NPS: Pension regulator to pitch for favourable tax treatment for NRIs
July 29, 2015
Indian policymakers are wooing Non-Resident Indians (NRIs) in a big way so that they could park their surplus in local financial assets here. On the heels of allowing NRIs to invest in NPS, pension regulator Pension Fund Regulatory and Development Authority (PFRDA) has decided to pitch for a favourable tax treatment on the same footing as those available for NRI investments in other government schemes. The aim is to ensure that NRIs are not discouraged from investing in National Pension System (NPS) due to tax reasons at the withdrawal stage. NRE accounts The PFRDA plans to soon approach the Central Board of Direct taxes (CBDT) to clear the air around taxability of NPS monies invested out of Non-Resident (external) (NRE)
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Pension regulator keen to make NPS popular among NRIs
July 27, 2015
Pension regulator PFRDA wants to push its National Pension System (NPS) product in a big way among the Non-Resident Indian (NRI) community, especially the blue-collared workers in the Gulf region. Enrolling into NPS could provide the much needed social security for the large number of expatriates in the Gulf, PFRDA Chairman Hemant Contractor said here on Wednesday. On the anvil is a focused communication strategy to popularise NPS among the NRIs. Pension Fund Regulatory and Development Authority (PFRDA) will engage “more seriously” with points of presence service-providers such as banks to extend NPS to NRIs, said RV Verma, Member, PFRDA. Contractor said that NRIs could now invest in NPS and that the Reserve Bank of India had also recently clarified
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