India is a state where every kind of trade is done, under this, foreign citizens of Indian origin can also get NPS. Government of India has made a statement on Wednesday that foreign nationals will be eligible for the National Pension System (NPS) like the Pravasi Bharatiya. The Finance Ministry said in a release that the Pension Fund Regulatory and Development Authority (PFRDA) has approved foreign nationals of Indian origin (OCI) like NRIs from NPS.

The same can be adopted by OCI NPS under the notification issued on 29 October 2019 by the Department of Economic Affairs on Foreign Exchange Management (Non-Bond Product) Rules, 2019. PFRDA is responsible for the operation and maintenance of NPS. Sources say that foreign nationals of Indian origin who want to take NPS will be eligible for investment under the provisions of PFRDA Act.

They can take the retirement amount / deposit amount to their country, it will be on FEMA (Foreign Exchange Management Law) guidelines. According to some important information found, investment up to Rs 50,000 is also exempt under Section 80 CCD (1B) of the Income Tax Act on investments made in NPS. This is in addition to 80 CCD (1).

PFRDA runs two pension schemes - NPS and Atal Pension Yojana. As on 26 October 2019, the total number of shareholders under NPS and Atal Pension Yojana has crossed 3.18 crore. The assets under the manager under these schemes were Rs 3,79,758 crore.

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