DUBAI 1 April 2019: If you are a foreign citizen, there is still one way to subscribe to the Government of India’s National Pension Scheme (NPS) – you have to be a Person of Indian Origin holding Overseas Citizen of India (OCI) card.
OCI holders have now been permitted to subscribe to the NPS.
Until now, only Indians and Indian passport holders – including expatriates or Non-Resident Indians (NRIs) – were allowed to subscribe to the NPS scheme.
“A proposal for inclusion of OCI cardholders has been under consideration from some time. It has now been decided that OCI card holders can also subscribe to NPS in parity with NRIs,” said a statement issued by the Consulate General of Inda in Dubai.
“Reserve Bank of India (RBI) will suitably amend/notify article 20(R) of Foreign Exchange Management Act (Fema) accordingly,” it added.
India established Pension Fund Regulatory and Development Authority (PFRDA) in 2003 to develop and regulate pension sector in the country.
The National Pension System (NPS) was launched on January 1st, 2004 with the objective of providing retirement income to all the citizens. With effect from May 1st, 2009, NPS facility has been extended to all citizens of the country.
Details about NPS are available on https://www.pfrda.org.in/.