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1401 NRIs joined NPS during financial year 2016-17


1401 NRIs joined NPS during financial year 2016-17

The Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations were notified in the year 2016. The objective of the Regulations is to provide a framework for eligibility of Retirement Advisers, their registration process, fees etc.

The Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations were notified in the year 2016. The objective of the Regulations is to provide a framework for eligibility of Retirement Advisers, their registration process, fees etc. of Retirement Advisers (RA) and to define the scope of work and responsibility of the Retirement Advisers to ensure orderly growth of the pension sector

In order to expand the National Pension System (NPS) to NRIs, PFRDA has decided to amend the PFRDA (Retirement Adviser) Regulations, 2016 in order to facilitate RA to provide onboarding and advisory services to the NRIs.

Non Resident Indians (NRIs) between the ages of 18-60 years are eligible to join NPS on voluntary basis. NRIs have also been provided the online facility to open account under NPS besides the conventional mode of account opening through the Points-of-Presence (PoPs).

As on 30.03.2017, 2611 NRIs have subscribed to NPS, out of which 1401 NRIs have joined NPS during the financial year 2016-17.

This was stated by Santosh Kumar Gangwar, Minister of State in the Ministry of Finance, in a written reply to a question in Lok Sabha today.

Recently, with a view to facilitate transfer from recognized provident fund to NPS, the I-T Department has provided an exemption from taxation to one-time portability from a recognized provident fund to the National Pension System. Further, an amendment has been made under the I-T Act to provide exemption from tax to any payments from an approved superannuation fund by the way of transfer to the account of the employee under NPS referred to in Section 80CCD and notified by the Central government.

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