For the convenience of NPS customers, PFRDA has approved POP or Point of Purchase to process the withdrawal or exit request through soft copy as per PFRDA/2021/17/SUP circular. -ASP/4 dated 31st May, 2021. Also, they are required to ensure that all regulatory requirements regarding withdrawals are followed. As an additional due diligence measure, before authorizing the NPS exit request, the beneficiary’s bank account will be duly verified.
Also, after due verification, all such records will need to be mandatorily sent to CRA or Central Record Keeping Agency through soft copy. The regulator said, “POPs are now permitted to process exit/withdrawal applications on soft copy basis, after ensuring that the processing rules mentioned in Chapter III 15(2C) of the POP Regulations are complied with. “
The COVID induced hardships continue unabated and to mitigate the difficulties faced by the Subscribers in submitting the physical applications for exit/withdrawal and the logistics faced by the POPs to process those applications and send them to the CRA To mitigate the challenges, it has been decided to relax the process. To handle withdrawal applications by POPs in the interest of subscribers, the regulator said.
pay attention: Importantly, if any dispute arises in future, the POP will be held solely responsible.
Exit window for NPS customers through POP available till June 30, 2021
The relaxation is allowed till June 30, 2021, by which time the ‘Online Paperless Exit Process’ based on OTP/eSign is expected to be initiated by the CRA for the benefit of the customers. From 1st July 2021, the PoPs are expected to be made ready to process the exit requests of the Subscriber by authorizing the exit documents uploaded in the CRA system by the Subscriber and for which guidelines have already been issued.
It has been observed that in most of the cases the records regarding withdrawal applications have not been sent by the POPs to the CRA. Therefore, it is requested that the soft or hard copy as the case may be, should be shared by the POP with the concerned CRA without fail by 30th June, 2021.
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