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Allow gig workers to choose between EPF and NPS

EPF, NPS / By /

“The contrast becomes starker when compared to the National Pension System (NPS). The difference between EPFO and NPS is more than administrative — it is philosophical. While EPFO prescribes, NPS enables. EPFO casts itself as a custodian expected to act in the subscriber’s best interest, even at the cost of their agency. In contrast, NPS treats individuals as investors with choice, control and accountability.”
— Harsh Roongta, Truth Be Told column

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Competition in money matters can be damaging

Financial, Personal Finance, Press / By /

Not every race is worth running — in life or in money.
A childhood car ride taught Harsh a lesson he didn’t fully understand until much later in life.
In Harsh’ latest Truth Be Told column for Business Standard, he reflect on how the urge to compete — especially in financial matters — can quietly pull us off course.
This isn’t just about investing. It’s about resisting pressure, staying the course, and focusing on your own destination.

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Name based search: Key to unlocking unclaimed assets

Governments, IEPF / By /

₹1.96 lakh crore is lying unclaimed—could some of it be yours?
That’s the scale of forgotten wealth—bank deposits, insurance, EPF, mutual funds, and shares—scattered across India’s financial system (source: https://bit.ly/42RA5kI). Most heirs don’t even know what to claim, because Indian systems (except IEPF, to a very limited extent) don’t allow a simple name-based search. The true scale of the problem remains hidden. As more people become aware of this, public pressure will grow to fix the broken claim processes. A proposed Central Unclaimed Property Authority (CUPA) could finally enable name-based search—something existing regulators have been psychologically resistant to—and reveal the true extent of the unclaimed property issue.

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Instant tax credit: An idea whose time has come

Governments, Taxes / By /

Imagine paying for a movie on an OTT channel but being told to wait a day before watching—just to confirm payment. Sounds absurd, right? Yet, when it comes to taxes, businesses face exactly this problem. Whether it’s TDS or GST input tax credit, parties often don’t get instant credit for the taxes, creating cash flow issues, costly reconciliations, and even write offs. Big players demand full payments upfront, but smaller businesses bear the brunt of delays. What if taxes could be paid directly to the government at the time of payment, with instant credit to both parties? It could transform India’s economy, boost trust in transactions, and level the playing field. But is such a system possible? What are the complications? Read Harsh article in Business standard to find out.

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EPF is in urgent need of an overhaul

EPF, Governments, Press / By /

A friend recently found himself facing court summons for an EPF default that happened 15 years ago—long after the problem was resolved. Another, a high-earning professional, is stuck contributing to EPF even though he no longer wants to, losing out on better investment options.
Why? Because once you’re inside the EPF Chakravyuh, there’s no way out. Meanwhile, NPS offers flexibility, investment choice to employees and no criminal liabilities for employers —but employees and employers alike are denied a real choice.
Truth be told, the system needs urgent reform. But will it ever change?
📖 Read the full article (4 minute read) in Business Standard to see why the rigidity of the EPF system affects every employer and employee and the employment generating potential of India itself.

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Give retirees choice of variable annuities

Press / By /

🔍 Give retirees a choice?

Prakash, a retiree is being forced into a “guaranteed” but low return annuity plan. After taking calculated risks by partly investing in equity and building a Rs. 1 crore retirement corpus in NPS, he is forced into a low-return “guaranteed” pension that cant beat inflation. What if he had a choice? Globally, retirees can pick variable pension payout products (PPPs). In India? No choice.

Why are we treating retirees like children who need financial babysitting? Mutual Fund investors have already understood that “Guaranteed” equals “Low returns” and have reaped the benefits from taking calculated risks through equity. It’s time retirees got the same choice.

📖 Harsh’s “Truth be told” column in Business Standard.

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Is it a step towards “Nyaya”?

Governments, Press, Taxes / By /

The big bang announcement on tax breaks overshadowed other important announcements like the launch of revamped CKYC 2.0 . That could be the UPI moment for the financial sector as financial inclusion and access to financial products will become easier. The move to activate the moribund annuities market is much needed as the absolute number of senior citizens are quite high in the country. The new tax bill to be introduced next week promises ” Nyaya” to the tax payers. Whether it actually delivers on the promise remains to be seen. Harsh’s take on Budget2025 published in the Business Standard.

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