Tax payers can no longer be a part of the Atal Pension Yojana: FinMin

A notification by the Ministry of Finance further said that those who are already a part of the APY scheme, will cease to be so from October 1 but they will receive their accumulated money

Income tax payers will soon be disallowed to be a part of the Atal Pension Yojana (APY). According to a gazette notification issued by the Ministry of Finance, "Any citizen who is or has been an income-tax payer, shall not be eligible to join APY." The rule will come into effect on October 1, 2022. 

The notification has also clarified that an 'income tax-payer' is a person who is "liable to pay income-tax in accordance with the Income Tax Act, 1961, as amended from time to time."

The notification further said that those who are already participating in the scheme