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Wednesday, January 01, 2020

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Aadhaar must for Govt Pension Scheme



Aadhaar must for Govt Pension Scheme

The government has made Aadhaar mandatory for subscribers of the Pradhan Mantri Vaya Vandana Yojana (PMVVY), a pension scheme for senior citizens.

The scheme, which gives an assured return of 8% annually, is being implemented through LIC.

“An individual eligible for receiving the benefit under the scheme shall hereby be required to furnish proof of possession of Aadhaar number or undergo Aadhaar authentication,” a Finance Ministry notification said.

The notification, dated 2019, 23 December, has been issued under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016. It further said any individual desirous of availing benefit under the scheme who does not possess the Aadhaar number or has not yet been enrolled for Aadhaar, “shall be required to apply for Aadhaar enrolment before registering for the scheme”.



If Aadhaar authentication fails due to poor biometrics, the department of financial services will make provisions to help the beneficiaries get the 
Aadhaar number.

Further, where biometric or Aadhaar is not possible, benefit under the scheme may be given on the basis of physical Aadhaar letter.

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