Subject : Clarification on modalities of transfer of the NPS contribution to casual labourer with temporary status to their GPF accounts.
(i) Adjustment of Employees contribution in Accounts :– Amount may he credited to individual’s GPF Account and the account may be recasted permitting up-to-date interest (Authority-FR-16 & Rule 11 of GPF Rules)
(ii) Adjustment of Government contribution under NPS in Accounts :- To be accounted for as (-) Dr. to object heads 70-Deduct Recoveries under major Head 2071- Pension and other Retirement benefit-Minor Head 911- Deduct Recoveries of overpayment (GAR 35 and Para 3.10 of List of Major and Minor Heads of Accounts’)
(iii) Adjustment of increased value of subscription on account of appredation of investment – may be accounted for by crediting the amount to Govt. account under M.H.0071 – Contribution towards Pensions and other Retirement Benefits 800- Other Receipts (Note under the above Head in LMMH4).
12. Furthermore, as per D/o Expenditure / CGA, if the benefits under old pension scheme are to be allowed to a retired employee, who had contributed towards NPS at any stage. the entire NPS accumulations i.e. employee’s contribution + Government’s matching contribution + appreciation thereon should be remitted into the accredited bank of the PAO concerned and the accounting procedure will be same in this case as prescribed at par 10 above.