New Delhi: The Pension Fund Regulatory And Development Authority (PFRDA) on Friday announced to make bank account details and mobile numbers of subscribers mandatory. The pension regulator has introduced the new rule in order to offer ease of operation for the benefit of subscribers. The new rule will also allow the exit from National Pension System (NPS) a hassle free experience, says the finance ministry statement on Friday.
The changes in NPS have been introduced via new subscriber registration form that has been introduced by the PFRDA.
A finance ministry release also said the pension regulator has made the Foreign Account Tax Compliance Act (FATCA) and the Central Registry of Securitization Asset Reconstruction and Security Interest (CERSAI) mandatory for new and existing NPS subscribers, in compliance with the Prevention of Money Laundering Act (PMLA) guidelines.
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"It has been decided by the Authority to make bank account details and mobile number mandatory to provide ease of operation for the benefit of subscribers and make the process of exit from NPS hassle-free," the statement reads.
The requirements for NPS subscribers have been made mandatory in the new Common Subscriber Registration Form that is required to be filled in by the new subscribers, it added.
Existing NPS subscribers can submit online the FATCA self-certification in their login (www.cra-nsdl.com or https://enps.karvy.com/Login/Login).
The information regarding the said functionality is also made available on Central Record-keeping Agency (CRA) websites. The steps to be followed by the subscriber to submit online FATCA self-certification are also mentioned on the website.
It is to be ensured by the National Pension System (NPS) subscribers to fill the mandatory fields correctly and not leave them blank in order to avoid rejection of their forms.