New Pension Scheme – Accounting treatment of Subscriptions alongwith accrued Interest
OFFICE OF THE PRINCIPAL CONTROLLER OF ACCOUNTS (FYS)
10-A, S.K. BOSE ROAD, KOLKATA: 700001
No. A/II/246/Sectional/2020-21/Vol -1
Date – 23.11.2020
To
The Officer- in – Charge
All Br. Accounts Office
Subject: Accounting treatment of Subscriptions alongwith accrued Interest (NPS).
Reference: HQrs office letter No. A/I/Review/NPS/C-121 dated 26.10.2020
A clarification issued under HQrs Circular No. A/I/Review/NPS/C-121 dated 26.10.2020 on accounting treatment of the interest portion on the amounts of Employee’s Contribution and Government Contribution in respect of the subscribers governed under New Pension Scheme which has not been transferred or transferred late to NSDL due to any reason is enclosed herewith for guidance and compliance please.
Sr. Accounts Officer (Fys)
Office of the Controller General Of Defence Accounts
Ulan Batar Road, Palam, Delhi Cantt.-110010
No.A/I/Review/NPS/C-121
Dated:- 26.10.2020
Circular
To.
The PCA (Fys) Kolkata
Sub: Accounting treatment of Subscriptions along with accrued Interest.
References are being received from various Controller’s offices regarding clarification on accounting treatment of the interest portion on the amounts of Employee’s Contribution and Government Contribution in respect of the subscribers governed under New Pension Scheme which has not been transferred or transferred late to NSDL due to any reason.
In respect of the above, Department of Expenditure, Ministry of Finance OM No. 1(21)/EV/2018 dated 12.04.2019 may be referred to wherein it has been stated that in all such cases as mentioned above, interest may be credited to the NPS Account of the concerned Government Employee.
As such, it enjoined upon all that the Interest portion on amounts of Employee’s contribution and Government Contribution in respect of the subscribers governed under New Pension Scheme which has not been transferred or transferred late to NSDL, may be booked under relevant code heads under Major Head 2049- Interest Payments, Sub Major Head -93, Minor Head -117 Interest on Defence Contribution Pension Scheme.
This issues with the approval of Sr. Jt. CGDA (A&B).
Dy. CGDA (A&B)
COMMENTS