Remittance of NPS funds solely through electronic mode (NEFT/RTGS) from 01st April 2014

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

PFRDA/2014/01/CSG/1

Date: 09th January 2014

To,
All Central Government Ministries & State Governments

Dear Sir/Madam,

Remittance of NPS funds solely through electronic mode (NEFT/RTGS) from 01st April 2014

1. The Circulars no. PFRDA/2013/10/CRTB/1 dated 30th April 2013 and PFRDA/2013/12/CRTB/2 dated 31″ May 2013 may be referred.

2. It has been observed that the following problems are presently being faced on account of remittance of NPS contribution funds through physical instruments:

a.) Higher percentage of rejection of contributions/ funds return

b.) Delays due to cheque clearing activity

c.) incidences of cheque rejection due to financial/ technical reasons.

3. All the aforementioned issues affect the timely investments of the subscribers thus adversely impacting their pension corpus accumulation. To obviate the aforesaid concerns, and in compliance of CVC instructions issued vide Office Order No. 20/4/04 File No. 98/ORD/1 dated 06-04-2004 PFRDA has decided to discontinue the remittance of NPS contribution funds through physical instruments and to accept remittance solely through electronic mode from 01st April 2014.

 

4. Accordingly from 01st April 2014 onwards, all the nodal offices remitting NPS contributions have to mandatorily remit NPS Contributions through electronic mode i.e. NEFT/ RTGS only.

5. The overall procedure for remittance of funds to Axis Bank (Trustee Bank), matching & booking of SubscriberContribution Files (SCFs) and the receipt of funds from it shall remain unchanged.

6. This circular may be sent to all the nodal offices under your jurisdiction for necessary action/ compliance.

7. The contact details of NPS Cell at Axis Bank is as follows:

First Level of Contact:

S No.	Contact Person	Designation	Phone No.
1	Mr Abhishek Gautam	Senior Manager	022-24253678
2	Mr Dakshesh Barbhaya	Senior Manager	022 24253639
3	Mr Yash Mayekar	Senior Manager	022 24253628

Second Level of Contact:

S No.	Contact Person	Designation	Phone No.
1	Mr Debraj Saha	Assistant Vice President	011 43506532
2	Mr Piyush K Singh	Deputy Vice President	022 24253680

The Circular has also been placed on PFRDA website at http://www.pfrda.org.in

Yours faithfully,

sd/-

(Ashish Kumar)

General Manager

Source: https://www.npscra.nsdl.co.in/download/Remittance-Update.pdf

Regarding withdrawal from the NPS on death of by the employees who have been allotted PRAN and their contribution uploaded to NSDL.

KENDRIYA VIDYALAYA SANGATHAN
18-INSTITUTIONAL AREA,
SHAHEED JEET SINGH MARG,
NEW DELHI - 110016

F.NO.110126125/2012/KVS-NPS/PF

Dated: 06.11.2013

The Deputy commissioner/Director
Kendriya vidyalays Sangathan
All Regional Office & ZIETs

Subject : Regarding withdrawal from the NPS on death of by the employees who have been allotted PRAN and their contribution uploaded to NSDL.

Sir/Madam,

   The Pension Fund Regulatory and Development Authority (PFRDA) has now provided the interim procedure for withdrawal requests of employees arising out of the subscriber’s death. The PFRDA approved Withdrawal Form 103GD with Form 401 AN(Annexure) along with supporting documents are enclosed as annexure (Annexure—B). You are requested to follow the process as advised by PFRDA. The Withdrawal Form 103GD with Form 401 AN (Annexure) along with the supporting documents are to be submitted through to the Exceptional Handling Cell — CRA.

PFRDA to appoint auditors for pension fund managers.

   To keep a tighter check on investments, the pension regulator has decided to appoint auditors for the pension fund managers (PFMs) and schemes of the National Pension System (NPS). Fund managers will also be expected to make full disclosure of scheme-wise investments on their websites.

   “As the NPS gets more subscribers, there is a need to keep a tighter check on investments being made by the fund managers... That is why we have made the reporting and audit norms more stringent,” said a senior PFRDA official.

   The auditors, for which the Pension Fund Regulatory and Development Authority (PFRDA) has recently issued guidelines, will review the performance of schemes under the NPS as well as investments made by the fund managers. They will also be expected to audit prepare financial and annual reports of schemes managed by each of the fund manager.