Remittance of NPS funds solely through electronic mode (NEFT/RTGS) from 01st April 2014: PFRDA Circular -
All Central Government Ministries & State Governments
Dear Sir/Madam,
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
PFRDA/2014/01/CSG/1Date: 09th January 2014
To,All Central Government Ministries & State Governments
Dear Sir/Madam,
Remittance of NPS funds solely through electronic mode (NEFT/RTGS) from 01st April 2014
1. The Circulars no. PFRDA/2013/10/CRTB/1 dated 30th April 2013 and PFRDA/2013/12/CRTB/2 dated 31" May 2013 may be referred.
2. It has been observed that the following problems are presently being faced on account of remittance of NPS contribution funds through physical instruments:
a.)Higher percentage of rejection of contributions/ funds return
b.)Delays due to cheque clearing activity
c.)incidences of cheque rejection due to financial/ technical reasons.
3. All the aforementioned issues affect the timely investments of the subscribers thus adversely impacting their pension corpus accumulation. To obviate the aforesaid concerns, and in compliance of CVC instructions issued vide Office Order No. 20/4/04 File No. 98/ORD/1 dated 06-04-2004 PFRDA has decided to discontinue the remittance of NPS contribution funds through physical instruments and to accept remittance solely through electronic mode from 01st April 2014.
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