The central government has amended the Atal Pension Yojana investment rules, which will become applicable from 1st October 2022. In the changed Atal Pension Yojana rules, an income tax payer will not be eligible to open Atal Pension Yojana account from 1st October 2022. In case, an investor who is an income tax payer, joins APY scheme on or after 1st October 2022, his or her APY account will be liable to be closed. The Department of Financial Services under the Ministry of Finance has issued notification in this regard.
Read the official notification below:
MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 10th August, 2022
F. No. 16/1/2015-PR.—Atal Pension Yojana.— In partial modification of Ministry of Finance. Department of Financial Services Notification No. 16/1/2015-PR dated 16th October, 2015 on Atal Pension Yojana, published in the Gazette of India, Extraordinary, Part I, Section I, the following amendment are hereby made:-
I. In the said notification at the end of pare 2 the following shall be inserted, namely:-
'Provided that from October,2022, any citizen who is or has been an income-tax payer, shall not be eligible to join APY.
Explanation: For the purpose of this clause. the expression "income-tax payer" shall mean a person who is liable to pay income-tax in accordance with the Income Tax Act, 1961, as amended from time to time.".
II. In the said notification, at the end of pea 13, the following shall be inserted, namely:-
"In case a subscriber, who joined on or after 1st October, 2022, is subsequently found to have been an income-tax payer on or before the date of application, the APY account shall be dosed and the accumulated pension wealth till date would be given to the subscriber.".
PANKAI SHARMA, Jt. Secy.
Foot Note: The Original Notification was issued on 16th October, 2015 and was subsequently amended by Notification dated 19th January, 2016 and Notification dated 22nd March, 2016.
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