Non-Investment of NPS Fund

Ministry of Finance

Non-Investment of NPS Fund

A total amount of Rs. 971.48 crore, collected towards contribution for Government employees, from 2004 to March 2008, under the New Pension System (NPS), was credited to the Public Account of India.

The institutional architecture for NPS could not be operationalised by the Interim Pension Fund Regulatory and Development Authority (PFRDA). Therefore, the contribution for the Government employees under the NPS could not be invested in the market.

The funds were credited to Public Account and interest @ 8% p.a. was paid on the contribution.

The establishment of institutional architecture by the PFRDA, based on objective and financial criteria, took some time, therefore, the question of conducting an enquiry does not arise.

The interest @ 8% p.a. was paid on the contribution by the Government.

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to an Unstarred Question in Lok Sabha today.  PIB

Comments

Popular posts from this blog

Central Government Office Holiday List 2023 - DoPT Order PDF Download

7th CPC Pay Fixation on Promotion/MACP Calculator with Matrix Table

Revised Pay Scale from 1.7.2017 for Karnataka Govt Employees