PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
CIRCULAR

Circular No: PFRDA/2023 /26/Sup-CRA/07

10th Aug 2023

To

All Subscribers & NPS Stakeholders

Subject: Simplified & Secured way to stay Informed on NPS Investments through Consolidated Account Statement (CAS)

The CAS provided by National Securities Depository Limited (NSDL) and Central Depository Services Ltd (CDSL) offers a consolidated view of the personal investments in the securities market with updated mark-to-market values. It encompasses holdings of Demat accounts and mutual fund holdings of the investors.

2. CAS is issued to investors in accordance with Regulation 36(4) of SEBI (Mutual Funds) Regulations, 1996 and circulars thereof for the benefit of Investors. Central Record Keeping Agencies (CRAs) in terms of Regulation 18(2)(k) of the PFRDA(CRA) Regulations,2015 enhance & develop the modules to address the evolving requirements of various stakeholders. PFRDA in coordination with SEBI has enabled the functionality to benefit NPS Subscribers to view their pension corpus under NPS in CAS.

3. In line with the Government of India’s vision to create a comprehensive record of every individual’s financial assets, PFRDA has integrated the NPS Statement of Transaction (SoT) with CAS. Currently, the NPS SoT is shared on an annual basis either physically or through email, and it can also be viewed online in the CRA login. Now, PFRDA has enabled CRAs to integrate with depositories, registered with SEBI to provide NPS Subscribers with the option to include NPS transactions in CAS. Till date, nearly 50000 Subscribers have evinced interest and provided their consent to avail the facility.

4. Some important features regarding the inclusion of NPS SoT in CAS & benefits are as under:

a. Consent Basis:

The facility to include NPS SoT in CAS will be available to NPS subscribers on consent basis. If the Subscriber wishes to opt for this inclusion, the consent can be provided on the respective website of aforementioned CRAs.

b. Nominal Charges:

A fee of Re 1/- will be applicable for each physical statement requests, while 10 paise will be charged for each email statement.

5. Benefits of Consolidated Account Statement (CAS):

1. Simplified Record-Keeping: CAS eliminates the need to maintain separate statements for different investments by summarizing the details into one comprehensive statement. This reduces paperwork and provides a consolidated view of all investments at one place, making it easier to manage and track the same.
2. Enhanced Safety: With the increasing popularity of online contribution and digital  payment methods, the CAS plays a crucial role in ensuring safety of information pertaining to contributions/ investments. By receiving monthly updates, the Subscribers can stay alert and promptly identify any unauthorized transactions. In case of fraudulent activities, the Subscribers can inform the associated intermediary at the earliest of necessary action.
3. Timely Information: CAS keeps Subscribers well-informed about their investments. With a monthly update of all transactions and holdings, they can easily monitor the performance of investments, stay up to date with any changes, and make informed decisions accordingly.

6. All the Stakeholders like POPs, Nodal Offices and NPS Trust are required to disseminate this important information to the subscribers and encourage them to avail the facility by providing consent for including NPS SoT in CAS. The CRA wise process flow of consent framework is provided at the Annexure-I for the benefit of Subscribers.

7. This circular is issued under Section 14 (1) of PFRDA Act,2013 read with Regulation 18 and 19 of the PFRDA (CRA) Regulations, 2015.

Yours sincerely,

Digitally signed by K
MOHAN GANDHI
Chief General Manager

Annexure

Procedure to give consent for inclusion of NPS details in CAS

Subscribers associated with Protean CRA:

1. Subscribers can visit the website of Protean CRA. Under News section, click on the link to provide to provide consent for availing NPS details in CAS.
2. Enter the 12-digit PRAN, PAN and Date of Birth.
3. Submit the declaration.
4. Enter the ‘One Time Password’ received on registered Mobile and Email ID.
5. On successful consent submission, NPS investments will be reflected in CAS.

Subscribers associated with KFin CRA:

1. Subscriber will login to the NPS account on KFin CRA website.
2. Subscriber will select Statement Menu on left side and will click on CAS statement.
3. Subscriber need to give consent for CAS Yes/No and charges will be shown to subscriber. Once selected the option, subscriber need to click on submit button to captured the CAS request.
4. Subscriber if selected as Yes, message will be shown for dispatch mode. Subscriber need to selected mode type- physical or Email.
5. Subscriber has the option to opt out of CAS also.

Subscribers associated with CAMS CRA:

1. Subscriber logs in to his / her CAMS NPS Account, and navigates to the “statements” tab.
2. In the Statement section, the subscriber selects the “CAS” option.
3. Subscriber provides the consent for sharing their NPS details with the depository and “submit”.

Note: Integration of PCRA with NSDL is completed and under progress with CDSL

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New Delhi: Finance Minister Arun Jaitley unveils the budget on 1 February. The salaried class has a lot of expectations from the Budget. Increase in the personal income tax exemption limit and a higher deduction limit on home loan interest are among the common ones, say analysts.

The following salaried people’s expectations from FM Jaitley’s Budget 2017-18:

1. Raise minimum limit for taxable income

Considering the increase in cost of living, the current basic exemption limit of 2.5 lakh should be raised to Rs. 3 lakh. If the minimum limit is increased, it will not only benefit taxpayers at the bottom but also salaried class youth who are starting out as employees.

2. Change in tax slabs

A Change in of tax slabs will be a big balm for the salaried class. Currently, 10 per cent tax is charged on annual income of Rs 2.5 lakh to Rs 5 lakh, 20 per cent on Rs 5 lakh to Rs 10 lakh and 30 per cent on income above Rs 10 lakh. The first two slabs can be widened or taxed at a lower rate.

3. Raise exemption limit on allowances

Salaried employees enjoy exemption from tax on several allowances/benefits that the employer provides such as children’s education, conveyance, medical reimbursement, house rent and leave travel. The allowance limits were fixed a long time ago and need to be revised in view of inflation.

4. Increase deduction under Section 80C

Currently, deduction under Section 80C of the Income-tax Act is allowed from Rs 150,000 to Rs 300,000. If Jaitley increases the limit, he can boost household savings which can ultimately get invested and power growth.

5. Bring back deduction on infrastructure bonds

The government may reintroduce deduction of Rs 20,000 or actual amount invested, whichever is lower, for investments made in infrastructure bonds. This will also boost spending, spur growth and create more jobs.

6. Offer more incentives for NPS investment

Jaitley can offer more incentives for taxpayers to invest in the National Pension System (NPS). He can increase the deduction under Section 80CCD (1B) to Rs 100,000 from the existing Rs 50,000. He can also being NPS on par with the Employees Provident Fund or Public Provident Fund with respect to exemption of 100 per cent of the accumulated balance on withdrawal, subject to certain conditions.

7. Offer interest subvention on home loans

Prime Minister Narendra Modi has already offered interest subvention of 3 per cent and 4 per cent for loans of up to Rs 12 lakh and Rs 9 lakh, respectively, under the Pradhan Mantri Awas Yojana. However, these subventions are targeted at buyers in Tier 3 cities. Budget 2017 has scope of offering interest subvention on larger amounts of loan which will benefit buyers in big cities and other urban areas.

8. Allow higher deduction on home loan EMIs

Currently, the deduction available on interest on home loan is up to Rs 2,00,000. The deduction can be claimed on the principal repayment for up to Rs 1.50 lakh. There is a large scope in both cases to raise the deduction limits.

9. Allow early deduction on home loan EMIs

Deduction for interest on home loan is currently available only after the buyer gets the possession of the property. This means the benefit begins several years after the buyer gets the home loan and begins paying the EMIs. This deduction can be given right from the payment of the first EMI.

10. Raise exemption limit for senior citizens

The existing exemption limit of Rs 300,000 for senior citizens (60 years to less than 80 years) and Rs 500,000 for super senior citizens (80 years and above) could be enhanced to Rs 400,000 and Rs 600,000 respectively.

TST

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