New Delhi: The central government has brought some changes in the Atal Pension Yojana, which was launched in 2015 with the aim of providing pension facilities to those working in the unorganized sector. And as a result, the finance ministry has no longer decided. To allow income tax payers to apply for the APY scheme. The new order issued by FinMin will be effective from October 1, 2022.
According to the gazette notification issued by the Ministry of Finance on August 10, any citizen who is or has been an income tax payer under the Income Tax Act will not be eligible to join the Atal Pension Yojana from October 1, 2022. (Also read: Big blow to borrowers! Bank of Baroda hikes loan rates, know details)
As per the new provision, if a person has joined the scheme on or after October 1 and is found to be an income tax payer on or before the date of coming into force of the new rule, his/her account will be closed immediately and deposits till that time The pension amount paid will be refunded immediately. (Also Read: Beware! Petrol Pump Dealership Offers Are Coming On Message, Calls May Be Fraudulent, Check Details)
“If a subscriber, who has joined on or after 1st October 2022, is later found to be an income tax payer on or before the date of application, the APY account will be closed and the accumulated pension amount till now will be given to the subscriber. to,” the ministry said in a notification. The central government is expected to review these from time to time.
Atal Pension Yojana Admission Rules
As per the current Atal Pension Yojana rules, any Indian citizen in the age group of 18-40 years and having a savings account in any bank or post office can apply for this scheme.
However, with the implementation of the new rule, income tax payers will not be able to participate and invest in this scheme from October 1, 2022.