms followed indifferent countries. He also emphasized that a small percentage of pension fund in equities!mutual fund will increase the return. a higher proportion will Jead to stability in the market.

6. MR. GARY HAWKER - Mercer InvCS1lllCntConsulting.

iv,

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vi.~,

He presented the key recommendations as under:-

i. Investment objectives should be specified for <fifferent funds - Provident Fund and

Pension Fund.

ii, In Provident Funds emphasis should be on maintaining the level of returns and

avoiding negative returns and for Pension Funds. the objective should be to be

maintain liquidi~' and solvency. Accordingly. ~ifferent investment strategy may be

adopted in respect of each of these.

iii. Current approach of the government specifying the investment pattern from time to

time may be abandoned. Instead Trustees mayadopt a broad policy statement and

statement of objectives and Provident Funds should have greater operating flexibility.

Depending upon the objective. EPFO may consider investing in domestic equities. in

shot to medium term sl(at~.

In Longer term, investing in global equities and real estate may be considered. The

extent may be determined in accordance with the objectives,

Faster track for changes could be adopted for Pension Schemes as risk averseness

JIIay be lesser for Pension Schemes as compared to Provident Funds.

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It? 6

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Item No.6: Default in payment of interest and principal on securitiesinvested in Public Sector Units and State GovernmentSecurities by Exempted Provident-FundTrusts

A letter has been received from MIs. Asian Paints (India) Limitedregarding default in payment of interest and prindpal on securities invested inPublic Sector Units (PSU) and State -Government Securities.

It is stated that they have invested the funds as per prescribedInvestment Pattern. After that there have been cases where state GovernmenthaVing guaranteed payment of interest as well as principal. have defaulted inmeeting their obligations in respect of payment of interest and principal. Thus,the exempted trusts are appealing to thiS office to Intervene s:take up thismatter with concerned Government on priority basis.

In this connection it is stated that the Exempted Provident Fund Trustsare required to invest the funds after formulating an appropriate investmentpolicy, which duly considers risk tolerance and return factors as required by thefunds. Careful analySiS of risks and returns associated with each transaction isrequired before reaching any investment deciSion. As per the Terms & Conditionsfor grant of exemption, the emp10yer shall make good any loss that may be causedto the provident fund due to theft, burglary, defalcation, misappropriation or anyother reason.

The matter was placed for consideration of the .Finance & InvestmentCommittee in its 83nf meeting held on 6.3.2006 but waS deferred, hence, placedagain.

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