Eligibility guidelines for opening an Atal Pension Yojana (APY) account opening goes to alter from 1st October 2022. From 1st October 2022, an revenue tax payers will not be eligible for subscribing to the Atal Pension scheme. The central authorities has made it clear that if an revenue tax payer opens an APY account underneath the APY scheme, his or her account shall be liable to be closed. Hence, APY account of revenue tax payers, who joins APY scheme in and after October 2022 can be closed.
The Department of Financial Services underneath the Ministry of Finance has issued notification on this regard citing, “Provided that from 1st October,2022, any citizen who is or has been an income-tax payer, shall not be eligible to join APY,” including, “In case a subscriber, who joined on or after 1st October, 2022, is subsequently discovered to have been an income-tax payer on or earlier than the date of utility, the APY account shall be closed and the accrued pension wealth until date can be given to the subscriber.”
For the purpose of this clause, the expression “income-tax payer” shall imply an individual who’s liable to pay income-tax in accordance with the Income Tax Act, 1961, as amended on occasion.
APY scheme mainly goals to supply social safety to the folks working in an unorganised sector as folks working in such sectors primarily belong to a low revenue group. Under this social safety scheme, a subscriber receives a minimal assured pension of ₹1000 to ₹5000 per thirty days from the age of 60 years, relying upon his contribution. The identical pension can be paid to the partner of the subscriber after the demise of subscriber and on demise of each the subscriber and partner, the pension wealth as accrued until age 60 of the subscriber can be returned again to the nominee.
This central authorities’s transfer would assist include misuse of the social safety scheme and assist this pension scheme to rech out to the precise en customers for whom this scheme is mainly meant for.
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