C'garh CM Baghel writes to PM Modi, seeks refund of Rs 17,240 cr collected under new pension scheme

Chhattisgarh [India], June 3 (ANI): Chhattisgarh Chief Minister Bhupesh Baghel has written a letter to Prime Minister Narendra Modi urging him to return Rs 17,240 crore given to National Securities Depository Limited (NSDL) under the new pension scheme to the state government.
In his letter to the Prime Minister, the CM said that the state government has decided to reintroduce the old pension system (OPS) for the benefit of government officials and employees, and applications have been filed for its implementation.
According to data available from the state government, Rs 11,850 crore were remitted to the National Securities Depository Limited (NSDL) between November 1, 2004, and March 31, 2022. He said the market value of this amount right now is around Rs 17,240 crore.
The state government requested PFRDA on May 20 to repay this amount. However, authorities said in a letter dated May 26 that there is no rule that money paid in the form of both national contribution and employee contributions to the NPS, can be refunded along with accruals.
Further, Chief Minister Bhupesh Baghel has written that there is no such specific provision in the agreements made by the state government with NPS Trust and NSDL, which allows the state government to go out of the contract with respect to the new contributory pension scheme and the old pension scheme. In the federal structure, it is the decision of the state government.
"The agreement between the state government and the NPS Trust and the National Securities Depository (NSDL) has no such provision that would prevent the state government from opting out of the new pension system and implementing the old pension system," Baghel said in his letter.
The Prime Minister said that state government officials and employees play an important role in implementing the government's welfare system and that OPS will be implemented for their welfare, requesting the Prime Minister to instruct the amount to be refunded. (ANI)