Enablement of Immediate Payment System (IMPS) mode of contribution by Subscribers under D Remit – PFRDA Circular dated 10.03.2021
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
B- 4/A, Chhatrapati Shivaji Bhawan, Qutub Institutional Area,
Katwaria Sarai, New Delhi-110016
CIR no. PFRDA/2021/6/SUP-CRA/5
March 10, 2021
All Stakeholders under NPS
Subject: Enablement of IMPS mode of contribution under D Remit
In continuation of our circular no. PFRDA/ 2020/ 44/SUP-CRA/17 dt 01.10.2020 vide which the features of D Remit were provided, PFRDA is pleased to announce the enablement of contribution by Subscribers into D Remit by using Immediate Payment System (IMPS), the instant fund transfer facility provided by National Payment Corporation of India (NPCI).
2. At present, the Subscribers could deposit their voluntary contributions under D Remit from the net banking account directly, by using only NEFT or RIGS. Now, the contributions through IMPS are also accepted w.e.f. 01st March 2021, for the benefit of subscribers.
3. The minimum value of contribution under D Remit should be equal to or above Rs 500/. Those contributions received through NEFT/ RTGS which are below Rs 500/- are returned by Trustee Bank on the same day of receipt of funds as per prevailing guidelines. Those transactions which are equal to or above Rs 500/- but which need to be returned due to specified reasons are effected on the same day by Trustee Bank post receipt of return confirmation from the respective Central Record Keeping Agency (CRA) , as the case may be.
4. In case of the IMPS, the returns shall be effected on T + 1through ‘credit adjustment process’ as per the guidelines of NPCI, T being the date of receipt of funds by Trustee Bank for contributions that are below Rs 500/-. In case, the value of contribution returned is equal to or above Rs 500/-, T would be the date of receipt of return confirmation from the respective CRA. Further, the credit of such returned funds received through IMPS into the source account of the Subscriber is subject to the acceptance of funds by the destination bank under IMPS activity.
5. Under D Remit, the contributions received by the Trustee Bank before 09:30 am on a working day, (post contribution made by the Subscribers), shall be considered for investment on the same day while contributions received by Trustee Bank after 09:30 am shall be considered for investment on the next working day, as per the existing guidelines.
The circular is issued under Section 14 of PFRDA Act 2013 and is made available in PFRDA website (www.pfrda.org.in) under regulatory framework in the Circular section.
(K. Mohan Gandhi)
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