Arbitration and Conciliation Act - During main arbitration proceedings, final relief of specific performance cannot be sought based on contingent contract, which stood abandoned because of negative covenant: HC (See 'Legal Desk') Companies Act - Petition for voluntary winding up can be allowed if whole procedure prescribed under law has been duly complied with: HC (See 'Legal Desk') GST: A Frightening but Fascinating Future world…! – Part IV (See 'TOG INSIGHT') IMA extends support for Ayushman scheme (See 'TOG News') Appointment of 5 NCLT Members subject to outcome of proceedings pending before CAT & Allahabad HC (See 'Dashboard') Naidu suggests farm sustainability & profitability over loan waiver (See 'TOG News') Telecom industry favors 5G auction in second half of 2019 (See 'TOG News') Gadkari reaffirms mission to make Chabahar port operational by 2019 (See 'TOG News') India keen to buy lithium & cobalt mines overseas (See'Corpbrief') GST: A Frightening but Fascinating Future world…! – Part III (See 'TOG INSIGHT') Panel set up to update social & economic responsibilities of business (See 'Corpbrief') Trade Marks Act - When contestants have registration of trade name in different classes but, duration of commencing business with that name is not clear, an ad interim order of injunction refraining contestant's right is not maintainable: HC (See 'Legal Desk') Companies Act - When as per terms of purchase order, title to goods are transferred to purchaser, once goods are loaded on ship then purchaser is liable to make payment even if goods are stuck with Customs: HC (See 'Legal Desk') Nokia signs five-year global IT infra & application services deal with HCL GAIL partners with Uber to catalyse CNG ecosystem in India Mega relief for power sector – Pariwartan scheme to protect value of assets (See 'Corpbrief') Govt to set up more rural Wi-Fi hotspots for better broadband connectivity (See 'Corpbrief') Adani Transmission acquires 100% equity in Ghatampur SPV Oyo starts China business with hotel rooms in 26 cities Renowned water conservationist predicts forced migration (See 'TOG News') Drive Against Shell Companies - A cul-de-sac! (See 'THE COB(WEB)' TIOL) Copyright Act - Defendant can be said to have infringed copyright of plaintiff if it sells similar goods by adopting label and packaging which is substantial reproduction of original artistic work: HC (See 'Legal Desk') SEBI Act - Restrictions from accessing securities market imposed by SEBI on director can be removed, if director is not found guilty of raising funds in violation of SEBI regulations in CBI and ED reports: SAT (See 'Legal Desk') Govt to review and come out with new plan for Air India CCI approves acquisition of Monsanto by Bayer AG u/s 31(7) of Competition Act Purchases from tribal artisans jumps by 166% in 2017-18 (See 'TOG News') EPFO subscribers to get option to hike investments in ETFs by this fiscal (See 'Corpbrief') MCA invites comments from stakeholders on introductory note and draft on Cross-Border Insolvency (See 'Cropbrief') BHEL gets Rs 1000 cr order for Emission Control equipment (See 'Corpbrief')

NPS subscribers touches 13.16 lakh

Published: Mar 09, 2018

By TIOLCORPLAWS News Service

MUMBAI, MAR 9, 2018: IN a corporate meet held yesterday, the Pension Fund Regulatory Development Authority (PFRDA) shared information that as on March 6, 2018, more than 13.16 lakh subscribers from the private sector (all citizen and corporate) came under the umbrella of the National Pension System (NPS). PFRDA's endeavour is to significantly scale-up these segments during the ongoing months. The conference was conducted at Mumbai in association with FICCI, Maharashtra State Council.

Addressing the gathering, Mr. Jaspal Bindra, Chairman, FICCI Maharashtra State Council and Executive Chairman, Centrum Group lauded the efforts of PFRDA for organizing such meetings across the country and creating awareness about NPS which can be effective platform for corporates to provide pension to their employees for their old age income security. The Executive Director, PFRDA, Mr A. G. Das, addressed the participants and briefed the contours of NPS for old age income security.

Mr. Mono MG Phukon, General Manager, gave a detailed presentation on NPS and informed the participants about the features, benefits and the process of joining NPS to the employees as well as to the employer. He requested the participants to utilize this meet for better understanding of NPS and implementing the same in their respective organizations. Ms. Kamalam Venkatesan, AVP, CRA-NSDL gave a presentation on process flow of registration of corporates and their employees under NPS. More than 220 participants from around 140 corporates attended the workshop. Mumbai based POPs, Pension Funds and Central Recordkeeping Agency were also present for the conference. PFRDA officials clarified the queries regarding joining of NPS, tax benefits, POPs details, timelines, transfer of superannuation fund to NPS, annuity to the participants. 

Mr. Das informed that in the changing demographic status of the country, pension is one of the most important factor to be considered by everyone. NPS provides a platform to every segment of the society for savings for retirement. He requested the participants to think NPS not only for tax benefits, but also as a product which can yield market related returns and secure their regular income in the old age. Dr. Susan Thomas, Professor, Indira Gandhi Institute of Developmental Research emphasized on the need of old age income security and the risks of increasing longevity of individuals due to medical advancements and should be prepared for living a life of dignity after retirement.

There are more than 6.83 lakh employees of more than 4,365 registered corporates who have joined NPS under NPS Corporate Model and more than 6.3 lakh subscribers have joined NPS under NPS-All Citizen Model. The overall number of NPS and APY subscribers have crossed 2.05 crore with overall Asset under Management (AUM) of more than 2.25 lakh crore.

 

TIOL CORP SEARCH

TIOL GROUP WEBSITES