‘Can’t Return NPS Funds’: Centre’s Reply to Cong-Ruled States Keen to Restart OPS May Fuel War of Words

In what ought to heighten the political battle of phrases among the Congress-dominated states and the NDA-dominated Centre, the Centre has refused to go back to a few states the collected corpus deposited beneathneath the New Pension Scheme (NPS). There isn’t anyt any notion beneathneath attention of Government of India for healing of vintage pension scheme, the Finance Ministry stated in a solution in Parliament to a query requested via way of means of MP Asaduddin Owaisi.

The Finance Ministry has additionally stated that there may be no provision beneathneath regulation to refund the NPS budget to any of the kingdom governments. The Congress-dominated State Governments of Rajasthan, Chhattisgarh, and Jharkhand have knowledgeable the Central Government or the Pension Fund Regulatory and Development Authority (PFRDA) approximately their choice to restart Old Pension Scheme (OPS) for his or her State Government personnel, the respond via way of means of the Finance Ministry stated.

The newly-sworn in Himachal Pradesh authorities of the Congress has additionally promised to put in force the NPS withinside the first cupboard meet. The NPS kicked in from 2004, almost 18 years ago. The Finance Ministry stated the kingdom authorities of Punjab on November 18 this yr has issued notification concerning implementation of OPS to the authorities personnel currently being protected beneathneath NPS.

The State Governments of Rajasthan, Chhattisgarh, and Jharkhand, have despatched proposals to the Central Government or PFRDA to go back the collected corpus of subscribers beneathneath NPS to respective State Governments. No such notion has been acquired from the State Government of Punjab, the Finance Ministry respond stated. The Centre stated in reaction to the proposals of the State Governments of Rajasthan, Chhattisgarh, and Jharkhand, PFRDA has knowledgeable the respective State Governments that there may be no provision to go back the NPS budget.

There isn’t anyt any provision beneathneath the Pension Fund Regulatory and Development Authority Act, 2013 examine along side PFRDA (Exits and Withdrawals beneathneath the National Pension System) Regulations, 2015, and different applicable Regulations, as amended from time to time, vide which the budget, which might be already deposited each withinside the shape of Government contribution and Employees’ contribution closer to NPS, along side accruals, may be refunded and deposited lower back to the State Government. These states have raised call for to the Government to go back NPS cash to begin OPS.