Tuesday, June 29, 2021

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

 DELTA AND DELTA PLUS VARIANTS: FREQUENTLY ASKED QUESTIONS


Ministry of Health and Family Welfare

DELTA AND DELTA PLUS VARIANTS: FREQUENTLY ASKED QUESTIONS

Posted On: 28 JUN 2021 2:52PM by PIB Mumbai

New Delhi / Mumbai, 28th June, 2021

 Vaccines and COVID Appropriate Behaviour can help us fight the pandemic.
Secretary, 
Department of Biotechnology; Director General, Indian Council of Medical Research; and Director, National Centre for Disease Control have answered many questions about the Delta and Delta Plus variants of the SARS-Cov-2 virus. PIB has curated the answers, given at a COVID Media Briefing held by the Health Ministry on June 25, 2021.

 Q. Why does a virus mutate?

Virus by its very nature mutates. It is part of its evolution. The SARS-Cov-2 virus is a single-stranded RNA virus. So, changes in the genetic sequence of the RNA are mutations. The moment a virus enters its host cell or a susceptible body, it starts replicating. When the spread of infection increases, the rate of replication also increases. A virus that has got a mutation in it is known as a variant.

Q. What is the impact of mutations?

The normal process of mutations begins to impact us when it leads to changes in transmission levels or on treatment. Mutations can have positive, negative or neutral effects on human health.

Negative impacts include clustering of infections, increased transmissibility, ability to escape immunity and infect someone who has prior immunity, neutralization escape from monoclonal antibodies, improved binding to lung cells and increased severity of infection.

Positive impacts can be that the virus becomes non-viable.

Q. Why are frequent mutations seen in SARS-CoV-2 virus? When will the mutations stop?
SARS-CoV-2 can mutate due to the following reasons:

·         Random error during replication of virus

·         Immune pressure faced by viruses after treatments such as convalescent plasma, vaccination or monoclonal antibodies (antibodies produced by a single clone of cells with identical antibody molecules)

·         Uninterrupted transmission due to lack of COVID-appropriate behaviour. Here the virus finds excellent host to grow and becomes more fit and more transmissible.

The virus will continue to mutate as long as the pandemic remains. This makes it all the more crucial to follow COVID appropriate behavior.

 Q.  What are Variants of Interest (VoI) and Variants of Concern (VoC)?

When the mutations happen – if there is any previous association with any other similar variant which is felt to have an impact on public health – then it becomes a Variant under Investigation.

Once genetic markers are identified which can have association with receptor binding domain or which have an implication on antibodies or neutralizing assays, we start calling them as Variants of Interest.

The moment we get evidence for increased transmission through field-site and clinical correlations, it becomes a Variant of Concern. Variants of concern are those that have one or more of the following characteristics:

·         Increased transmissibility

·         Change in virulence/ disease presentation

·         Evading the diagnostics, drugs and vaccines

The 1st Variant of Concern was announced by the UK where it was found. Currently there are four variants of concern identified by the scientists - Alpha, Beta, Gamma and Delta.

 Q. What are Delta and Delta Plus variants?

These are the names given to variants of SARS-CoV-2 virus, based on the mutations found in them. WHO has recommended using letters of the Greek Alphabet, i.e., Alpha (B.1.1.7), Beta (B.1.351), Gamma (P.1), Delta (B.1.617), etc., to denote variants, for easier public understanding.

Delta variant, also known as SARS-CoV-2 B.1.617, has about 15-17 mutations. It was first reported in October 2020. More than 60% of cases in Maharashtra in February 2021 pertained to delta variants.

It is the Indian scientists who identified the Delta Variant and submitted it to the global database. Delta variant is classified as a Variant of Concern and has now spread to 80 countries, as per WHO.

Delta variant (B.1.617) has three subtypes B1.617.1, B.1.617.2 and B.1.617.3, among which B.1.617.1 and B.1.617.3 have been classified as Variant of Interest, while B.1.617.2 (Delta Plus) has been classified as a Variant of Concern.

The Delta Plus variant has an additional mutation in comparison to Delta variant; this mutation has been named as the K417N mutation. ‘Plus’ means an additional mutation has happened to the Delta variant. It does not mean that the Delta Plus variant is more severe or highly transmissible than the Delta variant.

 Q. Why has the Delta Plus Variant (B.1.617.2) been classified as a Variant of Concern?

The Delta Plus variant has been classified as Variant of Concern because of the following characteristics:

·         Increased transmissibility

·         Stronger binding to receptors of lung cells

·         Potential reduction in monoclonal antibody response

·         Potential post vaccination immune escape

 Q. How often are these mutations studied in India?

Indian SARS-CoV-2 Genomics Consortium (INSACOG) coordinated by the Department of Biotechnology (DBT) along with Union Health Ministry, ICMR, and CSIR monitor the genomic variations in the SARS-CoV-2 on a regular basis through a pan India multi-laboratory network. It was set up with 10 National Labs in December 2020 and has been expanded to 28 labs and 300 sentinel sites from where genomic samples are collected. The INSACOG hospital network looks at samples and informs INSACOG about the severity, clinical correlation, breakthrough infections and re-infections.

More than 65,000 samples have been taken from states and processed, while nearly 50,000 samples have been analysed of which 50% have been reported to be Variants of Concern. 

Q. On what basis are the samples subjected to Genome Sequencing?

Sample selection is done under three broad categories:

1) International passengers (during the beginning of the Pandemic)

2) Community surveillance (where RT-PCR samples report CT Value less than 25)

3) Sentinel surveillance - Samples are obtained from labs (to check transmission) and hospitals (to check severity)

When there is any public health impact noticed because of genetic mutation, then the same is monitored.

 Q. What is the trend of Variants of Concern circulating in India?

As per the latest data, 90% of samples tested have been found to have Delta Variants (B.1.617). However, B.1.1.7 strain which was the most prevalent variant in India in the initial days of the pandemic has decreased.

 Q. Why public health action is not taken immediately after noticing mutations in virus?
It is not possible to say whether the mutations noticed will increase transmission. Also, until there is scientific evidence that proves a correlation between rising number of cases and variant proportion, we cannot confirm there is a surge in the particular variant. Once mutations are found, analysis is made week on week to find if there is any such correlation between the surge of cases and variant proportion. Public health action can be taken only after scientific proofs for such correlation are available.

Once such correlation is established, this will help greatly to prepare in advance when such variant is seen in another area/region.

 Q. Do COVISHIELD and COVAXIN work against the variants of SARS-CoV-2?

Yes, COVISHIELD and COVAXIN are both effective against the Alpha, Beta, Gamma and Delta variants. Lab tests to check vaccine effectiveness on Delta Plus Variant are ongoing.

Delta Plus Variants: The virus has been isolated and is being cultured now at ICMR’s National Institute of Virology, Pune. Laboratory tests to check vaccine effectiveness are ongoing and the results will be available in 7 to 10 days. This will be the first result in the world.

 Q. What are the public health interventions being carried out to tackle these variants?

The public health interventions needed are the same, irrespective of the variants. The following measures are being taken:

·         Cluster containment

·         Isolation & Treatment of cases

·         Quarantining of contacts

·         Ramping up vaccination 

Q. Do public health strategies change as the virus mutates and more variants arise?

No, public health prevention strategies do not change with variants.

Q. Why is continuous monitoring of mutations important?

Continuous monitoring of mutations is important to track potential vaccine escape, increased transmissibility and disease severity.

Q. What does a common man do to protect him/her from these Variants of Concern?

One must follow COVID Appropriate Behaviour, which includes wearing a mask properly, washing hands frequently and maintaining social distancing.

The second wave is not over yet. It is possible to prevent a big third wave provided individuals and society practise protective behaviour.

Further, Test Positivity Rate must be closely monitored by each district. If the test positivity goes above 5%, strict restrictions must be imposed.

Dhanalakshmi/DJM/DY/PIB Mumbai  /pibmumbai  pibmumbai@gmail.com

(Release ID: 1730875) 

Saturday, June 26, 2021

           BRIEF OF THE 48TH MEETING OF THE NC-JCM

HELD ON 26.06.2021










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PRESS RELEASE

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 25th June, 2021 Circular no. 12/2021 dated 25th 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 1st June, 2021 or thereafter, may be filed within the time provided in that section or by 31st 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 31st May, 2021 under Rule 31A of the Income-tax Rules,1962 (hereinafter referred to as “the Rules”), as extended to 30th June, 2021 vide Circular No.9 of 2021, may be furnished on or before 15th July, 2021.
  3. The Certificate of Tax Deducted at Source in Form No.16, required to be furnished to the employee by 15th June, 2021 under Rule 31 of the Rules, as extended to 15th July, 2021 vide Circular No.9 of 2021, may be furnished on or before 31st 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 15th June, 2021 under Rule 12CB of the Rules, as extended to 30th June, 2021 vide Circular No.9 of 2021, may be furnished on or before 15th July, 2021.
  1. 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 30th June, 2021 under Rule 12CB of the Rules, as extended to 15th July, 2021 vide Circular No.9 of 2021, may be furnished on or before 31st July, 2021.
  2. 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 30th June, 2021, may be made on or before 31st August, 2021.
  3. 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 1st April, 2021 to 29th September, 2021 (both days inclusive), may be completed on or before 30th September, 2021.
  4. The Quarterly Statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021, required to be furnished on or before 15th July, 2021 under Rule 37 BB of the Rules, may be furnished on or before 31st July, 2021.
  5. The Equalization Levy Statement in Form No. 1 for the Financial Year 2020-21, which is required to be filed on or before 30th June, 2021, may be furnished on or before 31st July, 2021.
  6. 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 29th June, 2021, may be furnished on or before 31st July, 2021.
  7. Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th June, 2021, which is required to be uploaded on or before 15th July, 2021, may be uploaded by 31st August,2021.
  8. 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 27th June, 2021, may be exercised on or before 31st July, 2021.
  9. Last date of linkage of Aadhaar with PAN under section 139AA of the Act, which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.
  10. Last date of payment of amount under Vivad se Vishwas(without additional amount) which was earlier extended to 30th June, 2021 is further extended to 31st August, 2021.
  11. Last date of payment of amount under Vivad se Vishwas (with additional amount) has been notified as 31st October, 2021.
  12. Time Limit for passing assessment order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.
  13. Time Limit for passing penalty order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.
  14. Time Limit for processing Equalisation Levy returns which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021

RM/MV/KMN  (Release ID: 1730355)

 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

Thursday, June 24, 2021

 

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

Monday, June 21, 2021

 

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (EXITS AND WITHDRAWALS UNDER THE NATIONAL PENSION SYSTEM) (AMENDMENT) REGULATIONS, 2021 – PFRDA NOTIFICATION DATED 14.06.2021

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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