CRAs to make adjustments in transaction assertion to assist NPS subscribers’ grievances

NEW DELHI: The Pension Fund Regulatory and Development Authority (PFRDA) has issued a round stating new NPS functionalities launched by Central Record Keeping Agencies (CRAs) throughout the fourth quarter of FY21.

According to the round issued on 27 May, “CRAs have the responsibility to develop new functionalities, utilities, establish new processes, and offer multiple models of interface for the uploading offices to provide maximum flexibility in terms of operation for the benefit of the subscribers as an ongoing exercise to fulfil their obligations.”

The CRA has made sure adjustments within the assertion of the transaction to cut back the grievances of National Pension System (NPS) subscribers.

Changes in Contribution/Redemption Block

Change in block header to ‘Contribution/Redemption Details throughout the chosen interval’.

Changes in funding particulars

It must be made as a scheme-wise abstract block. Further, there’s a must take away scheme-wise contribution and unrealised achieve/loss fields.

Changes within the transaction particulars block

As per the revised format, the opening unit steadiness in transaction particulars shall be displayed solely within the first block and the closing unit steadiness in transaction particulars shall be displayed solely within the final block. Earlier, if the subscriber made adjustments in PF and/or scheme setup then a number of transaction element blocks had been displayed the place the primary block represented PF-scheme particulars as on assertion opening interval and final confirmed PF-scheme particulars as on assertion closing interval.

Changes in footnotes

First, the addition of footnotes associated to “Cost of withdrawal/one-way switch/GPF Withdrawal”, system-generated assertion and signature not required and many others. Second, modification in observe associated to a tax profit.

The following adjustments are being made as a result of bifurcation of ‘Ladakh’ from ‘Jammu & Kashmir’ and merging of UT (Union Territory) – ‘Daman & Diu’ and ‘Dadra & Nagar Haveli’. This results in the creation of a brand new code within the CRA system to map current Permanent Retirement Account Number (PRAN) and places of work to ‘Ladakh’ UT. Changes in contribution will permit each governments to make a contribution in PRANs of the subscriber.

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