Changes in Premature Exit Processing of APY for benefit of Subscribers By Anand Gupta TaxGuru

Changes in Premature Exit Processing of APY for benefit of Subscribers It is proposed to introduce Instant Bank Account Verification in the interest of underlying Subscribers for orderly processing of their exit requests. The following guidelines are issued for facilitating timely transfer of withdrawal amount in the Bank Account of APY Subscribers and also as an additional due diligence to protect their corpus lying in the Permanent Retirement Account Number (PRAN). There could be two scenarios at the time of exit which are explained as under:

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