excerpt from seventh schedule of Direct Tax Code bill Persons, entity or funds NOT liable to income-tax 32. Any fund set up, on or after, the 1st day of August, 1996, by an insurer under a pension scheme,— (a) to which contribution is made by any person for the purpose of receiving pension from such fund; and (b) which is approved by the Controller of Insurance or the Insurance Regulatory and Development Authority.

Can anyone elaborate on this, does the pension (actually annuity by another name) can be purchased by an NRI and would it be exempt? if so, how should one go about it?

asked Jul 06 '11 at 03:41 by guruvar 1111

New/National pension scheme is open to all Indian citizens (including NRIs who hold Indian passport). The contribution should be done in Indian rupee.

If you hold an Indian bank account, you can also get a NPS account opened with bank and start contributing.

answered Jul 06 '11 at 16:05 by pankaj 5.2k320


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Asked: Jul 06 '11 at 03:41

Seen: 1,542 times

Last updated: Jul 06 '11 at 16:06