Separate exclusive Pension Scheme to be launched for NRIs

ISSUnripensionThe National Pension System’s Regulator the PFRDA, plans to launch a non-repatriable scheme that will make it easier for NRIs to subscribe to the NPS as it will involve less procedures, and do away with some restrictions of the RBI.

The PFRDA has written to the RBI seeking approval for the launch of a separate NPS scheme for NRIs on non-repatriable basis.

Last year the RBI allowed NRIs to subscribe to the NPS and said there would be no restriction on repatriation of the annuity/accumulated savings. The amounts have to be paid either by inward remittance through normal banking channels or out of funds held in their NRI Rupee/Foreign Currency NR Bank/ Non-Resident Ordinary Rupee Account.