Thursday, 12 September 2019

NPS Booking of expenditure towards Interest on delayed / non- deposit of National Pension System Contributions

NPS

Booking of expenditure towards Interest on delayed / non- deposit of National Pension System (NPS) Contributions
GOVERNMENT OF INDIA
MINISTRY OF RAILWAYS
(RAILWAY BOARD)
RBA No. 78 /2019
No. 2019//\C-l l / 21/6
New Delhi, dated 05.09.2019
  1. General Managers/ FA & CAOs etc (As per standard List 1)
  2. All attached offices/ Subordinates offices (As per standard List II)
Sub: Booking of expenditure towards Interest on delayed/non- deposit of National Pension System (NPS) Contributions.

Advanced Correction Slip No. 144 modifying/ introducing the existing/new detailed head under Sub Major Head 11 (erstwhile D.No. 13/Abstract 0) for booking of Revenue expenditure towards Interest on delayed /non-deposit of NPS Contributions and introduction of new Primary Unit for booking Interest on delayed/non-deposit of NPS contribution in both Revenue and Capital Expenditure i n Indian Railway finance Code Vol. I I (Second Reprint 2008) is enclosed for necessary
Contents of the correction slip may please be circulated suitably. Kindly acknowledge receipt.
DA: As above.
(Sanjeev Sharma)
Director Finance/ Accounts
Railway Board
Advance Correction Slip No. 144
Indian Railway Finance Code Vol. II (Reprint Edition 2008)

I. Please modify /introduce the detailed head under Sub Major Head 11 (erstwhile Demand No. 13/Abstract O) as under:

Minor Head
100 Govt. Contribution for Defined Contribution Pension Scheme

Sub Head
110 Govt Contribution for Defined Contribution Pension Scheme and Interest

Detailed Head
111 Government Contribution for Defined Contribution Pension Scheme.112 Interest on delayed/non-deposit of NPS Contribution

II. Please introduce the following new Primary Unit for booking interest on delayed/ Non-deposit of N PS contributions under Revenue classification.

54 Interest on delayed/non-deposit of NPS contribution
III. Please introduce the following new Primary Unit for booking interest on delayed/ Non-deposit of NPS contributions under Capital classification.

54 Interest on delayed/non-deposit of NPS contribution

Note:

i. Expenditure on interest on delayed/non-deposit of NPS contributions in case of Capital portion (Construction and Production Units) establishment shall be booked to Primary Unit 54 - Interest on delayed/ non-deposit of NPS contributions under expenditure head to which Government Contribution to Defined Pension Scheme is being charged .

ii. Expenditure on interest on delayed/non-deposit of NPS contributions under Major Head 3001 (erstwhile Demand No. 1& 2) will be booked under Primary Unit 54 - Interest on delayed/ non-deposit of NPS contributions.

(Authority : Board's Letter No. 2019/ AC-11/ 21/6 dated 05.09.2019)
railway-board-order-2019-nps



Source: Railway Board

NPS National Pension Scheme for Traders and Self Employed Persons

NPS

Ministry of Labour & Employment
Prime Minister launches National Pension Scheme for Traders and Self Employed Persons
12 SEP 2019

The Prime Minister of India, Shri Narendra Modi launched at Ranchi today, the National Pension Scheme for Traders and Self Employed Persons, a pension scheme for the Vyaparis (shopkeepers /retail traders and self-employed persons) with annual turnover not exceeding Rs 1.5 crore. The Governor of Jharkhand Smt. Draupadi Murmu, Chief Minister of Jharkhand Shri Raghubar Das, Minister of Tribal Affairs Shri Arjun Munda, Minister of State for Labour & Employment (I/C) Shri Santosh Kumar Gangwar and other dignitaries were also present on the occasion. With this nation-wide launch, the facility for enrollment under the scheme has been made available to the prospective beneficiaries through 3.50 lakh Common Service Center (CSCs) across the country. In addition people can also self-enroll by visiting the portal maandhan.in/vyapari. The eligible Vyaparis can visit their nearest CSCs and get enrolled under the scheme. At the time of enrollment, the beneficiary is required to have an Aadhaar card and a saving bank/ Jan-dhan Account passbook only. He/ She should be within 18 to 40 years of age group. GSTIN is required only for those with turnover above Rs. 40 lakhs. The enrolment under the scheme is free of cost for the beneficiaries. The enrolment is based upon self- certification.

Government has approved National Pension Scheme for Traders and Self Employed Persons in acknowledgement of notable contribution of Vyaparis (shopkeepers/ retail traders and self-employed persons). It is a voluntary and contributory pension scheme for entry age of 18 to 40 years with a provision for minimum assured pension of Rs 3,000/- monthly on attaining the age of 60 years. The beneficiary should not be income tax payer and also not a member of EPFO/ ESIC/ NPS (Govt.)/ PM-SYM. The Central Government shall give 50 % share of the monthly contribution and remaining 50% contribution shall be made by the beneficiary. The monthly contribution is kept low to make it affordable. For example, a beneficiary is required to contribute as little as Rs.100/- per month at a median entry age of 29 years.

This pension scheme is one of the top priorities of Prime Minister Narendra Modi’s Government in its second term. According to the Ministry’s 100-day plan, this scheme will target enrolling 25 lakh subscribers in 2019-20 and 2 crore subscribers by 2023-2024. An estimated 3 crore Vyaparis in the country are expected to be benefited under the pension scheme.

PIB

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