Circular PFRDA/CIR/2023/4229 of the Pension Fund Regulatory and Development Authority dated 19th August, 2023 on the disbursement of pensions [C1F-JC4]

PFRDA/CIR/2023/4229

Pension Fund Regulatory and Development Authority

New Delhi, dated the 19th August, 2023

CIRCULAR

To

All Assistant Provident Fund Commissioners,

Subject: The disbursement of pensions by pension disbursing banks under the Pension Fund Regulatory and Development Authority Act, 2013, regarding.

In exercise of the powers conferred by section 9 of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013), the Pension Fund Regulatory and Development Authority hereby issues the following

1. References have been received seeking clarification on the manner in which section 9 applies to the disbursement of pensions by pension disbursing banks.

2. The matter has been examined. Every pension disbursing bank carrying on the disbursement of pensions shall make an application in Form 5 to the Central Board within twenty-one days, accompanied by a fee of two hundred rupees.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the disbursement of pensions is undertaken, and the Central Board shall dispose of it within twenty-one days of its receipt.

4. Difficulties, if any, in the implementation of this circular may be brought to the notice of the Pension Fund Regulatory and Development Authority.

(Chief General Manager)