Tax Returns & Politicians - They necessarily make quaint & strange bedfellows! (See 'THE COB(WEB)' in TIOL)Sutherland 'take two' and the Transition of Cess (See 'TOG Insight')MoS presides over EC meeting of IIPA as New Chairman (See 'TOG News')INTL - Provisions of Section 194C & 195 are inapplicable to payments made to non-resident shipping companies or to agents of non-resident shipping companies: ITAT (See 'TOG Latest')TP - Payment of depreciation is an outgoing expenditure & on which no TDS is liable to be deducted: ITAT (See 'TOG Latest')Central Excise - CENVAT credit of additional duty of customs paid on imported goods under Customs Notification 12/2012 dated March 17, 2012 is available for credit - Commissioner has mixed up rule 3(1)(i) and rule 3(1)(vii) of CCR: CESTAT (See 'TOG Latest')Service Tax - Mere reference to a paragraph in the SCN does not constitute a proper adjudication that devolves upon the original authority: CESTAT (See 'TOG Latest')Cabinet approves extension of Market Intervention Scheme for apples in J&K (See 'TOG News')TP - TNM Method is to be adopted as most appropriate method where the same was also adopted in the assessee's case for preceding AYs: ITAT (See 'TOG Latest')I-T - As per provisions of section 50C(1), the difference in stamp duty valuation and actual consideration should be ignored, if it is less than 5%/10%: ITAT (See 'TOG Latest')Service Tax - There is no requirement for an assessee to prove a direct nexus between input and output services for the purpose of claiming refund u/r 5 of CCR: CESTAT (See 'TOG Latest')Central Excise - Making a wrong claim of classification, per se, is neither fraud nor collusion nor wilful misstatement nor suppression of any facts: CESTAT (See 'TOG Latest')Health Minister launches CSIR partnered clinical trials website 'CUReD' on repurposed drugs for Covid- 19 (See 'TOG News')PN lauds efforts of doctors, nurses and other Corona Warriors (See 'TOG News')Inverted duty structure - A Case study (See 'TOG Insight')
Tax on Go
Budget 2015
Click the banner to download Documents
HOME       GST     INDIRECT TAX     INCOME TAX     DTAA     TP     MIXED BAG     LIBRARY    

TOG NEWS

PFRDA crosses Rs 5 lakh crore AUM milestone
By TOG News Service
Oct 16, 2020

TOG NEWS SERVICE, NEW DELHI, OCT 16, 2020: THE Pension Fund Regulatory and Development Authority (PFRDA) today announced crossing Rs 5 lakh crore Assets Under Management (AUM) mark. The subscriber's contributions under the National Pension System (NPS) and Atal Pension Yojana (APY) have jointly contributed to this landmark figure, over a period of 12 years.

The growth in NPS subscribers has also been remarkable over the years with 70.40 lakhs employees joining the scheme from the government sector and 24.24 lakhs from the non-government sector.

The Regulator, PFRDA, in its endeavor to make the subscriber registration, the exit process and processing other service requests seamless and subscriber friendly, has been regularly introducing new methods of subscriber authentication such as OTP/ eSign based onboarding, Offline Aadhaar-based onboarding, third party onboarding after KYC verification, e-nomination, e-exit for NPS Subscribers etc.

Shri Supratim Bandyopadhyay, Chairman, Pension Fund Regulatory and Development Authority (PFRDA), said that achieving Rs 5 lakh crore AUM is a major achievement which reflects the subscribers have faith in PFRDA and NPS. We have enabled a robust and unique architecture with efficient systems and professional fund managers delivering market based returns enabling our subscriber to accumulate their retirement corpus. During this pandemic, a growing realisation of both corporates and individuals has emerged that retirement planning is not a mere saving or tax benefit choice, witnessed by NPS enrolment growing almost 14% during this challenging period.

About PFRDA

Pension Fund Regulatory and Development Authority (PFRDA) is the statutory authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies. NPS was initially notified for central government employees recruits wef 1st Jan 2004 and subsequently adopted by almost all State Governments for its employees. NPS was extended to all Indian citizens (resident/non-resident/overseas) on a voluntary basis and to corporates for its employees.

As on 10th Oct 2020, the total number of subscribers under NPS and Atal Pension Yojana has crossed 3.76 crores and the Asset under Management (AUM) has grown to Rs 5,05,424 crores.