PA Exam Materials - Examination point of view - 35
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Atal Pension Yojna (APY):
• Regulated by the Pension Fund Regulatory & Development Authority (PFRDA).
• Eligibility: Indian citizen or existing Swavalamban Yojana subscriber, aged 18-40 years on the application date.
• Can be opened in any authorized CBS Post Office.
• Provides a monthly income (pension) after ceasing to earn.
Need for Pension:
• Decreased income earning potential with age.
• Rise of nuclear families and migration of earning members.
• Increase in the cost of living.
• Increased human longevity.
• Assured monthly income ensures a dignified life in old age.
Key Features of APY:
• Pension scheme focused on unorganized sector workers.
• Guaranteed minimum pension at age 60: ₹1,000, ₹2,000, ₹3,000, ₹4,000, or ₹5,000 per month (depending on contributions).
• Eligibility:
o Age between 18 - 40 years.
o Must have a savings bank account/post office savings bank account.
• Contributions are invested as per PFRDA guidelines.
• Savings bank/post office savings bank account is mandatory.
• Contributions can be monthly, quarterly, or half-yearly (via auto-debit).
• Only one APY account per subscriber is allowed (unique account).
• Option to decrease or increase pension amount once a year (during April).
• Additional charges for delayed payments based on monthly contribution amount (₹1 to ₹10).
• Fixed interest/penalty remains part of the subscriber's pension corpus.
• Exit before 60 years generally not permitted (exceptions for death or terminal disease as per NPS pre-mature exit rules).
• Upon subscriber's death, the accumulated corpus is returned to the spouse/nominee (no pension payable to them).
• Discontinuation of payments:
o After 6 months: Account frozen.
o After 12 months: Account deactivated.
o After 24 months: Account closed.
Philately:
• Art of systematically collecting and studying stamps and postal stationery.
• Stamps classified into four broad categories ("cultural ambassadors"):
1. Definitive stamps: For daily use, reprinted.
2. Commemorative/special issues: To commemorate events, personalities, themes, not reprinted when stock exhausted.
3. Thematic or topical stamps: On specific themes (birds, wildlife, etc.).
4. Provisional stamps: Temporary issues with surcharges/overprints due to changes (government, currency, postal rates).
Philatelic Bureau:
• Branch of Head or Sub Post Office for all philatelic items.
• Deals with receipt and sale of special/commemorative stamps, FDCs, special covers, new definitive stamps, new stationery, etc.
• Provides special cancellations on FDCs and special covers.
• Maintains records and information for stamp collectors.
• Maintains Philatelic Deposit Accounts.
Philatelic Counters:
• Counter for sale of philatelic items within selected Post Offices (each Head Post Office has one).
• Does not provide special cancellations (only standard "First Day of Issue").
• Offers registration for opening Philatelic Deposit Accounts (material supplied by parent bureau).
Philately Deposit Account Scheme:
• Easiest way to collect Indian Postage stamps.
• Can be opened at any Philatelic Bureau/Counter of Head and selected Sub Post Offices.
• Account holders receive commemorative/special stamps, FDCs, information sheets, and new postal stationery based on preferences.
• Can obtain philatelic items from other Bureaus/Post Offices through their account Bureau.
• Conditions of Service:
o Minimum initial deposit: ₹200 (cash, MO, cheque/draft encashable in India).
o Items sent by service registered post during the first week of every month (subject to balance).
• Collectors outside India can open an account with an initial deposit of ₹1000 at Philatelic Bureau, Mumbai GPO 400001 (contact for details).
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