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PFRDA

Feb 25, 2020, 11.34 AM IST

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PFRDA

Supratim Bandyopadhyay appointed PFRDA chairperson

The order said Bandyopadhyay has been appointed for a period of five years, with effect from the date of assumption of charge of the post or till attaining the age of 65 years or until further orders, whichever is the earliest.

Govt mulls changes in PFRDA Act; to separate it from NPS Trust for govt staff

She also said that the government will help ease in mobility wh...

PFRDA may become regulator for all pension products

The Finance Ministry and board of regulators have given an in-principle nod to the propos...

  • The Pension Fund Regulatory and Development Authority of India (PFRDA) has also urged the government to extend the facility of of tax free contribution of 14 per cent by the central government to its employees under the NPS to all categories of subscribers.

    ​​The scheme provides minimum guaranteed monthly pension of ₹1,000 to ₹5,000 from the age of 60.

    With this, the pension fund is no longer available for subscription under NPS. Earlier this year, Reliance Capital had surrendered its NPS licence. It was one of the 8 companies registered under NPS to manage funds from the private sector.

    Gross enrolments of new subscribers with ESIC were 1.49 crore during the entire financial year 2018-19, the National Statistical Office (NSO) said in a report. It also showed that during the September 2017-October 2019 period, around 3.22 crore new subscribers joined the ESIC scheme. The report showed that gross new enrolments with ESIC during the September 2017-March 2018 period were 83.35 lakh.

    Presently, the scheme benefiting unorganised sector workers allows enrolments for those aged between 18 and 40. The scheme also provides minimum guaranteed monthly pension of Rs 1,000 to Rs 5,000 from the age of 60.

    The Upper House passed International Financial Services Authority Bill, 2019 which will set up a unified regulator for international financial services combining powers and functions of RBI, SEBI, IRDAI and PFRDA, says Department of Economic Affairs secretary Atanu Chakraborty.

    PERDA the authority which runs, APY and NPS has around 3 crore subscribers is now looking to cover 45 crore people in the unorganised sector with no access to any financial products. Around 55% of the total subscribers are under the APY scheme.

    Out of the 36 lakh new APY accounts, 27.5 lakh were sourced by public sector banks, 5.5 lakh accounts by regional rural banks and around 3 lakh accounts by private sector and payment banks.

    Recently, SEBI has come out with guidelines for the introduction of exit load on the redemption of units in liquid funds within seven days of investment, which has made the investment in liquid funds unattractive for short duration investment.

    As per the circular, when new security is purchased for which market price is not available on the same day, then such a security will be valued on the basis of scrip level price/ scrip level yield at which the securities are purchased.

    Up until now OCIs could not invest in the National Pension System or NPS. PFRDA, through a circular issued on October 29, has said that OCIs can now invest in NPS tier 1 accounts. This is good news as NPS offers various tax benefits.

    The National Pension System (NPS) is a voluntary, defined contribution programme administered and regulated by PFRDA.

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