Você está na página 1de 26

|

Pension Bulletin
Volume V
Issue
VI

Pension Fund Regulatory and


Development Authority
1st Floor,
Chhatrapati Shivaji Bhawan,
B-14/A,Qutab Institutional Area,
Katwaria Sarai,
New Delhi-110016

Table of Contents
Page No.

Section 1: New initiatives by PFRDA....................................................................... 2


i. New Features released recently for NPS Subscribers .......................................... 2
ii. Training under NPS............................................................................................. 5
Section 2: All about NPS Tier II Account ................................................................ 6
Section 3: NPS Statistics ......................................................................................... 8
i.

Sector wise growth ....................................................................................... 8

ii. Overall Status of State Governments .............................................................. 9


iii. UoS Sector (All citizens) in NPS ..................................................................... 10
iv. Status of Corporate sector in NPS ................................................................ 11
v. Status of Atal Pension Scheme ...................................................................... 11
vi. PFM wise Return on NPS Schemes ............................................................... 12
Section 4 : Circulars/Notices/Guidelines Issued ................................................... 13
Section 5: Press Releases ..................................................................................... 16
Section 6 : Macro- economic Statistics................................................................. 23

Section 1: New initiatives by PFRDA


i.

New Features released recently for NPS Subscribers

Pension Fund Regulatory and Development Authority (PFRDA) have been established by the
Government of India for regulation and development of Pension Sector in order to protect the old age
income security of subscribers. 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 this regard, recently many new functionalities have been released to provide the
ease of operation for the benefit of subscribers and nodal offices. These are detailed below:
Functionality released recently for the benefit of NPS subscribers:
S.
No.

Functionalities

Benefits Description

Change of address using


Aadhaar authentication for
Government Subscribers.
(For Subscribers)

In line with non-Government Subscribers, Government


Subscribers can now update the communication / permanent
address online (www.cra-nsdl.com) in their NPS account
through Aadhaar based authentication. Subscribers availing
this facility need to verify their Aadhaar details through OTP
authentication. Once the request is made online, the
associated Nodal Office needs to authorise the request to
complete the updation of address.

Online KYC verification for


registration request rejected
by Bank
(For Subscribers)

Under eNPS, the subscribers have an option to register


either through Aadhaar authentication or through PAN and
Bank KYC verification. In case of PAN & Bank KYC
verification, the PAN is verified by CRA with Income Tax
Department (ITD) and KYC details provided by the
subscriber are verified by the Bank (opted by the Subscriber
at the time of registration). In case of the KYC verification is
rejected by Bank, the Subscribers can verify the KYC details
online through Aadhaar using OTP based authentication and
complete the registration process.

S.
No.

Functionalities

NPS Service Fortnight


3

(For Subscribers)

Benefits Description

From June 27, 2016 to July 9, 2016, NPS service fortnight


was observed wherein nodal offices were urged to conduct
camps for addressing NPS related requests. Message was
displayed in Nodal Officers landing page in CRA login to
participate in NPS Service Fortnight. During this period more
than 17,500 service requests were received from NPS
subscribers under Government Sector followed by another
11,000 requests in the subsequent week.

To facilitate the survey on financial literacy for Government


subscribers, PFRDA formulated a questionnaire which was
provided on the online platform. The link for the page was at
PFRDA website and alerts were sent to the subscribers. The
Questionnaire comprised of questions on Finance &
Investment along with NPS and aimed to understand the
awareness level of Government subscribers about
investments in general and NPS in particular. Option was
given to the subscribers to take the survey in English / Hindi.
Till date, nearly 9900 Government subscribers have taken
part in the survey.

eNPS is the online platform wherein an individual can


Introduction
of
service register / contribute under NPS. Now, for using the online
charges on transactions made contribution facility, the service charges of 0.05% of the
through eNPS
contribution amount subject to minimum of Rs. 5 and
maximum of Rs. 5000 per transaction (plus applicable tax)
(For Subscribers)
has been introduced. This charge will be in addition to the
payment gateway charges. The service charges collected
from eNPS platform would be paid to the concerned POP
with whom the Subscriber is associated/who has done KYC
verification at the time of registration through eNPS.

Modification of details of All oversight offices (PrAO/DTA/POP) can now modify the
associated uploading office / details of their underlying uploading office / interfacing office
interfacing office
(PAOs/DTOs/POP-SPs) online through their existing login.
This functionality will help oversight office to modify details
(For Nodal Offices)
such as Office Name, Ministry, address, Contact details etc.

Survey of Financial literacy


(For Subscribers)

S.
No.

Functionalities

Benefits Description
online. The two-stage process involves capturing of details
by a User and authorization of the same by another User
associated to the same office. The Oversight Office can now
also view the details of the DDOs under it.

Processing
of
Online
Withdrawal
Request
by
Drawing and Disbursement
Offices (DDOs)
7

(For Nodal Offices)

As per the procedure stipulated by Pension Fund Regulatory


and Development Authority (PFRDA), all withdrawal
requests need to be mandatorily processed online. In
addition to the subscribers and the associated
PAOs/DTOs/DTAs, withdrawal request can now be initiated
online in the CRA system by the corresponding DDOs on
behalf of subscribers/claimants. However, the withdrawal
request initiated by the DDOs is required to be verified and
authorized by the associated PAOs/DTOs/DTAs. Once the
request is authorized, the same will get processed in the
CRA system.

Password based access to To facilitate easy access to the Corporates, password based
Corporates
login has been introduced for accessing CRA system. Now
the Corporate, in addition to confirm the details of the
(For Nodal Offices)
associated employees, can initiate Inter Sector Shifting
request and view the Transaction Statements of the
underlying Subscribers.

Alert for Uploading offices A feature has been developed in the CRA system for the
under Government sector
Uploading Offices, wherein an alert will be displayed post
login, if contributions for the previous month are not credited
(For Nodal Offices)
for at least 80% of the subscribers associated with that
uploading office. The message will be displayed from 10th
day of every month and will continue till 80% or more
subscribers have received the credit of end of month,
whichever is earlier.

Currently, NPS and APY together have 1.31 crore subscribers with total Asset under
Management (AUM) of 1.39 lakh crore.

ii. Training under NPS

PFRDA strives for promotion and development of an organized pension system to serve the old
age income needs of people on a sustainable basis and towards this aim, training programmes
have been initiated for the nodal offices across all the intermediaries under National Pension
System with the objective to increase awareness about the pension schemes, their features,
benefits and latest development.
PFRDA has appointed an agency for imparting training to 75000 nodal officers across the
country in 1670 sessions with about 45 participants in each session in the financial year 201617. Nominations have been received for the training under Atal Pension Yajana and NPS. As on
31st July, 2016, 157 training sessions have been conducted across the country and 6636
participants have been trained. For the months of June and July the sessions conducted were
as under:

NPS- 63 training sessions across 17 districts


APY- 94 training sessions across 61 districts

Training calendar for the month of August and September 2016 has been uploaded on PFRDA
website for information. 241 programmes during August and 60 programmes during September
2016, covering about 112 districts across 22 States have been scheduled. DDOS/PoPs/APY
SPs in the identified districts/ States have been requested to nominate the persons attending to
subscribers interface for these training.

Section 2: All about NPS Tier II Account


National Pension System offers two types of accounts: Tier I and Tier II. A subscriber can
contribute his savings, including the contribution from his employer, for retirement into a partially
withdrawable Tier I account which is the pension account. Tier II account, on the other hand, is
a voluntary savings account and subscribers are free to withdraw the money from it whenever
they want. The Tier 2 variation of the NPS scheme was launched in December 2009.
Features of Tier II NPS Account
Here are few significant features of Tier II NPS Account which differentiate it from the Tier I NPS
account.

Tier 2 NPS Account can be looked at as a liquid version of the NPS account since there
is flexibility to withdraw. At the same time there is no limit on the number of times money
can be withdrawn from the NPS Tier II Account. Also, no exit fee is charged from the
subscriber in case he/she withdraws from the NPS Tier II account.

Opening the NPS Tier I account is a precondition for opening the Tier II NPS Account
which can be opened through the nodal offices/ PoPs or through online facility eNPS.

The fund managers for Tier II NPS account are ICICI Prudential Pension Fund
Management Co. Ltd, HDFC Pension Fund Management Co. Ltd, Kotak Mahindra
Pension Fund Ltd, Reliance Capital Pension Fund Ltd, SBI Pension Funds Pvt. Ltd, LIC
Pension Fund Ltd. and UTI Retirement Solutions Ltd.

Subscribers can choose between Equity Funds, Government Securities and Fixed
Income Instruments other than Government Securities for investment of Tier II
contribution. If no fund option is chosen by the subscriber it goes into the auto-mode
which invests in funds based on the age. Maximum 50% of the fund can be invested in
equity-fund. However, Subscriber can invest up to 100% in Corporate Bonds or
Government Securities Fund. The subscriber can switch between active and auto
choice or change the fund allocation under Active Choice once in a year.

There is no restriction in terms of frequency of contribution. Subscriber has the option to


make the contribution in any mode monthly, quarterly, half yearly or yearly. Also,
Subscriber can make ad hoc contribution as well. Subscriber can increase or decrease
the contribution amount as per their suitability.

Since, Tier II NPS Account does not have a locking period for funds invested in the
same, there is no tax rebate. Hence, money invested in NPS Tier II Account is not tax
deductible under Income Tax Act at the time of contribution.

Nomination facility is available with NPS Tier II account like Tier I account.

There is facility of one-way money transfer from NPS Tier II account to Tier I NPS
Account.
6

There is no ceiling on minimum or maximum contribution to NPS Tier II account during


the year

Who can open NPS Tier II Account?

Any citizen of India, resident or non-resident can join the National Pension System and
can obtain the NPS Tier II Account

An active Tier I NPS Account is a prerequisite of obtaining a Tier II Account

Individual needs to be 18-60 years of age on the date of submission of NPS form

Documents required for opening NPS Tier II Account


Subscribers having Tier I account can only open Tier II account. Hence, the KYC documents
required are already fulfilled by the subscribers. These are

Duly filled registration form

Identity Proof of applicant

Address Proof of applicant

Age or Date of Birth proof of the applicant

PAN is mandatory for opening an NPS Tier 2 Account.


Taxation of funds in the NPS Tier II Account
Unlike the Tier I NPS Account, Tier II NPS Account does not qualify for tax rebate under section
80C of the Income Tax Act. This is because NPS Tier II account does not have a locking period
for funds which Tier I Account has.
Withdrawal process of the NPS Tier II Account
In order to redeem funds from NPS Tier II Account, the following process is followed:

Submission of duly filled UOS-S12 form for withdrawal by the subscribers

Redemption amount may vary depending upon the applicable NAV at the time of
redemption

Funds get transferred from Trustees Bank to subscribers account.

Section 3: NPS Statistics


i.

Sector wise growth

The number of subscribers under NPS and APY increased from 129.01 lakh as at the end of
June, 2016 to 131.38 lakh as on 30th July, 2016 i.e. by 1.84% increase during the month of July,
2016 supported by 5.46 % increase in APY sector and 3.33 % increase in unorganized sector.
The table depicting the same is as under:

Sector

Central Government
State Government

Number of
subscribers
as on
25.06.2016
1,694,113

Number of
subscribers

Absolute
increase over
the Month

%Growth over
the Month

as on 30.07.2016
1,711,727

17,614

1.04

3,029,340

3,072,872

43,532

1.44

495,452

504,019

8,567

1.73

7,913

3.33

Corporate
Uos ( All citizen
Model)
NPS Lite

4,463,887

4,461,053

-2,834

-0.06

Atal Pension Yojana

2,981,063

3,143,750

162,687

5.46

Total

12,901,326

13,138,805

237,479

1.84

237,471

245,384

The AUM under NPS increased from Rs. 130,402 crore as end of June, 2016 to 138,935 crore
as at the end of July, 2016 i.e. by 6.54% increase during the month of July, 2016. The highest
growth in AUM is witnessed in Atal Pension Yojana which is 18.36% followed by corporate
sector by 7.85% and 8.98% increase in unorganized sector. The table depicting the same is as
under:

Sector

AUM (as on
25.06.2016)
(Rs. Cr.)

AUM (as on
30.07.2016) (Rs.
Cr.)

Absolute
increase over
the month (Rs.
Cr.)

% Growth Over
the month

Central Government

51,885

54,918

3,033

5.85

State Government

63,565

67,865

4,300

6.76

Corporate
UOS (all citizen
model)

10,390

11,206

816

7.85

1,526

1,663

137

8.98

2,257

2,361

104

4.61

NPS Lite*
Atal Pension Yojana
Total

779

922

143

18.36

130,402

138,935

8,533

6.54

ii. Overall Status of State Governments


There are 29 states under NPS. Tamil Nadu has already notified but is yet to adopt NPS
architecture. West Bengal and Tripura are yet to notify NPS. As on 30th July, 2016, Uttar
Pradesh has the highest number of subscribers enrolled under NPS followed by Madhya
Pradesh and Chhattisgarh. In terms of assets under management (AUM), Rajasthan has the
highest AUM of Rs. 8,060.50 crores followed by Maharashtra and Madhya Pradesh. AUM per
subscribers for state government employees is Rs. 2.21 lakh. It is highest for West Bengal and
Tripura, which has adopted NPS only for AIS officials. They are followed by UTs i.e. Puducherry
and Chandigarh.
State wise position of date of adopting the NPS, number of subscribers, corpus, Assets under
Management and AUM per subscriber are given in the following table:
th

As on 30 July, 2016
#

1.
2.

State
Andhra
Pradesh
Arunachal
Pradesh

Date of
Notification

Date of
Adoption

Total No. of
Subscriber

Contribution
(Rs. In crore)

22/09/2004

01/09/2004

159,906

3,662.68

17/11/2007

01/01/2008

11,116

98.05

AUM (Rs.
in crore)

4436.08
105.09

AUM/
Subscriber
(Rs. in
lakh)

2.77
0.95

3.

Assam

25/01/2005

01/02/2005

122,247

1,975.08

2425.49

1.98

4.

Bihar

31/08/2005

01/09/2005

127,566

2,474.10

3158.9

2.48

5.

Chandigarh

11/06/2009

01/01/2004

9,715

276.9

351.9

3.62

6.

Chhattisgarh

27/10/2004

01/11/2004

258,541

2,438.36

3240.46

1.25

7.

Goa

05/08/2005

05/08/2005

26,070

510.07

578.34

2.22

8.

Gujarat

18/03/2005

01/04/2005

128,821

2,590.91

3286.55

2.55

9.

Haryana

18/08/2008

01/01/2006

106,666

2,853.92

3676.87

3.45

10.

Himachal
Pradesh

17/08/2006

15/05/2003

69,509

1,866.74

2398.52

3.45

11.

J&K

24/12/2009

01/01/2010

88,413

1,145.97

1423.04

1.61

12.

Jharkhand

09/12/2004

01/12/2004

87,785

1,588.30

2200.29

2.51

13.

Karnataka

31/03/2006

01/04/2006

164,657

3,607.54

4793.43

2.91

14.

Kerala

07/01/2013

01/04/2013

48,848

269.79

306.42

0.63

15.

Madhya
Pradesh

13/04/2005

01/01/2005

339,462

3,833.61

5024.19

1.48

16.

Maharashtra

31/10/2005

01/11/2005

229,034

4,899.76

5448.69

2.38

17.

Manipur

31/12/2004

01/01/2005

23,794

392.83

473.3

1.99

18.

Meghalaya

24/03/2010

01/04/2010

8,275

86.63

104.59

1.26

19.

Mizoram

17/06/2010

01/09/2010

3,718

57.68

65.39

1.76

20.

Nagaland

28/01/2010

01/01/2010

13,734

78.25

86.11

0.63

1781.66

1.55

464.74

4.54

2,987.23

3685.03

3.20

256,286

6,397.38

8060.5

3.15

01/04/2006

9,801

181.42

222.21

2.27

22/09/2004

01/09/2004

116,803

2,238.10

2878.89

2.46

Uttarakhand

25/10/2005

01/10/2005

64,041

1,641.27

2165.08

3.38

28.

Uttar Pradesh

28/03/2005

01/04/2005

357,574

4,086.67

5012.88

1.40

29.

Tamil Nadu

06/08/2003

01/04/2003

30.

Tripura*

No

No

34

1.43

1.5

4.41

31.

West Bengal*

No

No

153

6.62

8.79

5.75

Total

29

29

3,072,872

54,052.39

67,864.93

2.21

21.

Orissa

17/09/2005

01/01/2005

114,756

1,431.05

22.

Puducherry

07/03/2005

01/01/2004

10,233

374.05

23.

Punjab

02/03/2004

01/01/2004

115,314

24.

Rajasthan

28/01/2004

01/01/2004

25.

Sikkim

18/05/2006

26.

Terengganu

27.

iii. UoS Sector (All citizens) in NPS


73 PoPs with 56,893 service providers are registered with PFRDA to provide services to citizens
under the NPS. While the registration and contribution upload of Government and Government
bodies employees is done by their respective Pay & Account offices, the private and the
unorganized sector employees are serviced through the PoPs. As on 30th July, 2016, the total
number of active account subscribers under Tier I was 245,384. The contribution from Tier I as
on July 30th, 2016 was Rs. 1318 crore against which AUM of the Tier I was Rs. 1453 crore.
Total numbers of active account subscribers registered under NPS Tier II are 42,739. The
contribution received from Tier II subscriber is Rs. 193 crore and the AUM is Rs. 210 crore.
AUM per subscriber for UoS is Rs. 0.59 lakh.
Total active account subscribers, contribution and AUM have increase in both Tier I & Tier II
compare to the previous month.

th

As on 30 July, 2016

a)
b)

Total number of registered PoPs in CRA

73

Total number of registered PoP-SP in CRA

56,893

Total number of active account subscribers

245,384

Total amount of subscribers contribution

Rs. 1,318.27 Crores

Total Asset Under Management

Rs. 1,452.57 Crores

Tier I
c)
d)
e)

10

Tier II
f)
g)
h)

Total number of active account subscribers

42,739

Total amount of subscribers contribution

Rs. 192.52 Crores

Total Asset Under Management

Rs. 210.28 Crores

iv. Status of Corporate sector in NPS


2,652 Corporates with 504,019 subscribers are registered under NPS As on 30th July 2016.
The contribution received from the corporate subscribers as on 30th July, 2016 was Rs. 9,168
Crore against which the AUM was Rs. 11,206 Crore. AUM per subscriber for Corporate Sector
is Rs. 1.98 lakh.
th

As on 30 July, 2016
a)
b)
c)
d)

Total number of corporate registered in NPS

2,652

Total number of subscriber registered in Corporate


Sector

504,019

Contribution amount

Rs. 9,167.68 Crores

Total Asset Under Management

Rs. 11,206.00 Crores

v. Status of Atal Pension Scheme


The subscriber base of Atal Pension Yojana has reached to 31.43 lakh as on July 30th, 2016
and AUM under APY have reached to Rs. 922 crore.
th

As on 30 July, 2016

a)
b)
c)

Total number of Banks registered under APY

390

Total number of subscribers registered

3,143,750

Total Asset Under Management

Rs. 921.88 Crores

11

vi. PFM wise Return on NPS Schemes


Returns since inception (in %)
th

As on 29 July, 2016
Pension Funds

SBI

UTI

LIC

CG

10.67

10.22

10.32

SG

10.28

10.33

10.46

Corporate-CG

11.13

KOTAK

RELIANCE

ICICI

HDFC

Schemes

TIER I

TIER II
NPS Swavalamban

11.43

9.42

11.84

14.47

10.61

10.82

11.85

17.35

11.40

9.91

12.46

11.26

9.72

11.30

12.32

10.48

9.10

13.45

9.32

8.93

9.40

12.50

9.00

9.38

8.11

9.63

9.25

9.04

11.73

11.04

10.17

10.44

9.84

9.48

11.25

10.05

10.77

10.37

13.83

9.15

9.35

9.63

13.33

11.49

11.33

11.24

11.71

12

Section 4 : Circulars/Notices/Guidelines Issued


CIRCULARS
i. Introduction of Service Charges to associated POPs on transactions made through
eNPS (PFRDA/2016/17/CORP/3) (Dated 26th July, 2016)
eNPS platform has been introduced to provide subscribers the facility to open NPS account
online and make contributions thereto. Further, the NPS subscribers pertaining to any sector
can make subsequent contributions through eNPS platform.
With a view to incentivize the POPs to actively promote & distribute NPS, it was suggested that
PFRDA may consider allowing some service charges to the POPs as is the case of other
financial product particularly for transaction where first time on boarding of the subscriber in the
NPS has been through the intervention of POPs. Accordingly, it has been decided to introduce,
in addition to the payment gateway charges, service charges on contribution through eNPS to
the associated POP of the subscriber on the date of making contribution. The service charges
would be applicable only to the subscribers who are associated with any of the POP and also to
the subscribers who have opened account through PAN and Bank KYC verification on eNPS
platform. However these Service Charges shall not be applicable on the subscribers who have
opened account through Aadhaar mode on eNPS platform.
The service charge to be recovered by the subscribers would be 0.05% of the contribution
amount ad valorem, subject to Minimum of RS. 5/- and maximum of Rs. 5,000/- per transaction.
The Service Charges would be rounded to the nearest rupee and service tax and cess
thereupon on the service charges would be on actual basis.
The service charge collected through eNPS platform would be paid to the concerned associated
POP on a quarterly basis after reconciliation of the account by CRA and Trustee Bank. The
NPS Trust will authorize the payment of these collected service charges to the POPs and
authorization made by the NPS Trust would be final and binding on POPs.

ii. Clarification on Continuing Contribution beyond 60 Years or the Age of


Superannuation- Till 70 Years (PFRDA/ 2016/13/Exit/06) (Dated 27th July, 2016)

The Authority has notified the PFRDA I Exit and Withdrawals from National Pension System)
Regulations, 2015 on 11th May, 2015 and is in force. Reference is drawn to Regulation 4
pertaining to Exit from National Pension System by citizens, including corporate sector
subscribers and more particularly sub- regulation (a).

13

It has been brought to the notice of the Authority that the stakeholders including subscribers
require further clarity on the matters associated in order to actively utilize this opportunity to
continue to contribute to NPS. Thus for the convenience of the subscriber clarificatory
guidelines are issued. The Authority has examined the matter and Authority in exercise of its
powers under section 14 of the Pension Fund Regulatory and Development Authority Act, 2013
read with Regulation 39 of the PFRDA (Exits and Withdrawals from National Pension System)
Regulations, 2015 hereby issues the following clarifications.
Sl no
1

ISSUE RAISED
When should a subscriber inform
NPS Trust or CRA about his/her
intension to continue contribution
beyond the age of 60 years/
Superannuation age?

CLARIFICATION
Where a subscriber desires to continue to contribute
to NPS beyond the age of 60 years or
superannuation age, he or she shall have the option
to do so provided the subscriber intimates his or her
intension to do so in writing in the specified form at
least fifteen days before the attainment of 60 years
of age or the age of superannuation to the CRA.

On what corpus will the mandatory


minimum investment of 40% of the
accumulated pension wealth for
purchase of annuity be applicable
i.e., the corpus available on the
date of attaining 60 years or
superannuation OR the corpus
available at the time of exit after
availing the benefit of further
contributions to the NPS account
under sub regulation 4 (a) (i)
Whether Tier II account can also
be continued along with the Tier I
when one opts for further
contributing to NPS beyond the
age
of
60
years
or
superannuation.
Will the subscriber who has opted
to contribute to his Tier I account
beyond the age of 60 years/
superannuation have all the
facilities and options of a normal
NPS account like access to CRA
system, option to switch PFMs
and Investment choice etc.,

The entire set of Exit and Withdrawal conditions as


per the applicable regulations would be applicable
on the accumulated pension wealth available in the
PRAN as on the date of final exit from NPS
including those contributions and investment
income that have been contributed and accrued to
the account beyond the age of 60 years or the age
of superannuation.

For a normal NPS account a Tier II account can


exist as far as there is a corresponding Tier I
account. Hence the same position shall continue
and the subscriber may to contribute to his Tier II
account apart from Tier I account.
Yes, the subscriber shall enjoy all the facilities and
options of a normal NPS account like access to
CRA system, option to switch PFMs and Investment
choice etc.,

14

Whether one can Exit at any point


of time after choosing to continue
to contribute to NPS beyond 60
years/ superannuation.

Yes, a subscriber can Exit from NPS after giving


due notice , at any point of time after availing the
benefit of continuing to contribute to NPS
irrespective of the period of contribution indicated by
the subscriber while submitting the request to
continue to contribute to NPS.

Whether the option of deferment


of purchase of annuity would be
available to the subscribers who
have voluntarily opted to continue
to contribute beyond 60 years of
age or superannuation and when
they decide to Exit finally from
NPS.

Option of deferment of purchase of annuity would


not be available to the subscribers who have
voluntarily opted to continue to contribute beyond
60 years of age or superannuation.

15

Section 5: Press Releases


i.
Atal Pension Yojana (APY) workshop for State Apex Cooperative Banks and
District Central Cooperative Banks ( Dated: 5 July, 2016)
Atal Pension Yojana is implemented through the APY Service Providers comprising of Public
Sector Banks, Private Sector Banks, Regional Rural Banks, Cooperative Banks and Department
of Post both in urban and rural areas across the country. The total number of subscribers
registered under APY as on 30th June 2016 is around 30 lakhs and more than 5000 accounts
are added on a daily basis.
With a view to promote and expand the coverage of subscribers under APY, PFRDA is
conducting State level workshops for Cooperative Banks in association with NABARD. For FY
2016-17, Atal Pension Yojana (APY) workshops for State Apex Cooperative Banks and District
Central Cooperative Banks have been conducted in Bihar, Haryana, Himachal Pradesh, Punjab,
Karnataka and Uttar Pradesh.
135 DCCBs / SCBs with 203 participants form the DCCBs / SCBs have participated in the
workshops. APY features, benefits, process of joining, the issues / queries generally raised by
subscribers were explained to the participants by PFRDA. All these events are ably supported
by the respective regional offices of NABARD. The next phase of the workshops are planned in
July September 2016 covering the DCCBs / SCBs in the States of Andhra Pradesh,
Chhattisgarh, Kerala, Telangana and Uttarakhand.

16

Atal Pension Yojana (APY, a GOI scheme,) provides minimum guaranteed pension ranging
between Rs. 1000/- to Rs. 5000/- per month for the subscriber from the age of 60 years. The
Same amount of pension is paid to the spouse in case of subscribers demise. After the demise
of both i.e. Subscriber & Spouse, the nominee would be paid the pension corpus. Option for
Spouse to continue to contribute in APY account of subscriber for balance period on premature
death of subscriber before 60 years, so as to avail pension by Spouse. Tax benefits at entry,
accumulation and pension payment phases.
If the actual returns on the pension contributions during the accumulation phase are higher than
the assumed returns for the minimum guaranteed pension, such excess returns are passed on
to the subscriber, resulting in enhanced scheme benefits.
ii. PFRDA launches APY Pension Harmony Week from 25th to 29th JULY, 2016.
The APY was launched by Honorable Prime Minister of India on 09th May, 2015 and became
operational from 1st June, 2015. APY is available for all citizens of India in the age group of 1840 years. Under the APY, the subscribers would receive the fixed pension of Rs. 1000 per
month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at
the age of 60 years, depending on their contributions, which itself would vary on the age of
joining the APY.
There are more than 30 lacs subscribers registered in the scheme till date. PFRDA is constantly
carrying out various activities for promoting the schemes. Periodic advertisements and Capacity
building Programs are organized countrywide. As on 30thJune, 20 16 more than 1 Lac Bankers
and Post Office officials were trained for APY and this exercise of PFRDA is an on-going
activity.

17

To add a further fillip to the scheme, PFRDA plans a week long login drive namely as APY
Pension Harmony Week in the last week of July, 2016 starting from 25th July to 29th July,
2016. During this week all the Banks/Deptt. Of Post are advised to open 3-5 accounts per
branch. PFRDA expects high number of enrolments through this event.
Few new features have been introduced in the scheme recently:
i) Flexible modes of payment like quarterly and half yearly besides the monthly which makes the
scheme more attractive.
ii) In case of death of the subscriber before 60 years, option will be available to the spouse of
the subscriber to continue contribution in the APY account of the subscriber, which can be
maintained in the spouses name, for the remaining vesting period, till the original subscriber
would have attained the age of 60 years. The spouse of the subscriber shall be entitled to
receive the same pension amount as the subscriber until death of the spouse.
iii) Tax benefit under 80CCD (as applicable under NPS) on the self-contribution of the
subscriber.

iii) 100 crores released towards GoI co-contribution in Atal Pension Yojana
Atal Pension Yojana is being implemented through the APY Service Providers comprising of
Public Sector Banks, Private Sector Banks, Regional Rural Banks, Cooperative Banks and
Department of Post both in urban and rural areas across the country. The total number of
subscribers registered under APY as on 30th June 2016 has crossed 30 lakhs and every day
nearly 5000 new subscribers are added.
The scheme provides for a co-contribution from Government of India for those who have
registered before 31/3/2016 with an amount of 50% of the subscribers contribution up-to a
maximum of Rs. 1000/- and these subscribers will be eligible for co-contribution for a period 5
years from 2015-16 to 2019-20 only those subscribers who are not income tax payers and not
part of any other social security schemes are eligible for GoI co-contribution. Keeping in view
the above, GoI through PFRDA has released co-contribution for the FY 2015-16 for 16.96 lacs
eligible subscribers amounting to Rs. 99.57 crores. The Subscribers who have any pending
contributions in their APY account till March 2016 won't be paid with co-contribution. They have
been advised by PFRDA to regularize their APY account so as to get GoI co-contribution in the
month of September. GoI co-contribution is payable only when accounts are regular and the
admissible GoI co-contribution is paid into the Savings Bank account of the Subscribers.
Atal Pension Yojana provides minimum guaranteed pension ranging between Rs. 1000/- to Rs.
5000/- per month for the subscriber from the age of 60 years. The Same amount of pension is
paid to the spouse in case of subscribers demise. After the demise of both i.e. Subscriber &
Spouse, the nominee would be paid the pension corpus. Option for Spouse to continue to
contribute in APY account of subscriber for balance period on premature death of subscriber
18

before 60 years, so as to avail pension by Spouse. Tax benefits at entry, accumulation and
pension payment phases.
If the actual returns on the pension contributions during the accumulation phase are higher than
the assumed returns for the minimum guaranteed pension, such excess returns are passed on
to the subscriber, resulting in enhanced scheme benefits.

iv) Atal Pension Yojana (APY) workshop for State Apex Cooperative Banks and District
Central Cooperative Banks of Uttrakhand
Atal Pension Yojana is implemented through the APY Service Providers comprising of Public
Sector Banks, Private Sector Banks, Regional Rural Banks, Cooperative Banks and Department
of Post both in Urban and rural areas across the country. The total number of subscribers
registered under APY as on 30th June 2016 is around 30 lakhs and average more than 5000
accounts are added on a daily basis.
With a view to promote and expand the coverage of subscribers under APY, PFRDA has
conducted State level workshops for Cooperative Banks in association with NABARD. For FY
2016-17, Atal Pension Yojana (APY) workshops for State Apex Cooperative Banks and District
Central Cooperative Banks have been conducted in Bihar, Haryana, Himachal Pradesh, Punjab,
Karnataka and Uttar Pradesh.
PFRDA has conducted a meeting on 08th July, 2016 in coordination with NABARD regional
office Dehradun for DCCBs & RRB of Uttarakhand for handholding of the SCB/DCCBs of the
Uttarakhand in Implementation of Atal Pension Yojana. There are 11 SCB/DCCBs in
Uttarakhand. The State has more than 20,000 subscribers under APY.

19

Uttarakahand has a population of 1.01 Crore out of which 38 lakhs citizens are in between the
age Bracket of 18-40 years. The literacy of the Uttrakhand is more than the average literacy of
the country. Hence the opportunity for educating and extending the reach of APY is more in
Uttarakhand.
Atal Pension Yojana (APY, a GOI scheme,) provides minimum guaranteed pension ranging
between Rs. 1000/- to Rs. 5000/- per month for the subscriber from the age of 60 years. The
Same amount of pension is paid to the spouse in case of subscribers demise. After the demise
of both i.e. Subscriber & Spouse, the nominee would be paid the pension corpus. Option for
Spouse to continue to contribute in APY account of subscriber for balance period on premature
death of subscriber before 60 years, so as to avail pension by Spouse. Tax benefits at entry,
accumulation and pension payment phases.
If the actual returns on the pension contributions during the accumulation phase are higher than
the assumed returns for the minimum guaranteed pension, such excess returns are passed on
to the subscriber, resulting in enhanced scheme benefits.

20

v) NPS Awareness Session for State Autonomous Bodies (PSUs/Boards/Corporations) of


Govt. of Kerala
NPS awareness programme for State Autonomous Bodies was organized on 21-07-2016 by
Govt. of Kerala in association with PFRDA for bringing the unregistered State Autonomous
Bodies under NPS. 70 participants from 40 State Autonomous Bodies (PSUs, Boards, and
Corporations) have attended the conference.
Shri. K M Abraham, Additional Chief Secretary, Finance department, Government of Kerala had
urged all the employees of unregistered State Autonomous Bodies to join NPS. Shri A.G Das,
Chief General Manager, PFRDA has delivered the keynote address and briefed the audience
about the contours of Old Age income security, benefit of joining NPS and also requested the
state to implement NPS more inclusively among the State Autonomous Bodies/ Public Sector
Undertakings/ Boards /Corporations forming part of EPF.
PFRDA and CRA has given a presentation on NPS for State Autonomous Bodies/ Public Sector
Undertakings/ Boards /Corporations covering key features and benefit of NPS, details and
process of joining of NPS, details of NPS architecture and investment and exit guidelines of
NPS.
The State had adopted NPS for State Government employees, Public Sector Undertakings,
Autonomous Bodies, Boards and Universities in the State effective from 1st April 2013. As on
date, the State has registered more than 36,648 subscribers employed in the various
departments of the State Government and have contributed more than 242.19 crores into NPS.
There are 29 State Autonomous Bodies registered under NPS and has registered more than
11,173 subscribers and had contributed more than Rs 18.83 Crores.
Total No. of subscribers in Kerala including State Government and State Autonomous Bodies
employees is more than 47,821 with a contribution of Rs 261.02 Crores. The Total Asset under
Management is 292.42 Crores.
NPS has massive footprints across the country with a subscriber base of more than 1.29 Crores
subscribers and with an asset base of more than 1.30 lakh crores. NPS operates on high
technology user interface platform and provides various benefits including tax benefits and
higher returns of more than 10.5%. Recently, Government of India has allowed exclusive tax
benefits on NPS investment up to Rs 50,000.

vi) Conference on Implementation of National Pension System (NPS) in Central


Autonomous Bodies (CABs) (Dated 27th July, 2016)
A conference on implementation of National Pension System (NPS) in Central Autonomous
Bodies (CABs) was organized by PFRDA on 27th July 2016 at New Delhi. The prime objective

21

of the conference was to understand and address the concerns of the Central Autonomous
Bodies who have not yet registered for NPS.
Shri Hemant Contractor, Chairman, PFRDA in his key note address stressed on the need for a
regular and steady source of income for old age income security. He informed the participants
that it was mandatory for all CABs which had offered CPF to its employees earlier to switch to
NPS, but some CABs had not done so, and he urged them to adopt NPS without further delay,
in view of the benefits of doing so, apart from the mandatory requirement. He gave the example
of State Governments which had voluntarily adopted NPS in view of its merits. He further
mentioned that it was important for CABs to offer a pension benefit to their employees in view of
the many advantages, which could never be matched by lump sum payments such as CPF
payment. He urged the CABs to comply with the Government directives and join NPS at the
earliest so that the employees could get the benefit of pension under NPS for their old age
income security.
Dr. B. S. Bhandari, Whole Time Member (Economics), PFRDA, while speaking on the occasion
highlighted on the introduction of NPS for all Central Government Employees (except armed
forces) joining services on or after 01st January 2004 and also informed the participants about
the various notifications issued by Government for implementation of NPS in the Central
Autonomous Bodies. He also briefed about the basic operational aspects of the NPS,
investment pattern & NPS architecture. He also illustrated the benefit of higher return under
NPS and power of compounding on this higher return resulting to better yield in comparison to
other superannuation benefits.
Shri R V Verma, Whole Time Member (Finance) PFRDA, also urged to all the CABs present in
the conference to be part of NPS and said that there is no reason why CABs have not
implemented despite all the benefits in NPS. He informed that though the scheme is mandatory
for all Central Autonomous Bodies having contributory Provident fund, many of the CABs are
yet to join NPS. He expressed PFRDA is confident that this conference will help the participating
CABs to understand NPS in a better way and will help them to join NPS at the earliest without
further delay.
Currently, NPS has more than 1.30 crore subscribers with total Asset under Management
(AUM) of more than Rs.1.37 lakh crores.

22

Section 6: Macro- economic Statistics


th

26,999.72

28,051.86

Absolute
Change
5= Col 4Col 3
1,052.14

8287.75

8638.50

350.75

4.23

67.62

67.03

-0.59

-0.87

31,215

31,259

44.00

0.14

49.68

42.46

-7.22

-14.53

182.0

183.9

3.55 (y-o-y)

Consumer Price Index ON


BASE 2012=100

128.3

131.1

6.07 (y-o-y)

Index of Industrial Production


ON BASE 2004-05=100*

181.8

183.0

1.2 (y-o-y)

10 year G-Sec Yield

% p.a

7.45

7.16

-0.29

-3.89

360.80

362.69

1.892

0.52

3712.88

12611.82

8898.94

239.68

-6220.24

6845.44

13065.68

-210.05

-2507.36

19457.26

21964.62

-876.01

Indicators

Units
1

S&P BSE Sensex

CNX Nifty

Rs/$

Gold

Rs/
gm

Brent Crude

$/barrel

Whole Price Index ON BASE


2004-05=100

Foreign Exchange Reserve


Net FPI/FII(Equity) (Rs. crore)
Net FPI/FII (Debt)
Net FII (Total)

USD
bn
Rs.
Crore
Rs.
Crore
Rs.
Crore

10

in

As on 30th
June 2016

As on 29
July 2016

Percentage
Change
6= {Col 5/Col 3}
*100
3.90

* Figures of April & May, 2016


Source: BSE, NSE, RBI, CSO, SEBI

India BSE SENSEX Index increased 1,052.14 points or 3.90% to 28,051.86 on 29th July, 2016
from 26,999.72in the 30th June, 2016. Nifty 50 closed at 8638.50 as on 29th July 2016.
US Dollar to Indian Rupee Exchange Rate is at a current level of 67.03, down from 67.62 the
previous market month and up from 64.09 one year ago. This is a change of -0.87% from the
previous market month and 4.18% from one year ago.
Brent crude oil decreased -7.22 USD/BBL or -14.53% to 42.46 on July 29th 2016 from 49.68 in
the previous month. Brent crude oil changed -14.53% during the last month and -11.37% during
the last year. Historically, Brent crude oil reached an all-time high of 145.61 in July of 2008 and
a record low of 2.23 in May of 1970.
23

The Wholesale Price Index for All Commodities (Base: 2004-05=100) for the month of July,
2016 rose by 1.0 percent to 183.9 (provisional) from 182.0 (provisional) for the previous month.
The inflation for July 2016 over the corresponding period of the previous year stands at 6.07
percent.
The annual rate of inflation, based on monthly WPI, stood at 3.55% (provisional) for the month
of July, 2016 (over July, 2015) as compared to 1.62% (provisional) for the previous month and 4.00% during the corresponding month of the previous year.
The General Index for the month of June 2016 stands at 183.0, which is 2.1 percent higher as
compared to the level in the month of June 2015. The index for May 2016 over the
corresponding period of the previous year stands at 1.2 percent.
India Government Bond 10Y decreased to 7.16 on 29th July, 2016 from 7.45 in the previous
month. India Government Bond 10Y changed -3.89% during the last month and -6.86% during
the last year.
Foreign Exchange Reserves in India increased to 362.69 USD Billion on 29th July, 2016 from
360.80 USD Billion in the previous month (June).
There was net inflow of Rs. 19457.26crore foreign portfolio investment from India in the month
of July 2016, against the inflow of Rs. 6845.44crore in the month of June, 2016.
Foreign Exchange Reserves in India averaged 195782.65 USD Million from 1998 until 2016,
reaching an all-time high of 383643 USD Million in December of 2009 and a record low of 29048
USD Million in September of 1998. Foreign Exchange Reserves in India is reported by the
Reserve Bank of India.

*****

24

25

Você também pode gostar