Default ASP and Annuity Scheme for subscribers exiting from NPS and Seeking withdrawal of Accumulated Pension Wealth.

Pension Fund Regulatory and
      Development Authority
        
CIRCULAR

PFRDA/2013/5/PDEX/4

                                 14th February 2013

To,
All POP’s/Aggregators/CRA/ dealing offices of Central & State Governments,

Subject: Default ASP and Annuity Scheme for subscribers exiting  from NPS and Seeking withdrawal of Accumulated Pension Wealth

   PFRDA has empanelled seven Annuity Service Providers (ASP’s) for providing annuity services to NPS subscribers. As per current National Pension System (NPS) exit norms,the subscriber is mandatorily required to select one of the empanelled ASP’s along with an Annuity scheme from those offered by the chosen ASP at the time of exiting from NPS and seeking withdrawal of accumulated pension wealth (for reasons other than death of the subscriber).

   Based on the feedback received from stakeholders seeking provision of a default option to be exercised by the subscriber at the time of selection of the ASP and choosing of an annuity scheme, PFRDA has examined the matter and decided to assist the subscriber by providing a default option.

     After examining the various options provided by the different ASPs, it has been decided to provide for a default ASP and annuity scheme as below:

   1. Default Annuity Service Provider – Life Insurance Corporation of India

   2. Default Annuity Scheme - Annuity for life with a provision of 100% of the annuity payable to spouse during his/her life on death of annuitant’ and Under this option, payment of monthly annuity would cease once the annuitant and the spouse die or after death of the annuitant if the spouse pre-deceases the annuitant, without any return of purchase price.  

   3. However, where the corpus is not adequate to buy the default annuity variant and from  the  default ASP, the subscriber has to compulsorily choose an ASP who offers an annuity at the available corpus in the account of the subscriber.

   Also, it may be noted that this default option is being purely provided in the subscribers’ interest and to avoid any delay in claim processing and is not with a view to endorse/promote any particular ASP or annuity variant being offered by the ASP. 

   The default ASP and the default annuity scheme as above would be applicable for all variants of NPS i.e. Government Sector, Swavalamban and those accounts under NPSlite platform not able to meet the compulsory contribution under Swavalamban scheme, Corporate and All Citizen model.

   This is for the information of all concerned.   The circular has also been placed on PFRDA website at  http://www.pfrda.org.in and CRA website at http://www.npscra.nsdl.co.in.

Yours Faithfully,

Sd/-
  Venkateswarlu Peri
General Manager

Source:http://pfrda.org.in/writereaddata/linkimages/Default%20ASP%20and%20Annuity%20Variant487123241.pdf

Raise I-T exemption limit to Rs 4 lakh: Congress.

   In a pre-budget meeting with Finance Minister P Chidambaram here on Thursday, Congress leaders have asked the UPA government to increase the taxable income exemption limit to Rs 4 lakh from the current Rs 2 lakh, while suggesting a pro-people budget with sops for the middle class and farmers keeping  the upcoming elections in mind.

   The meeting was held at the Congress party headquarters. With the rise in fuel prices impacting the ‘aam aadmi’, the meeting saw suggestions for varied pricing of petrol, diesel and cooking gas for people living below poverty line and low income group.

   Senior party leader Oscar Fernandes suggested there was a need to bring down the dependence on petroleum import and more focus on having alternative sources of energy like ethanol, sources said. Fernandes also wanted the government to reduce tax on bidis, noting that employment levels were coming down in the labour-intensive sector due to current tax slab.

   Congress leader Jagdish Tytler suggested that the budget should be formulated in a way that helps the party to connect with people as elections were ahead, sources said.  AICC Secretary P Sudhakar Reddy mooted raising the tax exemption limit of Rs 2 lakh to Rs 4 lakh, which was endorsed by many other office bearers.

    He also advised linking Mahatma Gandhi National Rural Employment Guarantee Scheme with agriculture to help meet the shortage of farm labour in the sector, besides offering three-year interest-free loans to small farmers for their children’s education.

   Suggestions were also made by party leaders for gender budgeting. Reddy advised the Finance Minister that female assessees could be given higher tax exemption limit.

   There were also demands by many leaders for bringing more clarity on the service tax as it was being interpreted differently in various states.

   Minority Department Chairman Imran Kidwai demanded increase in outlay of the Minority Affairs Ministry and allocation of more funds to minority institutions. He also advised formulation of special scheme for Most Backward Classes for their financial inclusion.
 
   Senior party leader Ajit Jogi complained that central funds were being diverted in many non-congress ruled states by the respective governments, suggesting some mechanism should be developed to check this, “The finance minister told us what are the difficulties and how the Indian economy was kept at a balance despite the tough global economic scenario. Thirty-two of the 46 office bearers present spoke on various issues related to farmers, weavers, education, health and income tax," party general secretary Janardan Dwivedi told reporters after the meeting.

Source: www.deccanherald.com

Removal/Suspension of Escorts Heart Institute & Research Centre, Max Super Specialty Hospital and Max Devki Heart & Vascular Institute, New Delhi — regarding.

No: S. 11031/CGHS(HEC)/2012- 13-CGHS(P)
Government of India
Ministry of Health & Family Welfare
Department of Health & Family Welfare

Maulana Azad Road, Nirman Bhawan
New Delhi 110 108 dated the 13th February 2013

OFFICE MEMORANDUM

Subject:- Removal/Suspension of Escorts Heart Institute & Research Centre, Max Super Specialty Hospital and Max Devki Heart & Vascular Institute, New Delhi — regarding.

   With reference to the above mentioned matter, the undersigned is directed to draw attention to the Office Memorandum No S 11011/23/2009/CGHS DII / Hospital Cell (part I) dated 7.10.2010 vide which Escorts Heart Institute & Research Centre, Max Super Specialty Hospital and Max Devki Heart & Vascular Institute, New Delhi were empanelled under CGHS, Delhi and to state that Escorts Heart Institute & Research Centre and Max Super Specialty Hospital, New Delhi have conveyed their unwillingness to continue their empanelment under CGHS. It is also stated that Max Devki Heart & Vascular Institute, New Delhi informed that the hospital shall not provide credit facility to CGHS beneficiaries. The matter has been examined by this Ministry and it has been decided that Escorts Heart Institute & Research Centre, Max Super Specialty Hospital, New Delhi shall stand removed from the list of empanelled hospitals under CGHS, Delhi with immediate effect.

   2. It is further stated that the empanelment of Max Devki Heart & Vascular Institute, New Delhi is suspended from the list of empanelled hospitals under CGHS with immediate effect till further orders.

sd/-
[V.P.Singh]
Deputy Secretary to Government of India

Source:http://msotransparent.nic.in/writereaddata/cghsdata/mainlinkfile/File572.pdf