Opening of NPS accounts for ineligible categories like HUF/OCl/PIO by PoPs
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
PFRDA/2015/14 /POP/03
Date: 28th May 2015
To,
All Points of Presence (PoPs)
Subject: Opening of NPS accounts for ineligible categories like HUF/OCl/PIO by PoPs
There are several instances, which have been reported to PFRDA regarding opening of NPS accounts for ineligible categories like HUF/OCI/PIC by PoPs. As per the extant guidelines, NPS account cannot be opened under these categories,
Therefore, PoPs which have opened such NPS accounts inadvertently, shall report the list of such accounts with complete details to PFRDA at the earliest for necessary instructions Further, PoPs are advised not to open any NPS account for following type of ineligible categories. An instruction to this effect may be sent to all the PoP-SPs for compliance
• HUE (Hindu Undivided Family)
• OCI ( Overseas Citizen of India)
• PlO (Person of Indian Origin)
Non- compliance of the instruction will be viewed seriously and necessary action as deemed fit will be taken against such Po Ps.
Ashish Kumar
(General Manager)
Source: http://www.pfrda.org.in/