• Home
  • 7th Central Pay Commission
  • Defence Pay Matrix
  • Civilian Pay Matrix
  • RAILWAYS
  • Pension
  • Sports

OROP Defence News

Central Government Employees Latest News

PFRDA – Permission Granted for Overseas Citizen of India to sign on in NPS

November 4, 2019 By admin Leave a Comment

PFRDA – Permission Granted for Overseas Citizen of India to sign on in NPS

PFRDA permitted now Overseas Citizen of India to enroll in NPS at par with Non-Resident Indians

As per the content of the circular issued by the PFRDA on 29th October 2019, the Overseas Citizen of India (OCI) now can invest in National Pension System (NPS)

Pension Fund Regulatory and Development Authority (PFRDA) has now permitted Overseas Citizen of India (OCI) to enroll in National Pension Scheme (NPS) at par with Non-Resident Indians vide Circular No: PFRDA/2019/19/PDES/3 dated 29th October 2019.

The Government vide notification S.O. 3732(E) dated 17th October, 2019 on Foreign Exchange Management (Non-debt Instruments) Rules, 2019 of Dept. of Economic Affairs, has specified that an OCI may subscribe to the National Pension System governed and administered by PFRDA, provided such person is eligible to invest as per the provisions of the PFRDA Act and the annuity/accumulated saving will be repatriable, subject to FEMA guidelines.

Contributions made towards NPS are eligible for an additional tax deduction under section 80CCD(1B) upto Rs. 50,000 which is over and above the Rs 1,50,000 limit of deduction available under sec 80CCD(1). In the Union Budget 2019, the tax exemption limit for lumpsum withdrawal on exit/maturity from NPS has been increased from the present 40% to 60% under section 10(12A) of the IT Act and the remaining 40% of the corpus is already tax-exempt as it is mandatorily utilized for annuity purchase.

About PFRDA:

Pension Fund Regulatory and Development Authority (PFRDA) is the statutory Authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies.

NPS was initially notified for central government employees joining service on or after 1st Jan 2004 and subsequently adopted by almost all State Governments for its employees. NPS was extended to all citizens of Indian on voluntary basis from May 2009 and to corporates in December 2011 and to Non-Resident Indians in October 2015.

As on 26th October 2019, the total number of subscribers under NPS and Atal Pension Yojana has crossed 3.18 crores and the Asset under Management (AUM) has grown to Rs. 3,79,758 crores. More than 66 lakhs government employees have been enrolled under NPS and 19.2 lakhs subscribers have subscribed to NPS in the private sector with 6,812 entities registered as corporates.

PFRDA in its endeavor to promote and develop NPS has taken several initiatives towards increasing the pension coverage in the country. Now, any Indian citizen, resident or non-resident and OCIs are eligible to join NPS till the age of 65 years.

Source: PIB

Related posts:

  1. Permission to Travel by Airlines other than Air India – Railway Board
  2. HRA – Permission Granted to the employees who have left Government Quarters
  3. Permission Granted for Extra Increment to the Railway Workers
  4. Ad-hoc Bonus Permission Granted to Central Government Staffs
  5. Permission granted to Third MACP in GP Rs.4600 to the Master Craftsmen(MCM) of Defence Ministry

Filed Under: NPS Tagged With: NPS to OPS




Web
Analytics


Pledge Sample Letter Format

June 27, 2022

LETOUT APPROVED RENGTAL AGREEMENT DOCUMENTS TAMILNADU STANDARD FORMATS

June 17, 2022

Defence sector company equites stock in Indian market exchanges

December 20, 2021

PLB Bonus order 2021: EME and IAF Civilian Employees

November 20, 2021

Interest rate recently updated as 7.6 percentage for Sukanya Samriddhi Account Scheme

July 15, 2021

RENTAL AGREEMENT ELEVEN MONTH SAMPLE FORMAT -1

March 28, 2021

New Enrollment Non government hospitals and Nursing Homes and Diagnostic Centres availble for ECHS

February 17, 2021

Payment of Dearness Allowance to Central Government employees and Dearness Relief to Central Government pensioners at current rates

January 21, 2021

தைபுசம் விழா (28 ஜனவரி 2021) பொது விடுமுறையை தமிழகம் அறிவிக்கிறது

January 6, 2021

List of BSNL Holidays 2021

December 28, 2020

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *




Latest News

Budget disappointing for the Labour – Bhartiya Mazdoor Sangh

Making a Mark Achieved 10 crore viewers – “Central Government Employees News” Blog

Grant of Dearness Allowance to Railway Employees- Rates effective from 01 July 2016

Abolition of Posts of Vacant for more than 05 Years – Finmin Orders

Recruitment of Sportsmen and Women in Central Industrial Security Force (CISF) Against Sports Quota – 2019

Similar Search Results

  • PFRDA – Permission Granted for Overseas Citizen of India to sign on in NPS November 4, 2019
  • Non Compulsary Basis – Addition of GPF Facility to the NPS Governed Employees  October 3, 2019
  • Setting up of NPS oversight mechanism August 5, 2019
  • PFRDA Circular – Enhanced Govt Contribution from 10% to 14% under NPS July 10, 2019
  • Abolition of Contributory Pension Scheme – Cabinet agenda by the Govt of AP June 15, 2019
  • Choice of Pension Funds and Investment Pattern : Major Changes in National Pension System May 10, 2019
  • PFRDA – Amendment in Investment Guidelines for NPS Schemes April 1, 2019
  • Representation received for abolition of National Pension System and for restoration of Old Pension Scheme March 27, 2019
  • Government Contribution 14% in NPS – Gazette Notification March 17, 2019
  • Guaranteed Pension to the Central Government Employees governed under NPS – FRDA February 15, 2019

Top Posts

  • PLB Bonus order 2021: EME and IAF Civilian Employees
  • Productivity Linked Bonus for the current year 2020 Defence Employees
  • Diwali, Christmas, and Pongal advance in CG STAFF interest free
  • DoPT Order – 20th March 2020 regarding the Contractual and Outsourced employees 
  • Only 50% CG Staffs will run till April 4 – Coronovirus Preventive Measure
  • CGDA clarified the issue of ‘No Accommodation Certificate’ (NAC) for granting HRA for CG Employees
  • Highlights of Major Decisions / Initiatives of MHA – Important Bills Passed by Parliament
  • Allowances to UT of Jammu and Kashmir and UT of Ladakh Govt Employees with effect from last of October 2019 – 7th CPC
  • View the Order issued on 29th October 2019 Regarding Promotion/financial upgradation
  • Click to View the Revised Rate of DA from July 2019 Issued on 14th October 2019
  • View the Transport Allowance Rate Chart on October 2019
  • View the Rate chart of Transport Allowance with effect from July 2016
  • View the Letter – Raise in DA by the CG on 9th October 2019
  • Extra Special Pay for Paramilitary Personnel – 7 th CPC
  • Deepavali Bonus for Desirable Central Government Employees – Fourteen Points Clarification

Copyright © 2023 · www.oropdefencenews.in · Log in