Centre reiterates not to transfer NPS money to states

Old Pension Scheme: The central government once again gave a shock to states wanting to reintroduce the old pension scheme, Government clarified again that funds deposited in the National pension Scheme can not be transferred to states as per laws.

Union Finance Minister Nirmala Sitharaman and finance secretary Vivek Joshi said that if any state expects to take back funds deposited in NPS accounts then it is not possible.

Congress ruled states like Rajasthan, Chhattisgarh and Himachal Pradesh had written to the centre to get employee’s money deposited in the National Pension Scheme.

Citing the recent crash in Adani Group’s shares, the Rajasthan chief minister said that employees of the state government can not be left at mercy of the stock market where NPS funds are invested.

He urged the union government to return funds to the state government. The state would move to the supreme court if the centre didn’t transfer funds deposited in NPS accounts.

The Union finance Minister said,”If one state expects that funds deposited in the National Pension Scheme should be given to states then the answer for this expectation is no. Employees are entitled to the money. As per laws, it is impossible to give money to states.”

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