As the country entered the second day of the 21-day lockdown in the wake of the COVID-19 pandemic, finance minister Nirmala Sitharaman on Thursday announced an economic relief package that lays out various schemes to provide cash and free ration.
The government also relaxed the rules for withdrawal of funds from the Employees’ Provident Fund (EPF) account. In general, the Employees’ Provident Fund Organization (EPFO) allows account holders to take “non-refundable advance" or withdraw for specified purposes such as a medical emergency, marriage, higher education or purchase of a house.
This amount cannot be used for reinvestment in other products. Also, EPF account holders, who have been unemployed for more than a month, can withdraw up to