Arunachal Pradesh has
entered into an agreement with National Securities Depository Ltd (NSDL),
authorising it to work as a Central Record Keeping Agency (CRA) for adoption of
the National Pension System (NPS).
NPS is an initiative
of the Centre and Arunachal Pradesh is the 26th State to adopt it.
With this, more than
6,160 employees who have joined the services of the State Government on or
after January 1, 2008, would be able to avail of the NPS benefits.
As far as IAS
officials are concerned, the scheme would be effective from January 1, 2004. As
on date Rs 11,04,34,388 has been deposited in the State Government exchequer.
More than 44 lakh
subscribers across the Central Government, State Government, central and State
autonomous bodies, a few corporates and other citizens are associated with NPS.
The scheme, which has
been running for the last few years, has funds of more than Rs 22,000 crore.
Tilak said the NPS is
a system wherein eligible Government subscribers contribute a fixed portion of
their salaries and an equivalent contribution is made by the respective State
Governments every month.
“These amounts are
transferred to empanelled Pension Fund Managers (PFMs) for subsequent
contribution in instruments such as Government securities, corporate and
equities.
“Collection of funds
from the eligible entities and further transfer thereof is co-ordinated by a
Trustee Bank, namely Bank of India.
NSDL has been
entrusted with the task of maintaining subscriber-wise records of the
investments made on their behalf. The entire NPS activity is regulated by the
Pension Fund Regulatory Development Authority which has been created especially
for this purpose by the Centre.
Negi asked the NSDL
team to organise a workshop at least once a year to create awareness.
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