Reinvestment of Returned & Unsuccessful Transaction amount into the same and ease of reclaiming the amount by the subscriber – PFRDA circular -7th February 2023

Reinvestment of Returned & Unsuccessful Transaction amount into the same and ease of reclaiming the amount by the subscriber – PFRDA circular

Contents News/Article Date:7th February 2023

Relating to which Act:  NPS is now regulated under the PFRDA Act, 2013, and regulation framed thereunder by the Department of Financial Services and PFRDA. Under the NPS, every Government servant is registered and allotted a Permanent Retirement Account Number (PRAN). 

Applicable to which State:  Whole of India   

Type:   Pension Fund Regulatory & Development Authority, Circular No. PFDRA /2023/07/SUP/TB/01 issued by Chief General Manager  

Pertains to: NPS / APY Stakeholders                                                                    

Relevance of this news:  Karma Management Global  Consulting Solutions Pvt Ltd. has been in the business of HR Services,  Payroll, Outsourcing, and Regulatory Compliances right from its inception in 2004 and since then,  has brought in a lot of efficiencies and technological upgradations with experts on its roll, to ease the hassles of Payroll Processing, Temp Staffing,  On-boarding, Employee Life Cycle, Statutory,  Regulatory, and Payroll compliances by providing customized solutions to all its elite clients.

Karma Global’s expert team is fully involved in the handling of any compliance matters where compliance burden and complex laws fall on businesses like frequent changes and amendments, high penalties, the inadequacy of knowledge and expertise with centralized compliance monitoring systems and integrated governance risk and compliance software’s

And in this instance: NPS/APY Subscribers are permitted to withdraw from their Permanent Retirement Account Number (PRAN) as per the applicable guidelines and the provisions of regulations issued by PFRDA. The amount thus withdrawn is payable as a lump sum and utilized as

1. ‘Purchase Price’ to buy Annuity from the impaneled Annuity Service Provider (ASP) chosen by the Subscriber at the time of exit.
2. the amount is withdrawn but unclaimed
3. Reclaim the amount
4. withdrawal module
5. Ensure the correctness of the bank account number
6. Reinvestment in PRAN

Subject: A. Reinvestment of Returned & Unsuccessful Transaction amount into the same

PRAN B . Ease of reclaiming the amount by Subscriber through MWM – PFRDA circular

Attached is the notification

Reinvestment of Returned & Unsuccessful Transaction amount into the same and ease of reclaiming the amount by the subscriber – PFRDA circular