Retirement : PFRDA Issues Draft Norms for NPS Retirement Advisers
The Pension Fund Regulatory and Development Authority (PFRDA) is framing rules for ‘retirement advisers’ who are expected to play a major role in propagating the New Pension System (NPS). The regulations provide a framework for their eligibility, registration process, fees and define the scope of their work and responsibility, PFRDA said in a press note.
 
As per the draft, an individual, firm or a corporate body, acting as a retirement adviser on NPS, will have to obtain a certificate of registration from PFRDA. The individual, proprietors, partners and representatives of a retirement adviser should be at least graduates. Advisers, which are a body corporate or partnership firm, would have to provide a security deposit or performance guarantee of Rs1 lakh to PFRDA; in case of individuals, the amount proposed is Rs10,000.
 
Educating and making people aware of the benefits of the retirement planning and creating awareness about pension schemes is critical for increasing participation in the voluntary segment of NPS.
 

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Retirement : eNPS-Online Subscriber Registration Developed

An online platform has been developed for registration of subscribers and receipt of contribution under NPS, called eNPS, through the NPS Trust at www.npstrust.org.in. Through this platform, subscribers can register for NPS and contribute to their permanent retirement account. Subscribers who already have an NPS account can make contributions through eNPS directly. While registering, a subscriber needs to provide his/her name and PAN (permanent account number) details which will be validated online with the income-tax department. The subscriber has to then select the bank, fill up personal details and upload a photograph and signature. After filling up the details, the subscriber can contribute through netbanking.

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Banking : Negotiable Instruments (Amendment) Act, 2015, Notified

The government has notified the Negotiable Instruments (Amendment) Bill, 2015 to clarify the jurisdictional issue for filing of cheque dishonour cases that was approved by parliament in its recent winter session. “The provisions of the Negotiable Instruments (Amendment) Act, 2015 shall be deemed to have come into force on the 15th day of June, 2015, the day on which the Negotiable Instruments (Amendment) Ordinance, 2015 was promulgated to further amend the Negotiable Instruments Act, 1881,” a finance ministry release said. The amendments to the Negotiable Instruments Act, 1881, clarify jurisdiction-related issues for filing cases for offence committed under Section 138 of the Act. The amendment provides that the jurisdiction for filing a case of cheque dishonour will be a court in whose jurisdiction the bank branch of the payee is located. 

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