This notification, issued by the Ministry of Finance, Department of Financial Services on March 22, 2016, announces an amendment to the Atal Pension Yojana (APY). It modifies the original notification (F. No. 1612015PR) dated October 16, 2015, which outlined the APY scheme. The key amendment introduces an option for the spouse of an APY subscriber. If the subscriber dies before the age of 60, the spouse can now choose to continue contributing to the subscriber's APY account, maintained in the spouse's name, until the original subscriber would have reached 60 years of age. Upon the spouse's death, the spouse will be entitled to receive the same pension amount as that of the subscriber. This revision is inserted as para 3iii in the original notification, with the existing para 3iii renumbered as 3iv. The original notification was previously amended on January 19, 2016. The notification is issued by Dr. Shashank Saksena, Economic Advisor.
Key Entities Referenced
Ministry of Finance: The ministry responsible for the notification regarding the Atal Pension Yojana.
Department of Financial Services: A department within the Ministry of Finance involved in the Atal Pension Yojana notification.
Atal Pension Yojana: A pension scheme that is the subject of the notification and its amendments.
New Delhi: Location where the notification was issued.
16th October 2015: Date of the original notification on Atal Pension Yojana.
19th January 2016: Date of a previous amendment to the Atal Pension Yojana notification.
Dr. SHASHANK SAKSENA: Economic Advisor who signed the notification.
Mayapuri, New Delhi: Location of the Government of India Press.
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1424 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1]
MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 22nd March, 2016
F. No. 16/1/2015-PR – Atal Pension Yojana.—In partial modification of Ministry of Finance,
Department of Financial Services Notification number 16/1/2015-PR dated 16th October 2015 on Atal
Pension Yojana, published in the Gazette of India, Extraordinary, Part I, Section 1, the following
amendment is hereby made :-
In the said notification, after para 3(ii), the para 3(iii) shall be renumbered as para 3(iv) and before
the para (iv) so renumbered, the para 3(iii) shall be inserted as follows :
(iii) Option to the spouse of the subscriber to continue contribution to APY on death of
subscriber before the age of 60 years: If the subscriber dies before the age of 60 years, his / her
spouse would be given an option to continue contributing to APY account of the subscriber, which
can be maintained in the spouse’s name, for the remaining vesting period, till the original subscriber
would have attained the age of 60 years. The spouse of the subscriber shall be entitled to receive the
same pension amount as that of the subscriber until the death of the spouse.
Dr. SHASHANK SAKSENA, Economic Advisor
Foot Note : The Original Notification on Atal Pension Yojana was issues on 16th October, 2015 and was
subsequently amended by Notification dated 19th January, 2016.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.