Fema / RBI : The issue concerns delays in pension credit caused by banks. The guidelines mandate 8% interest compensation for such delays. The ...
Finance : An overview of the NPS Tier I/II accounts, fund choices, eligibility, and withdrawal rules. Covers the 40% mandatory annuity purch...
Corporate Law : Learn about the Unified Pension Scheme (UPS) for Central Govt employees under NPS. Check eligibility, contribution details, assure...
CA, CS, CMA : Deduction under Section 80CCD(2) is allowed in the 115BAC regime for employer NPS contributions, with limits based on type of empl...
Finance : Compare UPS, NPS, and OPS pension schemes. Understand their features, benefits, drawbacks, and eligibility criteria to choose the ...
Corporate Law : PFRDA has issued a public notice cautioning investors about an unregistered website and mobile app offering high-return schemes. T...
Corporate Law : The guidelines prescribe a structured process for sponsor selection and pension fund registration. The key takeaway is that only f...
Corporate Law : Regulators have opened the door for banks to independently set up pension funds under strict eligibility norms. The move is aimed ...
Corporate Law : PFRDA consults on adopting dual valuation (Accrual/MTM) for Government Securities in NPS/APY schemes to stabilize NAV, reduce inte...
Corporate Law : PFRDA releases an exposure draft proposing amendments to NPS regulations, focusing on increased flexibility for exits, withdrawals...
Income Tax : ITAT Ahmedabad held that PFRDA Act, 2013 doesn’t prescribed any due date for payment of employee’s contribution to National Pe...
Income Tax : In the case of G.K. Reddy vs. DCIT, Madras High Court has directed the Income Tax Department to lift the attachment of a pension a...
Corporate Law : PFRDA has introduced NPS Sanchay as a simplified National Pension System variant aimed at expanding pension coverage for India’s...
Corporate Law : The government clarified that employees under the Unified Pension Scheme are eligible for Fixed Medical Allowance. The key takeawa...
Corporate Law : The circular allows PoPs to engage new categories like professionals, fintechs, and rural agents as Pension Agents. The key takeaw...
Finance : PFRDA has revised the charge structure for Points of Presence under NPS schemes, introducing onboarding and AUM-based annual charg...
Corporate Law : The regulator has introduced new operational guidelines for PoPs handling NPS-Lite to enhance accountability, service standards, a...
Modification in Partial Withdrawal rules under NPS: Partial withdrawals will now be allowed to NPS subscribers who wish to improve their employability or acquire new skills by pursuing higher education/ acquiring professional and technical qualifications. Further, individual NPS subscribers who wish to set up a new business/ acquire new business will also be allowed to make partial withdrawals from his contributions. Other terms applicable to partial withdrawals will remain unchanged.
Employees’ Provident Fund Organisation (EPFO), which is providing a host of e-services for its stakeholders, has now introduced a new service through ‘UMANG app’. On clicking ‘View Passbook’ option, it requires PPO Number and Date of Birth information to be entered by the pensioner.
Pension Fund Regulatory and Development Authority prescribes New NPS Subscriber Registration Form – Additional Mandatory Requirements
The Government of India has recently made three changes in the National Pension Scheme (NPS) including withdrawal norms. The details are as under:
The NPS subscribers can withdraw after three years from the date of joining the system and a maximum of three times during the entire tenure of subscription under NPS, but the partial withdrawal is linked with contributions made by the subscriber.
Clarification to pensioners about the hike in exemption limit to Rs 3 Lakhs from Minister of State for Finance Shri. Shiva Pratap Shukla by his letter dated 14th November 2017.
These regulations may be called the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017.
Simplification of pension procedure – i) Handing over of PPO to the retiring employee by the Head of Office before retirement and (ii) Submission of undertaking by retiring Government servant along with pension papers
PFRDA takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) like new functionality development under NPS architecture, simplification of account opening, withdrawal, grievance management etc.
In the case of the member who superannuates on attaining the age of 58 years, and who has rendered 20 years pensionable service or more, his pensionable service shall be increased by adding a weightage of 2 years.
