Karnataka State Government – Partial withdrawal of NPS amount by the NPS employee

Tuesday, July 3 2018

Finance Department (Pension). Annexure to the G.O.
Partial Withdrawal request is required to be submitted by NPS Employee to Nodal Officer (Treasury officer) through his/her DDO. The DDO should satisfy himself/herself about the genuineness of the requirement for partial withdrawal by the NPS Employee and after recording his/her Satisfactory Certificate forward the withdrawal application to the Nodal Officer (Treasury Officer concerned). The Treasury Officer after verifying the withdrawal application has to forward the same to CRA for release of funds. On receipt of Partial Withdrawal request, CRA will process the withdrawal request in the CRA system. Following are the steps which will be followed by NPS Employee and Nodal Officer (Treasury officer) for submitting the ‘Partial Withdrawal’ request:
Role of the NPS Employee:
1. If the NPS Employee has completed 3 years under NPS, NPS Employee will fill up the ‘Partial Withdrawal’ Form – PW – 601 and submit the same to his/her mapped Nodal Officer (Treasury officer) for processing, through his / her DDO.
2. NPS Employee will provide the following details in the Form:
a. Percentage of Partial Withdrawal (maximum 25%)
b. Purpose of withdrawal- along with the proof duly. attested by the DDO.
c. Bank details along with the bank proof (cancelled cheque/copy of bank passbook/bank certificate). Before submitting the withdrawal form, NPS Employee shall ensure that the bank account details are correct.
3. NPS Employee will affix his/her signature/Thumb impression on the Form at the designated place and submit the same to his/her mapped Nodal Officer (Treasury officer) through his/her DDO.
4. Documents required to claim partial withdrawal for self development activities is as under:
a. Admission/sanctions letter from university in India/abroad with fee details.
b. For distance learning programs, copy/s of invoice’s which confirm the payment of required fee for desired-course.
c. For other skill development programmes, Copy of invoices confirming payment of fee for the desired course.
d. Study leave sanction letter/NOC provided by the organisation/department/ministry, if required in terms of the employee’s service conditions.
Role of the Nodal Officer (Treasury officer):
I. The concerned Nodal Officer (Treasury officer) will check the request submitted by the NPS Employee with respect to completeness;
II. The Nodal Officer (Treasury officer) must also verify the veracity of the claim with respect to purpose of the paftial withdrawal along with supporting documents;
III. The Nodal Officer (Treasury officer) must verify the. details of the bank account of NPS Employee;
IV. If request is complete in all respect, he/she will authorize the request and will send the same to CRA for processing;
V. Where the claim of partial withdrawal is submitted by the authorized representative of the NPS Employee (in case the NPS Employee is unable to submit such claim) Nodal Officer (Treasury officer) must satisfy themselves about the genuineness of such claim and ensure that the bank account provided is that of the NPS Employee.
VI. The Nodal Officer (Treasury offic&r) should processs the partial. claims within three working days, of receipt of the claim excepting in cases where the partial withdrawal claim has been requested because of medical reasons in which case the claim would have to I processed on the same day of receipt of the claim.
VII. The Nodal officer (Treasury officer) should capture the withdrawal request in CRA system by clicking sub menu “Initiate Conditional Withdrawal” under “transactions”.
VIII. The Nodal officer (Treasury Officer) is required to authorise the request in CRA system by using another user ID.
IX. Once the online partial withdrawal request is authorised by the Nodal officer (Treasury officer), the withdrawal request will be executed in CRA system. Nodal officer is required to submit the physical withdrawal documents to CRA for record purpose.
Role of CRA :
1. Once CRA receives the request, it will process the request submitted by the Nodal Officer (Treasury officer).
2. As per stipulated process, funds will be transferred to NPS Employee’s bank account through electronic mode in T+3 days. T – Being the date of receipt of the verified and approved claim in CRA System.
3. Physical withdrawal request will be stored by CRA. http://www.stategovernmentnews.in/karnataka-state-government-partial-withdrawal-of-nps-amount-by-the-nps-employee/ 2018-07-03T14:57:40+00:00 admin Karnataka Karnataka Government Employees news,Karnataka NPS Employee,Karnataka NPS Employees,Karnataka state government employees News,Karnataka state government news,Karnataka State Government NPS employee,NPS Karnataka : Partial withdrawal of NPS amount by the NPS employee PROCEEDINGS OF THE GOVERNMENT OF KARNATAKA Sub: Partial withdrawal of NPS amount by the NPS employee. Ref: 1. G.O.No:FD(Spl)04 PET 2005, Bangalore, Dated : 31.03.2006 2. G.O.No:FD(Spl) 28 PEN 2009, Bangalore, Dated : 29.03.2010. 3. G.O.No:FD(Spl) 01 PEN 2010, Bangalore, Dated:20.10.2010. 4. G.O.No:FD(Spl) 203 PEN.2012(P),... admin [email protected] Administrator State Government Employees News