Current Affairs

Overseas Citizen Permitted to Enroll in NPS

Current context: Pension Fund Regulatory and Development Authority (PFRDA) has permitted Overseas Citizen of India (OCI) to enroll in National Pension Scheme (NPS) on 29th October 2019.
Overseas Citizen Permitted to Enroll in NPS
  • As per the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 of Dept. of Economic Affairs:
    1. An OCI may subscribe to the National Pension System, provided such person is eligible to invest as per the provisions of the PFRDA Act.
    2. The annuity/accumulated saving will be repatriable, subject to FEMA guidelines.
  • Pension Fund Regulatory and Development Authority (PFRDA) is a statutory Authority that functions to regulate, promote and ensure orderly growth of the National Pension System (NPS).
  • Earlier, NPS was notified for central government employees joining service after 1st Jan 2004 and was later adopted by state governments employees.
  • The NPS was extended to:
    1. All citizens of Indian all on voluntary basis from May 2009
    2. Corporates in December 2011
    3. Non-Resident Indians in October 2015

Question: 

Q.1 Which authority regulates the National Pension System (NPS)?
a. Personal Retirement Savings Accounts Authority (PRSAA)
b. Department of Pension & Pensioners' Welfare (DPPW)
c. Pension Fund Regulatory and Development Authority (PFRDA)
d. Pension Distributing and Regulatory Authority (PDRA)
Overseas Citizen Permitted to Enroll in NPS Overseas Citizen Permitted to Enroll in NPS Reviewed by Neha Verma on October 31, 2019 Rating: 5

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