National Pension System (NPS): The Pension Fund Regulatory and Development Authority (PFRDA) has notified new NPS functionalities released by Central Record Keeping Agencies (CRAs) throughout the fourth quarter of FY 2020-21. The PFRDA has appointed CRAs to provide program-level functionalities as per the evolving requires of NPS stakeholders.
According to a PFRDA circular dated May 27, 2021, CRAs are accountable for establishing “new functionalities, utilities, establish new processes, and offer multiple models of interface for the uploading offices in order to provide maximum flexibility in terms of operation for the benefit of the subscribers as an ongoing exercise to fulfill their obligations.”
What’s new for subscribers?
In order to decrease the grievances of subscribers, CRAs have made some modifications in the transaction statement below NPS. These modifications are:
a) Changes in Contribution/Redemption Block
- Change in block header to ‘Contribution/Redemption Details during the selected period’
ALSO Study | National Pension System: How and exactly where to open NPS account – Online, Offline by contributing just Rs 500
b) Changes in Investment Details – Scheme smart Summary Block
- Removal of Scheme smart contribution and unrealised get/loss fields
c) Changes in the Transaction Details block
- “As per the revised format, Opening unit balance in transaction details will be displayed only in the first block and Closing unit balance in transaction details will be displayed only in the last block,” the circular mentioned.
- “Earlier, if subscriber made changes in PF and/or scheme setup then multiple transaction details blocks are displayed where the first block is the PF-scheme details as on statement opening period and last is the PF-scheme details as on statement closing period,” it added.
d) Changes in Footnotes
- Addition of footnotes connected to “Cost of withdrawal/one way switch/GPF Withdrawal”, program-generated statement and signature not expected and so forth ii. Modification in note connected to tax advantage.
NPS subscriber registration
Due to the bifurcation of Ladakh from Jammu and Kashmir and merging of Union Territories Daman & Diu and Dadra & Nagar Haveli, a new code in the CRA program has been produced to map the current PRANs and offices to Ladakh Union Territory.
Changes in contribution have been made to let governments of each UTs to make a contribution in PRANs of the subscribers.