The Pension Fund Regulating and Development Authority
(PFRDA) has tightened rules for adding contributions by different central and
state government departments after numerous complaints from shareholders of
delays as well as losses.
Delay in adding the pension side of the bargain sometimes
lowered your fund values of subscribers and brought on inordinate losses as the
new pension scheme (NPS) operates using a real-time basis having subscribers
funds invested through units whose net asset benefit fluctuates with
alterations in prices of bonds and equities.
PFRDA sources told FE the new rule is applicable for central
and state government departments and not really retail investors whom deposit
their contribution by way of a bank.
“There have been delays due to cheque clearing as well as
cheque rejections in some cases where the pay out and accounts workplaces of
central federal and strict treasury workplaces of states never have adopted the
NEFT/RTGS transaction facilities, ” the state said.
In some sort of notification, PFRDA said it's been decided
to bring to close the remittances of NPS contribution resources through
physical instruments and also to accept remittances only through electronic
mode from April 2014.
“Accordingly from April 1, every one of the nodal offices
remitting NPS contributions have to mandatorily remit NPS through electronic
mode – NEFT as well as RTGS only, ” your regulator said.
Previously, the Chief Vigilance Commission had ordered
government offices to change to electronic mode to avert delays or maybe
frauds. However, some government departments continue to operate through your
physical mode, causing scope for errors, delays and rejections.
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