New Delhi: Centre changed the Atal Pension Yojana scheme that was launched by the Central Government in 2015 with an aim of ensuring pension to those who work in the unorganized sector.
Under the new law, the income tax payers cannot join the scheme.
The law will come into effect from 1st October this year.
According to a notification issued by the Finance Ministry last day, no income tax payer will be eligible to join the Atal Pension Yojana from October 1 this year.
If a person identifies as a taxpayer, their account will be closed and also repay the pension amount they paid so far.
As per the current APY act, any Indian citizen between the ages of 18 and 40 can join the scheme. They may have a savings account in a bank or post office.