Swavalamban

and 2013-14. The benefit will be available only to persons who join the
NPS with a minimum contribution of Rs. 1,000 and maximum contribution of Rs.
12,000 per annum. Definitions:
3. Unorganised sector: For the purpose of this scheme, a person will be
deemed to belong to the unorganised sector if that person:
• is not in regular employment of the Central or a state government, or an
autonomous body/ public sector undertaking of the Central or state
government having employer assisted retirement benefit scheme, or
• is not covered by a social security scheme under any of the following laws:
• Employees' Provident Fund and Miscellaneous Provisions Act,1952
• The Coal Mines Provident Fund and Miscellaneous Provisions Act,1948
• The Seamen's Provident Fund Act, 1966
• The Assam Tea Plantations Provident Fund and Pension Fund Scheme
Act, 1955
• The Jammu and Kashmir Employees' Provident Fund Act, 1961
4. All other definitions as given in the NPS offer document will apply to the terms
used in this scheme.
5. The scheme will be applicable to all persons in the unorganised sector subject
to the condition that the benefit of Central Government contribution will be available
only to those persons whose contribution to NPS is minimum Rs.1,000 and
maximum Rs. 12,000 per annum, for both Tier I and II taken together, provided that
the person makes a minimum contribution of Rs. 1000 per annum to his Tier I NPS
account.
6. As a special case and in recognition of their faith in the NPS, all NPS accounts
opened in 2009-10 will be entitled to the benefit of Government contribution under this
scheme as if they were opened as new accounts in 2010-11 subject to the condition
that they fulfill all the eligibility criteria prescribed under these guidelines. Funding
7. The scheme will be funded by grants from Government of India. The grants
would be given such that monthly payment in the subscriber accounts would be
possible. Operation
8. A person will have the option to join the NPS as an individual as per the existing
scheme or through the CRA Lite approved by PFRDA.
9. At the time of joining the NPS the subscriber will have to declare whether
he/she falls within the definition of unorganised sector as defined in para 3 above and
would also declare that his contribution would range between Rs. 1,000 to Rs. 12,000
per annum. If subsequent to opening the NPS account it is found that the subscriber
has made a false declaration about his eligibility for the benefits under this scheme or
has been wrongly given the benefit of government contribution under this scheme for
whatsoever reason, the entire government contribution will be deducted along with
penal interest as may be specified from time to time. If the status of the subscriber changes to ineligible after joining the NPS, he/she
should immediately declare so and the benefit of government contribution will not
accrue to the subscriber's account after the date on which the subscriber becomes
ineligible.
10. At the end of each financial year the CRA will, by 7th April of the following
year, send to the PFRDA details of the NPS accounts opened during the year,
showing separately the number of eligible NPS accounts in which the subscriber's
contribution has been between Rs. 1,000 and Rs. 12,000. CRA will also send these
details with individual PRAN to the Trustee Bank.