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National Pension System: CRAs to make changes in transaction statement to aid NPS subscribers’ grievances

The CRA has made certain changes in contribution, investment details, transaction details, and footnotes to reduce the grievances of National Pension System (NPS) subscribers




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

According to the circular 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 certain changes in the statement of the transaction to reduce the grievances of National Pension System (NPS) subscribers.

Changes in Contribution/Redemption Block

Change in block header to ‘Contribution/Redemption Details during the selected period’.

Changes in investment details

It has to be made as a scheme-wise summary block. Further, there is a need to remove scheme-wise contribution and unrealised gain/loss fields.

Changes in the transaction details blockAs per the revised format, the opening unit balance in transaction details will be displayed only in the first block and the closing unit balance in transaction details will be displayed only in the last block. Earlier, if the subscriber made changes in PF and/or scheme setup then multiple transaction detail blocks were displayed where the first block represented PF-scheme details as on statement opening period and last showed PF-scheme details as on statement closing period.

Changes in footnotes

First, the addition of footnotes related to “Cost of withdrawal/one-way switch/GPF Withdrawal”, system-generated statement and signature not required etc. Second, modification in note related to a tax benefit.

The following changes are being made due to the bifurcation of ‘Ladakh’ from ‘Jammu & Kashmir’ and merging of UT (Union Territory) – ‘Daman & Diu’ and ‘Dadra & Nagar Haveli’. This leads to the creation of a new code in the CRA system to map existing Permanent Retirement Account Number (PRAN) and offices to ‘Ladakh’ UT. Changes in contribution will allow both governments to make a contribution in PRANs of the subscriber.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ praveshmaurya24@gmail.com
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