Skip to main content

Regulator Seeks Tax Parity for NPS

By
The pension regulator has urged for more tax parity between the National Pension System (NPS) and other pension schemes.
“This tax exemption of up to 40% of the retirement corpus is a very big step that the government has taken and which brings us closer to EPF (employee provident fund) and other pension products,“ Pension Fund Regulatory and Development Authority Chairman Hemant Contractor said. “So, it is a welcome move ... Hopefully ... we should see some parity between the other pension schemes.“
FM Arun Jaitley in the 2016-17 budget announced that withdrawal of up to 40% of the corpus at the time of retirement will be made tax exempt in the case of NPS.
Contractor said under the NPS scheme, there has been higher growth from the voluntary or nongovernment sector. At present, the total subscriber base under NPS is 1.18 crore and the fund under management is `. 1.15 lakh crore.
Contractor said the launch of the eNPS online platform to open new accounts and make contributions to the existing accounts has helped in boosting subscriber additions.
“The traction is good now, we are getting about 600-700 accounts opening per day through eNPS. As far as the Atal Pension Yojana is concerned, about 22.5 lakh accounts have been opened. The growth has been good, and we are getting 8,000-10,000 accounts opening under the Atal Pension Yojana per day,“ he added.
The regulator is also looking to set up a committed workforce for the implementation of the government's NPS. The regulator is looking to hire training institutes to cover 600 district headquarters and train 75,000 people who would become the driving force for the NPS implementation.
The Economic Times New Delhi, 13th April 2016

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Offer’s for all of you

By
Great Bumper Dhamaka Offer’s for all of you... It's Time to see your Business Online, WebeCreator Offer Website Designing with domain & Email @ nominal charges. For a year For More information visit us http://goo.gl/KlpppF call on 9890151261/9773197533  drop a mail to sales@webecreator.com
Post a Comment
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more