CENTRAL GOVERNMENT EMPLOYEES GROUP INSURANCE SCHEME - TABLE OF BENEFITS FOR 01.04.2021 TO 30.06.2021 (CLICK THE LINK BELOW TO VIEW)

https://doe.gov.in/sites/default/files/CGEGIS_ToB_01.04.21-30.06.21_Bilingual.pdf

 SB ORDER 15/2021: CLARIFICATION ON WITHDRAWAL / CLOSURE OF ACCOUNTS UNDER NATIONAL SAVINGS SCHEMES - REGARDING

 MINISTRY OF FINANCE

GOVERNMENT GRANTS FURTHER EXTENSION IN TIMELINES OF COMPLIANCES
ALSO ANNOUNCES TAX EXEMPTION FOR EXPENDITURE ON COVID-19 TREATMENT AND EX-GRATIA RECEIVED ON DEATH DUE TO COVID-19

Posted On: 25 JUN 2021 6:51PM by PIB Delhi

The Government has granted further extension of timelines of compliances under Income Tax Act. It has also announced tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19. The details are as follows:

A.             Tax exemption

1. Many taxpayers have received financial help from their employers and well-wishers for meeting their expenses incurred for treatment of Covid-19. In order to ensure that no income tax liability arises on this account, it has been decided to provide income-tax exemption to the amount received by a taxpayer for medical treatment from employer or from any person for treatment of Covid-19 during FY 2019-20 and subsequent years.
2. Unfortunately, certain taxpayers have lost their life due to Covid-19. Employers and well-wishers of such taxpayers had extended financial assistance to their family members so that they could cope with the difficulties arisen due to the sudden loss of the earning member of their family. In order to provide relief to the family members of such taxpayer, it has been decided to provide income-tax exemption to ex-gratia payment received by family members of a person from the employer of such person or from other person on the death of the person on account of Covid-19 during FY 2019-20 and subsequent years. The exemption shall be allowed without any limit for the amount received from the employer and the exemption shall be limited to Rs. 10 lakh in aggregate for the amount received from any other persons.

                 Necessary legislative amendments for the above decisions shall be proposed in due course of time.

B.             Extension of Timelines

                 In view of the impact of the Covid-19 pandemic, taxpayers are facing inconvenience in meeting certain tax compliances and also in filing response to various notices. In order to ease compliances to be made by taxpayers during this difficult time, reliefs are being provided through Notifications nos. 74/2021 & 75/2021 dated 25^th June, 2021 Circular no. 12/2021 dated 25^th June, 2021. These reliefs are:

1. Objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) for which the last date of filing under that section is 1^st June, 2021 or thereafter, may be filed within the time provided in that section or by 31^st August, 2021, whichever is later.
2. The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31^st May, 2021 under Rule 31A of the Income-tax Rules,1962 (hereinafter referred to as “the Rules”), as extended to 30^th June, 2021 vide Circular No.9 of 2021, may be furnished on or before 15^th July, 2021.
3. The Certificate of Tax Deducted at Source in Form No.16, required to be furnished to the employee by 15^th June, 2021 under Rule 31 of the Rules, as extended to 15^th July, 2021 vide Circular No.9 of 2021, may be furnished on or before 31^st July, 2021.
4. The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64D for the Previous Year 2020-21, required to be furnished on or before 15^th June, 2021 under Rule 12CB of the Rules, as extended to 30^th June, 2021 vide Circular No.9 of 2021, may be furnished on or before 15^th July, 2021.

5. The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64C for the Previous Year 2020-21, required to be furnished on or before 30^th June, 2021 under Rule 12CB of the Rules, as extended to 15^th July, 2021 vide Circular No.9 of 2021, may be furnished on or before 31^st July, 2021.
6. The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc., required to be made on or before 30^th June, 2021, may be made on or before 31^st August, 2021.
7. The compliances to be made by the taxpayers such as investment, deposit, payment, acquisition, purchase, construction or such other action, by whatever name called, for the purpose of claiming any exemption under the provisions contained in Section 54 to 54GB of the Act, for which the last date of such compliance falls between 1^st April, 2021 to 29^th September, 2021 (both days inclusive), may be completed on or before 30^th September, 2021.
8. The Quarterly Statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30^th June, 2021, required to be furnished on or before 15^th July, 2021 under Rule 37 BB of the Rules, may be furnished on or before 31^st July, 2021.
9. The Equalization Levy Statement in Form No. 1 for the Financial Year 2020-21, which is required to be filed on or before 30^th June, 2021, may be furnished on or before 31^st July, 2021.
10. The Annual Statement required to be furnished under sub-section (5) of section 9A of the Act by the eligible investment fund in Form No. 3CEK for the Financial Year 2020-21, which is required to be filed on or before 29^th June, 2021, may be furnished on or before 31^st July, 2021.
11. Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30^th June, 2021, which is required to be uploaded on or before 15^th July, 2021, may be uploaded by 31^st August,2021.
12. Exercising of option to withdraw pending application (filed before the erstwhile Income Tax Settlement Commission) under sub-section (1) of Section 245M of the Act in Form No. 34BB, which is required to be exercised on or before 27^th June, 2021, may be exercised on or before 31^st July, 2021.
13. Last date of linkage of Aadhaar with PAN under section 139AA of the Act, which was earlier extended to 30^th June, 2021 is further extended to 30^th September, 2021.
14. Last date of payment of amount under Vivad se Vishwas(without additional amount) which was earlier extended to 30^th June, 2021 is further extended to 31^st August, 2021.
15. Last date of payment of amount under Vivad se Vishwas (with additional amount) has been notified as 31^st October, 2021.
16. Time Limit for passing assessment order which was earlier extended to 30^th June, 2021 is further extended to 30^th September, 2021.
17. Time Limit for passing penalty order which was earlier extended to 30^th June, 2021 is further extended to 30^th September, 2021.
18. Time Limit for processing Equalisation Levy returns which was earlier extended to 30^th June, 2021 is further extended to 30^th September, 2021

RM/MV/KMN  (Release ID: 1730355)

 BRIEF OF THE 48TH MEETING OF THE NC-JCM

HELD ON 26.06.2021

AGENDA ITEMS TO BE DISCUSSED IN

26^th JUNE NC JCM MEETING

The DOPT has sent the list of Agenda Items to be discussed in the 48^th meeting of National Council JCM convened on 26.06.2021. The Agenda Items are reproduced (Captions only) for the information of our Comrades. Comrade KKN Kutty is also participating as a member of NC JCM and Standing Committee and Comrade Shiva Gopal Mishra the President of NCCPA is participating as the Staff Side Secretary of NC JCM – KKN Kutty Secretary General NCCPA.

IT MAY BE NOTED THAT SOME IMPORTANT ITEMS PERTAINING TO CG PENSIONERS LIKE FACILITY FOR INDOOR TREATMENT FOR NON-CGHS PENSIONERS; HEALTH INSURANCE SCHEME TO PENSIONERS; WITHDRAWAL OF DEARNESS RELIEF FREEZE ORDERS; GRANT OF COMPASSIONATE ALLOWANCE TO WIDOWS OF OFFICIALS DIED WITH 10 YEARS SERVICE; WITHDRAWAL OF NPS ETC ARE UNDER DISCUSSION - KR GS AIPRPA 

1.      Reimbursemet of expenses on indoor treatment to Pensioners living in Non-CGHS towns.

2.      Grant of Medical Advance to the Central Government Employees.

3.      Reimbursement of additional charges paid on account of overstay in the hospitals.

4.      Hospital Patient Care Allowance for C.G.Employees working in Hospital.

5.      Statement of following COVID-19 related issues.

6.      Evolve a Health Insurance Scheme for all employees and pensioners to cover up all pensioners who are outside the ambit of CGHS.

7.      Revival of all PSUs closed down or privatized, which are capable of manufacturing vaccine in the background of acute shortage of vaccine and oxygen units.

8.      GPF for those who have been recruited on or after 1.1.2004.

9.      Introduction of productivity linked bonus in place of Adhoc Bonus: Raising the minimum ceiling for the purpose of payment of Bonus to 18,000 in accordance with 7^th CPC.

10.  Revision of Central Government Employees Group Insurance Scheme.

11.  Withdrawal of orders of DA / DR Freeze.

12.  Option to switch over to 7^th CPC from a date subsequent to 25^th July 2016 on the ground of lock down due to COVID-19.

13.  Settle all 7^th CPC Anomalies represented by Staff.

14.  Grant of Compassionate Allowance to the widow of Employees dismissed / removed from service.

15.  Withdrawal of New Pension System (NPS) and restoration of Defined Pension Scheme under CCS (Pension) Rules, 1972 to the employees who are recruited on or after 1.1.2004 at par with Armed Forces Personnel.

16.  Exempt transport / running allowance from income-tax.

17.  Exemption from payment of income-tax  to Pensioners who have attained the age of 80 years or more.

18.  Policy formulation for direct appointment of Trained Trade Apprentices of Central Government Industrial Establishments like Railways, Defence etc.

19.  Withdraw the decision to Corporatize the Railway Production Units and Ordnance Factories.

20.  Grant of Gazetted Status to Senior Section Engineers of Ministry of Railways.

21.  Grant Recognition to all employees organizations fairly and transparently – restore function of departmental and office councils in terms of the JCM Scheme.

22.  JCM Coverage to all PB-1 and PB-2 Officials by treating them as deemed Group C only.

23.  Litigation cases on service matters to be extended to all.

24.  Eradication of injustice to Casual, Contract and Outsourced workers: providing them the right to form a Union in terms of Article 19. 1(C) of the Constitution of India.

25.  Fill up all vacant posts in all grades.

26.  Grant of 5 (five) effective upgradation to all Group B&C employees in entire service life.

27.  Undertake cadre review of all Groups – B&C Cadres in every five years before the cadre review of Group A Cadres.

28.  Grant of Risk Allowance to the Employees involved in permanent and perennial recognized Risk Operations.

29.  Grant of Night Duty Allowance in 7^th CPC scale without any basic pay ceiling limit.

 GRANT OF BENEFIT OF ONE NOTIONAL INCREMENT (AS DUE ON 1ST JULY) FOR THE PENSIONARY BENEFITS TO THOSE EMPLOYEES WHO HAD RETIRES ON 30TH OF JUNE BEFORE DRAWING THE SAME.

(CLICK THE LINK BELOW TO VIEW)

https://dopt.gov.in/sites/default/files/1453545.PDF

 PAYMENT OF WAGES TO OUTSOURCED PERSONS OF MINISTRIES / DEPARTMENTS AND OTHER ORGANIZATIONS OF GOVERNMENT OF INDIA DURING 2ND WAVE OF COVID-19 – INSTRUCTIONS

(CLICK THE LINK BELOW TO VIEW)

http://utilities.cept.gov.in/dop/pdfbind.ashx?id=5665

 ISSUE OF PENSION SLIP BY PENSION DISBURSING BANKS ON MONTHLY BASIS     (CLICK THE LINK BELOW TO VIEW)

https://documents.doptcirculars.nic.in/D3/D03ppw/OM_regarding_Issue_of_Pension_slipmywHF.pdf

 INSPECTIONS OF ADMINISTRATIVE AND OPERATIVE OFFICES          (CLICK THE LINK BELOW TO VIEW)

http://utilities.cept.gov.in/dop/pdfbind.ashx?id=5664

 SB ORDER 12 - 2021 (CLICK THE LINK BELOW TO VIEW)

http://utilities.cept.gov.in/dop/pdfbind.ashx?id=5657

 INTEREST RATE ON HOUSE BUILDING ADVANCE (HBA)TO CENTRAL GOVERNMENT EMPLOYEES

(CLICK THE LINK BELOW TO VIEW)

http://utilities.cept.gov.in/dop/pdfbind.ashx?id=5661

 TIME-LIMIT FOR SUBMISSION OF CLAIMS FOR TRAVELLING ALLOWANCE (TA) ON RETIREMENT   

(CLICK THE LINK BELOW TO VIEW)

http://utilities.cept.gov.in/dop/pdfbind.ashx?id=5663

 CLARIFICATION ON MIGRATION FROM EXISTING HOME LOAN OF BANK TO HBA SCHEME OF DEPARTMENT  (CLICK THE LINK BELOW TO VIEW)

http://utilities.cept.gov.in/dop/pdfbind.ashx?id=5662

 SB ORDER 11 – 2021

(CLICK THE LINK BELOW TO VIEW)

http://utilities.cept.gov.in/dop/pdfbind.ashx?id=5655

 DELAY IN SUBMISSIONS OF PROPOSALS FOR INSTITUTING DISCIPLINARY PROCEEDINGS UNDER RULE 9 OF THE CCS (PENSION), RULES, 1972 

(CLICK THE LINK BELOW TO VIEW)

http://utilities.cept.gov.in/dop/pdfbind.ashx?id=5652

 TRANSFER AND POSTINGS OF REGULAR SAG OFFICERS     (CLICK THE LINK BELOW TO VIEW)

http://utilities.cept.gov.in/dop/pdfbind.ashx?id=5653

 PROMOTION OF STS OFFICERS TO JAG (ON ADHOC BASIS) AND TRANSFERS/POSTINGS OF REGULAR JAG OFFICERS     (CLICK THE LINK BELOW TO VIEW)

http://utilities.cept.gov.in/dop/pdfbind.ashx?id=5654

 MHA DO DATED 19.06.21 TO UTS ADVISING TO FOLLOW CAB AND TEST-TRACK-TREAT-VACCINATE STRATEGY         (CLICK THE LINK BELOW TO VIEW)

https://www.mha.gov.in/sites/default/files/MHADOUTsfollowCAB_19062021.pdf

 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

NOTIFICATION

New Delhi, the 14th June, 2021

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (EXITS AND WITHDRAWALS UNDER THE NATIONAL PENSION SYSTEM) (AMENDMENT) REGULATIONS, 2021

No. PFRDA/12/RGL/139/8.—In exercise of the powers conferred by sub-section (1) of Section 52 read with sub-clause(g), (h), and (1) of sub-section 2 of Section 52 of the Pension Fund Regulatory and Development Authority Act, 2013 (Act No.23 of 2013), the Pension Fund Regulatory and Development Authority hereby makes the following regulations to amend the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015 namely, –

1. These regulations may be called the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2021.
2. These shall come into force on the date of their publication in the official gazette.
3. In the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015: –

(I). Sub-regulation (k)(ii) of Regulation 2 shall be substituted as below: –

a subscriber having attained the age of sixty years, and where so specifically permitted has not exercised a choice in writing to continue to remain subscribed to such system, till such further period as is permissible, with or without making contributions or in respect of a subscriber who has joined National Pension System after attaining the age of sixty years (but before attaining seventy years of age) upon attaining the maximum age permitted to be subscribed to such scheme or any date prior thereto, based on the specific request for closure received from subscriber;

(II). Sub-regulation (k)(ii) of Regulation 2 shall be substituted as below: –

death of the subscriber before attaining the age of superannuation, or the age of sixty years, or in cases where an option has been exercised by subscriber to continue to remain subscribed to a certain  permissible time period, death before expiry of such period or death of a subscriber who has joined National Pension System after attaining the age of sixty years (but before attaining seventy years of age) at any time prior to attaining the maximum age permitted to be subscribed to such scheme;

(III). The introductory para under the heading Exit from National Pension System of Chapter II shall be substituted as below: –

For the purpose of exit from the National Pension System, the subscribers are categorized and defined as, (1) Government sector, (2) All citizens including corporate sector and (3) NPS- Lite and Swavalamban subscribers. The exit regulations specified hereunder shall apply accordingly to the category to which the subscriber belongs to.

(IV). Sub-regulation (a) (1) of Regulation 3 shall be substituted as below: –

the following shall be the default annuity contract that will be applicable and wherein the annuity contract shall provide for annuity for life of the subscriber and his or her spouse (if any) with provision for return of purchase price of the annuity and on the demise of such subscriber and his or her spouse, the annuity be re-issued to the family members in the order specified hereunder, at the rate of premium prevalent at the time of purchase of such annuity by utilizing the purchase price required to be returned under the annuity contract (until the family members in the order specified below are covered) :

(a) living dependent mother of the deceased subscriber;

(b) living dependent father of the deceased subscriber.

After the coverage of the family members specified above, the purchase price or the amount which was to be utilised for purchase of annuity shall be returned to the surviving children of the subscriber and in absence of children to the legal heir(s) of the subscriber, as the case may be;

In the absence of or non-availability of such a default annuity for any reason, the subscriber shall be required to exercise the option for purchase of such annuity of his choice, within the then annuity types or contracts made available by the annuity service providers empanelled by the Authority;

Further, a subscriber who wishes to opt out of the default option mentioned above and wishes to choose the annuity contract of his choice from the available annuity types or contracts with the annuity service providers, shall be required to specifically opt for such an option:

(V). Sub-regulation (a) (1) of Regulation 3 shall be substituted as below: –

where the subscriber desires to defer the purchase of annuity, he or she shall have the option to do so for a maximum period of three years from the date of attainment of age of superannuation, provided the subscriber intimates his or her intention to do so in writing in the specified form or in any other manner approved by the Authority, at least fifteen days prior to the attainment of age of superannuation, to the Central recordkeeping agency or National Pension System Trust or an intermediary or entity authorized by the Authority for this purpose. It shall be a condition precedent to opt for such deferment of annuity purchase, that in case if the death of the subscriber occurs before such due date of purchase of an annuity after the deferment, the annuity shall mandatorily be purchased by the spouse(if any) providing for annuity for life of the spouse with provision for return of purchase price of the annuity and upon the demise of such spouse, be re-issued to the family members in the order of preference provided hereunder, at the rate of premium prevalent at the time of purchase of the annuity, utilizing the purchase price required to be returned under the contract ( until the family members in the order specified below are covered):-

(a) living dependent mother of the deceased subscriber;

(b) living dependent father of the deceased subscriber.

After the coverage of the family members specified above, the purchase price or the amount which was to be utilised for purchase of annuity shall be returned to the surviving children of the subscriber and in absence of children to the legal heir(s) of the subscriber as the case may be;

(VI) Sub-regulation (a)(v) of Regulation 3 shall be substituted as below: –

where the accumulated pension wealth in the Permanent Retirement Account of the subscriber is equal to or less than a sum of five lakh rupees, or a limit as specified by the Authority, the subscriber shall have the option to withdraw the entire accumulated pension wealth without purchasing annuity and upon such exercise of this option, the right of such subscriber to receive any pension or other amount under the National Pension System or from the government or employer, shall extinguish;

(VII). Sub-regulation (a) (v1) of Regulation 3 shall be substituted as below: –

where the subscriber desires to continue in the National Pension System and contribute to his retirement account beyond the age of sixty years or the age of superannuation, he or she shall have the option to do so by giving in writing or in such form as may be specified, and up to which he would like to contribute to his individual pension account but not exceeding seventy years of age. Such option shall be exercised at least fifteen days prior to the age of attaining sixty years or age of superannuation, as the case may be to the central recordkeeping agency or the National Pension System Trust or any other intermediary or entity authorized by the Authority for the purpose. In such cases, individual pension account/ Permanent Retirement Account shall require to be shifted from Government sector to All citizens including corporate sector and the expenses, maintenance charges and fee payable under the National Pension System in respect of the said individual pension account/Permanent Retirement Account, shall continue to remain applicable:

(VIII). Proviso 1 of sub-regulation (b) of Regulation 3 shall be substituted as below: –

Provided that such annuity contract shall provide for annuity for life of the subscriber and his or her spouse (if any) with provision for return of purchase price of the annuity and on the demise of such subscriber and his or her spouse, the annuity be re-issued to the family members in the order specified hereunder at the rate of premium prevalent at the time of purchase of the annuity, utilizing the purchase price required to be returned under the annuity contract (until the family members in the order specified below are covered) :-

(i) living dependent mother of the deceased subscriber;

(ii) living dependent father of the deceased subscriber.

After the coverage of the family members specified above, the purchase price or the amount which was to be utilised for purchase of annuity shall be returned to the surviving children of the subscriber and in the case of absence of children, to the other legal heir(s) of the subscriber, as the case may be;

In the absence of or non-availability of such a default annuity for any reason, the subscriber shall be required to exercise the option for purchase of such annuity of his choice, within the then annuity types or contracts made available by the annuity service providers empanelled by the Authority;

Further, a subscriber who wishes to opt out of the option mentioned above and wishes to choose the annuity contract of his choice, from the available annuity types or contracts with the annuity service providers, shall be required to specifically opt for such an option:

(IX). Proviso 2 of sub-regulation (b) of Regulation 3 shall be substituted as below: –

Provided that if the accumulated pension wealth of the subscriber is more than two lakh fifty thousand rupees or a limit to be specified by the Authority for the purpose but the age of the subscriber is less than the minimum age required for purchasing any annuity from any of the empanelled annuity service providers as chosen by such subscriber, such subscriber shall continue to be subscribed to the National Pension System, until he or she attains the age of eligibility for purchase of any annuity:

(X). Proviso 3 of sub-regulation (b) of Regulation 3 shall be substituted as below: –

Provided further that if the accumulated pension wealth of the subscriber is equal to or less than two lakh fifty thousand rupees or a limit to be specified by the Authority, such subscriber shall have the option to withdraw the entire accumulated pension wealth without purchasing any annuity and upon such exercise of this option the right of the subscriber to receive any pension or other amounts under the National Pension System shall extinguish and any such exercise of this option by the subscriber, before the notification of this provision, shall be deemed to have been made in accordance with this regulation;

(XI). Sub-regulation (c)(i) of Regulation 3 shall be substituted as below: –

such annuity contract shall provide for annuity for life of the spouse of the subscriber Gf any) with provision for return of purchase price of the annuity and upon the demise of such spouse be re-issued to the family members in the order specified hereunder at the rate of premium prevalent at the time of purchase of the annuity, utilizing the purchase price required to be returned under the contract (until the family members in the order specified below are covered):-

(a) living dependent mother of the deceased subscriber;

(b) living dependent father of the deceased subscriber.

After the coverage of the family members specified above, the purchase price or the amount which was to be utilised for purchase of annuity shall be returned to the surviving children of the subscriber and in absence of children, the legal heir(s) of the subscriber as the case may be. In the absence of or non-availability of such a default annuity for any reason, the family member of the deceased subscriber shall be required to exercise the option for purchase of such annuity of his choice, within the then annuity types or contracts made available by the annuity service providers empanelled by the Authority;

(XII). Sub-regulation (c)(1) of Regulation 3 shall be substituted as below: –

Provided further that if the accumulated pension wealth in the permanent retirement account of the subscriber at the time of his death is equal to or less than Five lakh rupees or a limit to be specified by the Authority, the nominee or legal heir(s) as the case may be, shall have the option to withdraw the entire accumulated pension wealth without requiring to purchase any annuity and upon such exercise of this option the right of the family members to receive any pension or other amounts under the National Pension System shall extinguish.

(XIII). Sub-regulation (a) of Regulation 4 shall be substituted as below: –

where a subscriber attains the age of sixty years or superannuates in accordance with the service rules applicable to such subscriber, at least forty percent out of the accumulated pension wealth of such subscriber shall be mandatorily utilized for purchase of annuity providing for a monthly or any other periodical pension and the balance of the accumulated pension wealth, after such utilization, shall be paid to the subscriber in lump sum. In case, the accumulated pension wealth of the subscriber is equal to or less than a sum of five lakh rupees, the subscriber shall have the option to withdraw the entire accumulated pension wealth without purchasing any annuity:

(XIV). Para 2 of proviso 2 of sub-regulation (a)(1) of Regulation 4 shall be substituted as below: –

Notwithstanding exercise of such option or automatic continuation, the subscriber may exit at any point of time from the National Pension System, by submitting a request to National Pension System Trust or any intermediary or entity authorized by the Authority for the purpose. The options of deferment of lump sum as well as annuity shall not be available to such a subscriber. In case of death of subscriber during the period of continuation, the entire accumulated pension wealth of the subscriber shall be paid to the nominee(s) or legal heir(s), as the case may be, of such subscriber. The nominee(s) or family member(s) of the deceased subscriber shall have the option to purchase any of the annuities being offered upon exit, if they so desire;

(XV). Sub-regulation (a)(i11) of Regulation 4 shall be substituted as below-

the subscriber shall have the option to defer the purchase of annuity for a maximum period of three years, from the date of attainment of sixty years of age or the age of superannuation, as the case may be, provided the subscriber intimates his or her intention to do so in writing in the specified form at least fifteen days before the attainment of age of sixty years or the age of superannuation, as the case may be, to the National Pension System Trust or any intermediary or other entity authorized by the Authority for this purpose. It shall be a condition precedent to opt for such deferment of annuity purchase, that in case if the death of the subscriber occurs before such due date of purchase of an annuity after the deferment, then the entire accumulated pension wealth of the subscriber shall be paid to the nominee(s) or legal heir(s), as the case may be, of such subscriber;

(XVI). Proviso 1 of sub-regulation (b) of Regulation 4 shall be substituted as below

Provided that if the accumulated pension wealth of the subscriber is more than two lakh fifty thousand rupees but the age of the subscriber is less than the minimum age required for purchasing any annuity from any of the empanelled annuity service providers as chosen by such subscriber, such subscriber shall continue to subscribe to the National Pension System, until he or she attains the age of eligibility for purchase of any annuity:

(XVII). Proviso 2 of sub-regulation (b) of Regulation 4 shall be substituted as below

Provided further that if the accumulated pension wealth in the individual pension account of the subscriber is equal to or less than two lakh fifty thousand rupees, or a limit to be specified by the Authority, such subscriber shall have the option to withdraw the entire accumulated pension wealth without requiring to purchase any annuity;

(XVIII). Sub-regulation (d) of Regulation 4 shall be substituted as below-

Exit from National Pension System by subscribers, joining such pension system on or after attaining the age of sixty years (but before attaining seventy years of age):

(XIX). Sub-regulation (d)(1) of Regulation 4 shall be substituted as below

In case of a subscriber, joining National Pension System under all citizens model or in corporate model, on or after attaining the age of sixty years, (but before attaining seventy years of age) and after having subscribed to such pension system for at least a period of three years from the date of such joining and thereafter till he attains the age of seventy five years, on exit, at least forty percent out of the accumulated pension wealth of such subscriber shall be mandatorily utilized for purchase of annuity providing for a monthly or any other periodical pension and the balance of the accumulated pension wealth, after such utilization, shall be paid to the subscriber in lump sum. In case, the accumulated pension wealth of the subscriber is equal to or less than a sum of five lakh rupees or a limit to be specified by the Authority, the subscriber shall have the option to withdraw the entire accumulated pension wealth without there being any requirement of purchasing an annuity;

(XX). Proviso 1 of sub-regulation (d)(ii) of Regulation 4 shall be substituted as below

Provided further that if the accumulated pension wealth in the individual pension account of the subscriber is equal to or less than a sum of Rupees two lakh fifty thousand, or a limit to be specified by the Authority, such subscriber shall have the option to withdraw the entire accumulated pension wealth without there being any requirement of purchase of an annuity;

(XXI). Sub-regulation (c)(i) of Regulation 6 shall be substituted as below-

the amount withheld which are payable under the National Pension System shall not be paid to such subscriber until the conclusion of the departmental or judicial proceedings, as the case may be and subject to the final orders, passed in such proceedings;

(XXII) Sub-regulation (c)(iii) of Regulation 6 shall be substituted as below-

the amount withheld becomes payable to the subscriber on the final settlement, as certified by the employer specified, which has sought withholding of such benefits, and shall be paid to the subscriber as per applicable regulation while executing exit as soon as possible and in no case beyond ninety days of receipt of the final order by the National Pension System Trust or any other entity or person, authorized for the purpose by the Authority:

Provided that, in case the amount withheld becomes payable after the death of subscriber, on the final settlement, the benefits, shall be paid to the nominee(s) or legal heir(s), as the case may be of such subscriber as per the applicable regulations;

(XXIII). Sub-regulation (2) of Regulation 17 shall be substituted as below-

Within thirty working days of the date of receipt of certificate of empanelment, the annuity service provider shall initiate action to operationalise the system and process to be specified by the Authority for purchase of annuities by the subscribers of the National Pension System.

SUPRATIM BANDYOPADHYAY, Chairperson
[ADVT.-ITI/4/Exty./102/202 1-22]

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