Income Tax Payers will Not be allowed in Atal Pension Yojana from October 1, 2022
i.As per the Ministry of Finance notification, those who pay income tax will not be allowed to enrol in the Government’s Social Security Scheme Atal Pension Yojana (APY) from October 1, 2022.
ii.This decision has been taken to ensure better targeting of pension benefits to underserved sections of the population.
iii.This notification will not apply to subscribers who have joined or join the scheme before October 1, 2022.
iv.In case a subscriber, who joined on or after October 1, 2022, is found to have been an income tax payer on or before the date of application, the APY account will be closed and the accumulated pension wealth till date would be given to the subscriber.
About Ministry of Finance:
Union Minister– Nirmala Sitharaman (Constituency – RajyaSabha, Karnataka)
Ministers of State– Pankaj Chaudhary (Constituency – Maharajganj, Uttar Pradesh); Dr. Bhagwat Kishanrao Karad (Constituency – Rajya sabha Maharashtra)
Wednesday, August 17, 2022