National Pension System (NPS): The Pensions Regulatory and Development Authority (PFRDA) notified new NPS features released by central record keeping agencies (CRAs) during the fourth quarter of fiscal year 2020-2021. The PFRDA has tasked rating agencies to provide system-level functionality as the needs of NPS stakeholders evolve.
According to a PFRDA circular dated May 27, 2021, rating agencies are responsible for developing “new functionalities, utilities, establishing new processes and offering multiple interface models for download offices to provide
maximum flexibility in terms of operation for the benefit of subscribers as part of an ongoing exercise to meet their obligations. “
What’s new for subscribers?
In order to reduce subscriber grievances, the CRAs have made some changes to the transaction reporting under NPS. These changes are:
a) Changes to the contribution / redemption block
- Changed the block header to “Contribution / reimbursement details during the selected period”
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b) Changes to the details of the investment – Summary block according to the scheme
- Removal of plan contribution and unrealized gain / loss fields
c) Modifications in the Transaction details block
- “According to the revised format, the opening unit balance in the transaction details will only be displayed in the first block and the closing unit balance in the transaction details will only be displayed in the last block ”, indicates the circular.
- “Previously, if the subscriber made any changes to the PF configuration and / or pattern, multiple transaction detail blocks are displayed where the first block is the PF pattern details such as the opening period of the statement and the last on the details of the PF pattern as well as the statement closing period, ”he added.
d) Changes to footnotes
- Added footnotes related to ‘One-way withdrawal / transfer cost / GPF withdrawal’, system generated declaration and signature not required etc. ii. Modification in note related to the tax benefit.
NPS subscriber registration
Due to the Ladakh bifurcation of Jammu & Kashmir and the merger of the Union Territories Daman & Diu and Dadra & Nagar Haveli, a new code in the CRA system was created to map existing PRANs and offices to the territory of the Union of Ladakh.
Contribution changes have been made to allow governments of both UTs to contribute to subscriber PRANs.