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The PFRDA issued a circular recently, detailing new rules for such subscribers. Here’s a breakdown of what you need to know and do.
What’s changing?
If you’ve officially given up your Indian citizenship and don’t have an OCI card:
- You must inform the NPS Trust immediately.
- Your NPS account will be closed.
- The entire pension corpus will be transferred to your Non-Resident Ordinary (NRO) account only.
What you need to do?
You must:
Notify the NPS Trust right away about the change in citizenship.
Provide proof of renunciation.
Submit an application to close the account with:
A signed declaration stating you’ve renounced Indian citizenship and do not hold an OCI card.
One of the following documents:
- Certificate of Renunciation
- Surrender Certificate
- Cancelled Indian passport issued by a competent authority
Once verified, the Central Recordkeeping Agencies (CRAs) and NPS Trust will process the closure and transfer the funds to your NRO account, following Foreign Exchange Management Act (FEMA) guidelines.
Why this matters?
India does not allow dual citizenship. So, when you acquire another country’s nationality and renounce Indian citizenship, your NPS account—originally open to Indian citizens, NRIs, and OCIs—must be updated accordingly.
These new rules ensure:
- Compliance with Indian financial laws
- Transparency in managing NPS accounts of ex-citizens
- Protection of pension wealth under global financial regulations
