Lok Sabha Question No. 869 (UNSTARRED), answered on 2018-12-14
Subject: Atal Pension Yojana
Ministry: FINANCE
Asked by: BANSHILAL MAHTO, A.T. (NANA) PATIL, LAKHAN LAL SAHU

## GOVERNMENT OF INDIA

## MINISTRY OF FINANCE DEPARTMENT OF FINANCIAL SERVICES

## LOK SABHA

## UN STARRED QUESTION NO. 869 TO BE ANSWERED ON DECEMBER 14,2018/AGRAHAYANA 1940 (SAKA) ATAL PENSION YOJANA 23,

869\_ Dr. Banshilal Mahato, Shri A.T. Nana Patil, and Shri Lakhan Lal Sahu

## Will the Minister of FINANCE be pleased to state

- (a) whether the salient features of Atal Pension Yojana (APY);
- (b) whether APY is more lucrative  for  beneficiarieslinvestors than   other  Government and private pension schemes;
- (c) if so, the details thereof with the number of beneficiaries registered under APY in the country especially in Maharashtra, State/District-wise; along
- (d) whether the progress of the scheme is quite slow and if so, the reasons therefor along with the measures taken by the Government for the expansion of the said scheme:
- (e) the Steps taken by the Government to increase the number of registrations by opening accounts of more beneficiaries under the said scheme in all banks and post offices of the country; and
- whether the tax benefits of APY are equivalent to that of the existing National Pension Scheme (NPS) if so, the details thereof and if not; the reasons therefor?

## ANSWER

The Minister of State in the Ministry of Finance (Shri Shiv Pratap Shukla)

- (a) and (b) The Atal Pension Yojana (APY) was launched in 2015. The salient features of the Atal Pension Yojana are aS under: May,
- Indian Citizens between the age group of 18 to 40 years are eligible to join APY through their savings bank account or post office savings bank account
- (ii) 3000 per month or Rs. 4000 per month or Rs. 5000 per month; after the age of 60 years until his/her death .
- (iii) After the subscriber' $ demise, the spouse of the subscriber shall be entitled to receive the same pension amcunt as that of the subscriber until the death of such spouse.
- named shall be entitled to receive the accumulated pension wealth; as accumulated till attaining the age of 60 years by the subscriber.
- If the actual returns during the accumulation phase are higher than the assumed returns for minimum guaranteed pension, such excess will be passed on to the subscriber.

(c) As on 10" December; 2018, 133,53,464 subscribers have been enrolled under APY. out of" hich 10.36,350 subscribers have been   registered in the state of Maharashtra. The State-wise enrolment under APY. as on 10" December: 2018, is provided at Annexure A, The District-wise list of enrolment in the State of Maharashtra a5 on December; 2018, under APY is enclosed at Annexure B.

- (d) Within 3 years of its launch, APY has been successful in enrolling more   than crore subscribers under the Scheme:
- (e) The steps taken by the Government to increase the number of registrations under APY inter-alia include:
- Changing the mode of payment of contribution by subscriber from only monthly to monthly, quarterly, and half yearly, keeping in consideration the seasonal income earners
- Periodic advertisements in print and electronic media in English; Hindi and regional are made. languages; being
- Official mobile app to access APY accounts, as well as Value Added Facilities like E-PRAN and E-SOT to access PRAN and Statement oftransactions under the APY account online
- The Pension Fund Regulatory and Development Authority (PFRDA) officials conduct across the country.
- PFRDA is also conducting various promotional campaigns among the service providers (Banks and Post Offices) like Log-in Elderly Day-Campaigns etc to popularize and create awareness about the scheme Days,
- Grievance Module for APY Subscribers
- Participating in town hall meetings, SLBC meetings:
- Capacity building of bank branch officials through various training programs:
- f) APY provides the same tax  benefits as   available to   pension schemes such as The tax benefits available under APY include:
- Tax deduction for periodic contributions under Section 8OCCD(I) for an amount Up to Rs 1.5 lakh and under Section 80 CCD (IB) of the Income Tax 1961, for an additional amount of" Rs. 50,000/Act;
- Tax exemption On the entire amount received by nominee after death of the subscriber and spouse of the subscriber; under Section 80 CCD (?} of the Income Tax Act; 1961.

The State/UT-wise enrolment under APY as on December [0,2018

| Sr. No   | Name of the State         | Count of PRANs   |
|----------|---------------------------|------------------|
|          | Andaman & Nicobar Islands | 4,415            |
| 2        | Andhra Pradesh            | 8.67,641         |
|          | Arunachal Pradesh         | 9,197            |
|          | Assam                     | 2,48,363         |
|          | Bihar                     | 13,11,586        |
|          | Chandigarh                | 19,524           |
|          | Chhattisgarh_             | 2,15,537         |
|          | Dadra and Haveli Nagar    | 15,323           |
| 9        | Daman & Diu               | 27,254           |
| 10       | Delhi                     |                  |
| 11       | Goa                       | 2,33,884         |
| 12       | Gujarat                   | 44,104 6,36,088  |
| 13       | Haryana                   |                  |
| 14       | Himachal Pradesh          | 2,79,104 89.726  |
| 15       | Jammu & Kashmir           |                  |
| 16       | Jharkhand                 | 2,87,345         |
| 17       | Karnataka                 | 9,37,079         |
| 18       | Kerala                    | 2,99.485         |
|          | Lakhswadeep_              | 4,486            |
| 20       | Madhya Pradesh            |                  |
|          | Maharashtra               | 6,65,908         |
| 22       | Manipur                   | 10.36,350        |
| 23       | Meghalaya                 | 15,902           |
| 24       | Mizoram                   | 091 23,0         |
| 25       | Nagaland                  | 17,225           |
| 26       | Orissa                    | 48,793           |
| 27       |                           | 4,39,124         |
| 28       | Pondicherry_              | 29,512           |
|          | Punjab                    | 4,11,056         |
| 29       | Rajasthan                 | 6,25,240         |
| 30       | Sikkim                    | 49,165           |
| 3 [      | Tamil Nadu                | 14,24,930        |
| 32       | Telangana                 | 3,72,291         |
| 33       | Tripura                   | 37.639           |
| 34       | Uttar Pradesh             | 19,52,082        |
| 35       | Uttaranchal               | 1,13,863         |
| 36       | West Bengal               | 8,11,131         |
|          | Total                     | 133,53,464       |

AWNEXURE B The District-wise enrolment under APY in the State of Maharashtra a5 on December |, 2018

| S.No.   | Name of District   | No._of Subscribers   |
|---------|--------------------|----------------------|
|         | Ahmed Nagar        | 28,700               |
| 2       | Akola              | 14,537               |
| 3       | Amravati           | 18,704               |
|         | Aurangabad         | 24,852               |
|         | Beed               | 12,698               |
|         |                    | 12,747               |
|         |                    | 15,745               |
|         | Chandrapur         | 18,819               |
| 9       | Dhule              | 9,365                |
| 10      | Gadchiroli         | 5,714                |
|         | Gondia             | 12.476               |
| 12      | Hingoli            | 6,741                |
| 13      | Jalgaon            | 23.235               |
| 14      | Jalna              | 17.508               |
| 15      | Kolhapur           | 33,569               |
| 16      | Latur              | 9,646                |
| 17      | Mumbai             | 1,49.02 1            |
| 18      | Nagpur             | 42,91[               |
| 19      | Nanded             | 22,485               |
| 20 2 1  | Nandurbar          | 4,003                |
|         | Nashik             | 46,219               |
| 22      | Osmanabad          | 10,874               |
| 23      | Parbhani           | 12,523               |
| 24      | Pune               | 1,09,103             |
| 25      | Raigarh(MH)        | 32,310               |
| 26      | Ratnagiri          | 19.690               |
| 27      | Sangli             | 24,103               |
| 28      | Satara             | 23,770               |
| 29      | Sindhudurg         | 11,179               |
| 30      | Solapur            | 29,169               |
|         | Thane              | 1,38,266             |
| 32      | Wardha             | 13,994               |
| 33      | Washim             | 6,661                |
| 34      | Yavatmal           | 16,298               |
| Total   | Total              | 9,77,635             |

## MINISTRY OF FINANCE

## (Department of Revenue) (CENTRAL BOARD OF DRRECT TAXES) NOTIFICATION

New Delhi, the I9th February, 2016

## Income-tax

- S 0.529(E)  \_ In exercise of the powers conferred by sub-section (I) of section 8OCCD of the Income-tax Act; 1961 (43 of 1961). the Central Government notifies the Atal Pension vide number F. No. 16/1/2015-PR dated the 16"h October; 2015 as pension scheme for the purposes of the said section. hereby
- 2 This notification shall come   into force from the Official Gazette.

[Notification No. 7 /2016,FNo.

.173/394/2015-ITA-L] DEEPSHIKHA SHARMA, Director