Para 7.7 — CAM
Original Rule Text
7.7 PROCEDURE REGARDING SWITCHOVER OF PAYMENT CHANNEL
7.7.1 A switch over of payment channel is permissible in the following cases:
i. Treasury Office to authorized Bank; and ii. PAO to authorized Bank.
What This Means
This paragraph introduces the procedure for switching the pension payment channel. A pensioner can switch from a Treasury Office to an authorized bank, or from a PAO to an authorized bank. These are the only two permissible directions of switchover. The detailed application procedure and requirements for each type of switch are covered in the sub-paragraphs that follow.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Two permissible switchover directions: Treasury to Bank, and PAO to Bank
- 2Switching in the reverse direction (bank to treasury/PAO) is not allowed
- 3Detailed procedures follow in sub-paragraphs 7.7.1 onwards
Practical Example
A retired government employee currently draws pension through the PAO and wishes to switch to receiving pension through Punjab National Bank. Under Para 7.7, this switch (PAO to authorized bank) is permissible. The pensioner follows the application procedure in the subsequent sub-paragraphs, submitting the prescribed form in duplicate to the PAO.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
Can a pensioner switch from one bank to another bank?▼
Is there a fee for switching pension payment channels?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.