What is National Pension System Nps

· What is NPS? Consider your pension account in NPS i.e. PRAN-Permanent Retirement Account Number, as a sapling, which is planted when you, as a Government employee join NPS. It is watered (with your half of NPS contribution i.e. 10% of Basic Pay + DA), manured (with Government’s matching half of contribution) and exposed to sunlight (invested in pension funds for growth); over a period, it grows into a giant flourishing tree (your NPS corpus). At your retirement, this tree along with the fruit it bears, is yours to benefit from. · Where is your money invested? As per conscious decision of the Government of India towards mitigating the risk, bulk of the funds of the Government subscribers are invested in Government securities & Debt instruments (comparatively safe investments) and the exposure to Equity is also made to maximize returns. This is done with a view to balance your returns with the risk. The CAGR of the SG Scheme as on March 31 st 2014 is 8.6% (since inception) and this return is calculated based on scheme NAVs and the securities held under the scheme portfolio valued on marked-to market (MTM) basis. · Who manages your investments? Your contributions are allocated to three Public Sector Pension Funds, viz. SBI Pension Funds Private Limited, UTI Retirement Solutions Limited and LIC Pension Fund Limited. The functioning of these PFs are overseen both by the PFRDA and by the NPS Trust. · What are your points of interaction with the System? You, as subscriber, can interact with the System at/through two levels- at the Government Nodal office level and through the CRA- Central Recordkeeping Agency- the intermediary entrusted with the record keeping of the data of individual subscribers. By Nodal office we mean the office with which your PRAN is linked and who, on your behalf interacts with the System. · What are your rights as a subscriber? It is your right and consequently your Nodal office’s responsibility that your NPS contributions are remitted to the system for investment - in full and in a timely manner.

finmin.nic.in Ministry of Finance Tax Administration Reform Commission

The Commission (TARC), constituted to recommend reform exclusively in tax administration, 
was specifically mandated “to review the application of tax policies and tax laws in the context 
of global best practices and to recommend measures for reforms required in tax administration
to enhance its effectiveness and efficiency.” The mandate reflected a deep concern of 
policymakers regarding the need for fundamental tax administration reform. Accordingly, the 
TARC tasked itself to address the thus-far missing elements of best practices in tax 
administration in a comprehensive manner. Such reform should aim at a vision that focuses on 
taxpayers and their relationship with the tax administration. This vision has to recognize the 
growing links between direct taxes and indirect taxes as occurring in most modernizing tax 
administrations in cross-country experience, and show the way to building an administrative 
structure that will bring accountability in the processes as well as greater outcome orientation. 
This would require the structure to be overhauled for purposive delivery and be so oriented that 
officers and staff are empowered while being given key performance indicators to reflect 
accountability and responsibility at both the individual and organizational levels. Only such a 
fundamental reform could ensure that the objective of bringing palpable benefits to taxpayers 
in terms of a transparent relationship and enhanced communication, ease of compliance, and 

quicker dispute resolution, is achieved