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NRIs can now join NPS online through eNPS

NRIs can now join NPS online through eNPS
18 June 2016 Current Affairs: The Union Finance Ministry has announced that non-resident Indians (NRIs) can now open National Pension Savings (NPS) accounts online i.e. through eNPS if they have Aadhaar Card or Permanent Account Number (PAN) card. Earlier, NRIs could open NPS accounts only through paper based applications by approaching Bank offices.  NPS are being regulated by the PFRDA (Pension Fund Regulatory and Development Authority), a regulator established by the Finance Ministry.

Through eNPS, NRI’s will be able to open NPS accounts both on repatriable and on non-repatriable basis. The NPS funds would be deposited only in their NRO accounts On a repatriable basis, NRIs will have to remit the amount through his/her NRE/NRO/FCNR account. On a non-repatriable, NRIs will be able to join NPS through their NRE/FCNR/NRO accounts at the time of maturity or during partial withdrawal.

This move will greatly appeal to NRIs who intend to return to India after their employment abroad, in view of their attractive returns, low cost and flexibility. India has the second-largest diaspora in the world, with around 29 million people living in over 200 countries and out of them 25% live in the Gulf countries.

 


March 2017 Current affairs
28 MAR
NEWS
27 MAR
NEWS
25 MAR
NEWS
24 MAR
NEWS
23 MAR
NEWS
22 MAR
NEWS

February 2017 Current affairs
28 FEB
NEWS
27 FEB
NEWS
25 FEB
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24 FEB
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23 FEB
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22 FEB
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January 2017 Current affairs
31 JAN
NEWS
30 JAN
NEWS
28 JAN
NEWS
27 JAN
NEWS
25 JAN
NEWS
24 JAN
NEWS

December 2016 Current affairs
31 DEC
NEWS
30 DEC
NEWS
29 DEC
NEWS
28 DEC
NEWS
27 DEC
NEWS
26 DEC
NEWS

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS



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