NPS partial withdrawal

After easing the Corona epidemic, PFRDA issued a new order regarding this, according to which customers of all government sector customers (Central, State and Central Autonomous Bodies) will now have to submit their application for partial withdrawal (NPS Partial Withdrawal) to their nodal officer. Must be deposited with Explain that in January 2021, the pension regulator PFRDA had allowed NPS subscribers to submit online applications for partial withdrawals with the help of self-declaration.

New Bank Locker rules

A new guideline related to bank locker has been issued by the Reserve Bank of India (RBI). The new rules will come into effect from January 1, 2023. Under this, banks will no longer be able to do arbitrariness with customers on the issue of lockers.

According to the new rule, if there is any damage to the goods kept in the bank locker, then the bank will be responsible for it. For this, an agreement will be signed between the bank and the customer, which will be valid till December 31. Banks will have to give all the information to the customers through SMS and other means about the change in the rules related to the locker.

Changes in Credit Card Rules

From January 1, 2023, there is a change in the reward points received on payment through credit card. From the beginning of the new year, HDFC Bank will change the reward points received on payment from its credit card. In such a situation, customers have been advised to pay all the remaining reward points in their credit cards before December 31, 2022. Because from January 1, 2023, under the new rules, the facilities of reward points will be given.

Changes in CNG-PNG Price

With the change in the prices of petrol and diesel from January 1 in the new year, there may also be a change in the prices of CNG and PNG gas used in the kitchen of homes. During the last one year, there has been an increase of more than 70 percent in the prices of CNG in the national capital and its surrounding areas. On the other hand, since August 2021, 10 hikes have been recorded in PNG rates.

GST related rules will change

There will also be important changes in the rules related to GST e-invoicing and electronic bill. The government has reduced the threshold limit for GST e-invoicing from Rs 20 crore to Rs 5 crore. In such a situation, it will now be necessary for traders whose turnover is five crore rupees or more to generate electronic bills.

AADHAAR AND PAN CARD LINK

The IT department has issued an advisory saying that the PAN (Permanent Account Number) which is not linked to Aadhaar by the end of March next year will be deactivated. This change will be applicable from the first date of April instead of January.

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These online applications sent by the subscribers were directly processed through the CRA system followed by instant bank account verification through penny drop. During the Corona Pandemic (Covid 19) during the lockdown in different parts of the country, the customers were greatly benefited from this facility.

But now after the easing of the Corona epidemic, PFRDA has issued a new order regarding this, according to which customers of all government sector customers (Centre, State and Central Autonomous Body) can now submit their application for partial withdrawal (NPS Partial Withdrawal). Will have to be submitted only after the nodal officer.

In a circular dated December 23, 2022, PFRDA said, “After abolishing the rules related to the corona pandemic and with the relaxation of the lockdown rules, it has been decided that all public sector customers (Central, State and Central Autonomous body) will have to submit a request for partial withdrawal from NPS to their respective nodal office.”

What are the partial withdrawal rules in NPS?

• Invest in NPS for at least 3 years
• 25% Withdrawals from the Subscriber’s Total Contribution
• Withdrawals possible a total of 3 times during the subscription period
• Partial withdrawal is possible for some important reasons

For what things partial withdrawal from NPS can be done (NPS Withdrawal Rule)

• for higher education of children
• for marriage of children
• home buying and renovation
• for the treatment of critical illness

Get the benefit of additional tax exemption on NPS

Investing in NPS gives the benefit of extra tax exemption of Rs 50,000 (NPS Benefits) under National Pension System 80CCD (1B). You can withdraw up to 60% of the corpus deposited on maturity. The remaining amount is kept for pension or annuity. This National Pension System Trust is supported by the Government of India and operated by the Pension Fund Regulator i.e. PFRDA under the Government of India, so it is absolutely safe to invest in it.

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