Overseas citizens of India can also invest in NPS under the new rule
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Overseas Citizens of India (OCI) will now be permitted to invest into National Pension Scheme (NPS) Tier 1 scheme. “Keeping in mind the requests from different sections, the authority has decided to permit OCI to enroll in NPS at par with non-resident Indians (NRIs) subscribing to NPS,” retirement fund body PFRDA stated in a notification. However, the option of the NPS Tier II account will not easily be available to NRI and OCI subscribers.
In accordance, to the Ministry of External Affairs website, “The Scheme offers for registration as Overseas Citizen of India (OCI) of all Persons of Indian Origin (PIOs) who were the citizens of India on 26th January, in the year 1950 or thereafter or were eligible to become citizens of India on 26th January 1950 except who is or had been a citizen of Pakistan, Bangladesh or such other country as the Central Government may, by notification in the Official Gazette, specify.”
Experts have welcomed the move to allow Overseas Citizens of India to successfully invest in NPS. “Overseas Citizens of India (OCI) will now be permitted to invest in NPS-Tier 1 account which is already allowed for non-resident Indians. This is a great welcome move for OCIs as there are many individuals of Indian origin who have taken up the foreign citizenship while working overseas and may easily prefer to continue investing in the country like India from their local income sources,” said Alok Agrawal, partner at Deloitte India.
Under new NPS rule, the gathered and invested money is collected in the form of pension fund which comes in two different prospects, the Tier-1 which permits the pension account and offers with tax benefits and tier-II which permits the optional benefits of withdrawal of the pooled money.
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