Business
NPS Rule Changes From October 1: Key Updates Investors Must Know— Details Here
New Delhi: Planning for retirement is no longer just about saving money but it’s about choosing the right investment that grows with you. One such option is the National Pension System (NPS), which opened up for the non-government sector in 2009. Over the past 16 years, it has steadily evolved into one of the most trusted retirement investment choices. With government-backed reforms, NPS has been shaped into a market-linked, flexible, and tax-friendly plan, making it a practical way for millions to secure their financial future.
Big Shifts in NPS Over the Years
In the past decade, the National Pension System (NPS) has seen significant changes—ranging from greater market exposure to revised tax benefits and updated withdrawal rules. Among the most recent updates is the launch of the Unified Pension Scheme (UPS), which has been introduced exclusively for central government employees, with the exception of those serving in the Indian armed forces. (Also Read: ITR Refund 2025: How Long It Takes, Tracking Status, And Common Delays Explained)
What’s Next for NPS? Upcoming Changes You Should Know
The National Pension System (NPS) is set to undergo another round of major updates, starting October 1, 2025. Among the key changes are the option to invest up to 100% in equities and the launch of a new Multiple Scheme Framework (MSF). In addition, the Pension Fund Regulatory and Development Authority (PFRDA) has rolled out draft proposals aimed at making withdrawal and exit rules much simpler for subscribers.
Key Upcoming Changes in NPS You Should Know
Here are some of the major updates coming to the National Pension System (NPS) in the months ahead:
100% Equity Investment Option (From October 1, 2025)
– Non-government sector subscribers will soon be able to invest up to 100% of their funds in equities under the new Multiple Scheme Framework (MSF).
– This offers higher return potential for those comfortable with stock market exposure, but also comes with higher risk due to market volatility.
Introduction of Multiple Scheme Framework (MSF)
– Until now, only one scheme could be operated under a single PRAN (Permanent Retirement Account Number).
– With MSF, investors can manage multiple schemes from different Central Record Keeping Agencies (CRAs) under one PRAN, giving them more flexibility and choice.
Simplified Exit and Withdrawal Rules
– PFRDA has proposed changes to make exiting and withdrawing from NPS more flexible.
– Exit after 15 years: Non-government subscribers may be allowed to exit after 15 years instead of waiting until retirement.
Higher lump sum withdrawals & easier partial exits: Investors may get more freedom to withdraw funds for needs like education, medical expenses, or building a home.
Major NPS Updates in the Past Year
Over the last year, the National Pension System (NPS) has gone through several important changes. One of the biggest was the launch of the Unified Pension Scheme (UPS)—introduced only for central government employees (excluding the armed forces), many of whom had been pushing for the return of the Old Pension Scheme (OPS).
However, the response to UPS has been lukewarm so far. To address this, the government has allowed a one-time switch option, giving employees the choice to return to NPS if they are not satisfied with UPS. (Also Read: Nifty Falls 3% In 7 Sessions As FIIs Pull Out Rs 30,141 Crore In September Amid Tariffs, Visa Fee Hike And Rupee Slide)
Alongside this, other changes are aimed at making NPS more attractive for investors. The upcoming 100% equity investment option could appeal to younger subscribers looking for higher returns, while simplified withdrawal and exit rules promise more flexibility and better liquidity for those needing access to their funds.
Tax Rules You Should Keep in Mind
Even with the new, more flexible withdrawal options, taxation still applies. Out of the 80 per cent lump sum withdrawal limit, only 60 per cent is exempt from tax, while the remaining 20 per cent will be taxed according to your income slab.
Sol HydeWith rising rents, a tough job market and pay cheques stretched to the limit, some young Britons are choosing to build their futures overseas.
According to the Office for National Statistics (ONS), 195,000 people under the age of 35 moved abroad in the year to June.
So where are they going, what are they doing – and will they ever come home?
‘It feels much safer in Tokyo’
Ray AmjadWhen Ray Amjad graduated from the University of Cambridge a few years ago, he thought about staying in the historic city, but his head was soon turned.
The 25-year-old, from Manchester, travelled to 20 different countries, working remotely in web design, and realised he could no longer see himself living back in the UK.
He moved to Tokyo last year under a two-year visa for top graduates and hopes to apply for permanent residency there in the future.
“In my experience, the UK is losing too many talented young people,” he says.
“Japan is getting a good deal, really – we’re moving out here, fully formed, and they haven’t had to pay for our education or healthcare, growing up.”
Ray AmjadRay’s university friends have moved to Australia, South Korea and Hong Kong, with many citing the cost of living in the UK and lack of employment opportunities as factors.
“Here in Tokyo, it used to be much older people who moved out here to work, but that has changed recently,” he says.
“It feels much safer here. I can walk around and not worry about my phone being stolen. I can leave my laptop in a cafe for a while and it’s still going to be there.
“And the flat I’m renting would be three times the price in London.”
‘People dream big in Dubai’
Isobel PerlIsobel Perl started her own skincare brand from her parents’ house in Watford five years ago.
Now 30, she has decided to move to Dubai in the new year and hopes to expand her business into the United Arab Emirates (UAE).
“My sister moved to Dubai a few years ago and my parents have decided to move too, so it just makes sense,” she says.
“Sun all year round is a huge reason for me. It’s an expensive place to live but I won’t have to pay income tax.”
Isobel was among the first cohort to get one of 10,000 golden visas for content creators, which allow 10 years of residency.
Most people moving to Dubai have big ambitions and dreams, Isobel says.
“That energy is so important to be around. There is a thriving business community and it’s a very inspiring place to be.”
Isobel PerlIsobel plans to still manufacture her skincare products in the UK but will run things from Dubai and hopes in the future she can import her products and sell them in the UAE.
In January, she has to rebrand from PERL Cosmetics to Isobel Perl due to a trademark objection from another firm, leaving her with £500,000-worth of stock to clear before the end of the year.
“I have had to reduce the prices and it’s a huge financial blow,” she says.
“I really need a new start. I’m going into the new year with hopeful energy.”
She says she will miss her friends, her horse and countryside walks.
“But I’m only a seven-hour flight away,” she adds.
‘Business-friendly environment’
Three-quarters of British nationals who emigrated in the year ending June 2025 were under the age of 35, according to the ONS.
But it has recently changed how it estimates British migration, so it is difficult to compare to previous years.
An ONS spokesperson said the data was not surprising because most migrants tended to be young.
David Little, financial planning partner at UK wealth manager Evelyn Partners, believes young people are choosing to work abroad due to the “increasingly negative economic narrative in the UK”, of high unemployment, rising debt and tax burdens, and fewer graduate vacancies.
Dubai, in particular, has transformed into a global career hub, attracting thousands of British workers with tax-free salaries, low crime rates and booming job market, he says.
“Destinations like the UAE offer tax-free living, a ‘can-do’ attitude, and a business-friendly environment that feels far more optimistic and rewarding,” he says.
“Interestingly, instead of the traditional ‘Bank of Mum and Dad’ helping with a first home deposit, families are now supporting children with the costs of emigration and settling abroad.”
‘My corporate job was making me miserable’
Sol HydeSol Hyde, from Colchester, says he jumped on a plane as soon as his online business started making money.
“The same is true for almost every UK entrepreneur I know,” he adds.
The 25-year-old quit his corporate job last October, after realising it was making him miserable.
“I was waking up to darkness and cold. It was quite a lonely existence because all my friends were working so hard,” he says.
“I had no idea what to do but I just knew I needed to get out.”
Sol HydeIn January, he started his marketing consulting firm, which helps businesses grow on social media.
Sol has spent most of this year in Bali but thinks he might end up in Cape Town, South Africa.
“I wake up to the sun and jump on my motorbike to my run club,” he says.
“I meet 30 other young people building businesses and we get a coffee together. I co-work with friends all day and then we go out in the evening.”
The hardest part has been leaving his friends and family behind, he says.
“But when I had a corporate job, I didn’t see them because I was working so hard. Now I am closer to them because we actually speak more.”
He believes the UK suffers from “tall poppy syndrome” – where successful people are resented – and a negative culture.
“Success is met with criticism, rumour-spreading and general hate,” he says.
Sol currently has six employees and is taking on four more. But he believes the tax system in the UK would have inhibited his growth and ability to take risks.
“This is a medium-term solution for me, ” he says.
“I love the UK and I’m not ruling out coming back when I’m in a better financial position, but right now I’m so glad I left.”
Sol HydeA Department for Work and Pensions spokesperson said the Budget doubled down on its work to grow the economy and create good jobs by maintaining the cap on corporation tax at 25%, supporting high streets with permanently lower tax rates and making it easier for start-ups to scale and invest in the UK.
“Every young person deserves a fair chance to succeed and when given the right support and opportunities, they will grasp them,” they said.
“This government is supporting entrepreneurs to thrive – they are a key theme of our small business strategy to drive economic growth across the country – and with an 87% employment rate, graduates remain more likely to be in work than those without a degree.”
Britain’s high streets have endured a difficult year, as numerous major retail and hospitality brands closed stores, with some long-standing mainstays shutting down permanently.
This trend emerged against a backdrop of strained consumer finances, persistent inflation throughout much of the year, and escalating operational costs for businesses.
Consequently, many firms initiated restructuring efforts or entered administration.
Here are some of the major brands with closed sites across this year:
– Poundland
Poundland is among chains to have suffered over the year from pressure on shoppers despite its value proposition.
The group was sold for £1 as a result and launched a major restructuring plan.
This involved the initial closure of 57 stores in a move which put more than 1,000 jobs at risk.
The company, which was bought by investment firm Gordon Brothers, has since announced further tranches of closures and is set to have shut more than 100 sites by the start of 2026, as part of efforts to trim its estate from around 800 sites to between 650 and 700 shops.
– WH Smith
WH Smith had been a stalwart of UK high streets since its first store opened in 1792, selling everything from crime fiction to confectionery.
However, the brand disappeared from the high street after the group sold off all its UK high street retail shops to private equity company Modella Capital to focus on its travel locations, where it will still operate under the brand.
As a result, Modella revealed plans to rebrand the chain as TGJones.
As it pushed forward with efforts to sell off the high street arm, the group pushed forward with the closure of 20 stores.
– Claire’s
The UK arm of fashion accessories business Claire’s tumbled into administration this year after its US owner entered bankruptcy.
Modella Capital once again appeared in the picture, striking a deal to save 156 stores.
However, 145 shops – employing around 1,000 workers – were not part of the deal and closed as a result.
– Pizza Hut
In October, Pizza Hut confirmed that 68 of the brand’s UK restaurants would shut after the business running its franchise in the country entered administration.
It also shut 11 delivery sites as part of a restructuring which put 1,210 workers at risk of redundancy.
DC London Pie, the firm running Pizza Hut’s UK dine-in restaurants, appointed administrators after being impacted by a slowdown in the sector.
American hospitality giant Yum! Brands, which owns the global Pizza Hut business, bought the remaining UK restaurant operation in a rescue deal, saving 64 sites.
– Bodycare
Bodycare was among the brands to disappear from UK high streets for good after it shut all its roughly 150 stores.
The retailer was founded in 1970 in Lancashire and sold beauty products, fragrances and other bathroom items.
It employed as many as 1,000 people early this year but came under pressure from rising costs and a shortfall in funding, which also affected supplier relationships and led to stock shortages.
– Quiz Clothing
Fashion chain Quiz shut 23 of its stores after entering administration in February, in a move which hit around 200 workers.
It closed the shops despite being bought in a pre-pack administration deal by a subsidiary of the founding Ramzan family.
Quiz had started the year searching for emergency funding but fell into insolvency after failing to secure a deal.
– Leon
Leon is closing around 20 of its restaurants after launching a major restructuring in December.
The company said it will shut the doors of the worst-performing of its 71 stores.
It came after the group was bought back by co-founder John Vincent from supermarket group Asda.
– Select Fashion
Select Fashion was another chain to cease trading in 2025, after the womenswear business came under pressure from growing losses.
The business closed all its roughly 80 stores earlier this year and entered liquidation after failing to find a buyer.
– Homebase
Home improvement firm Homebase shut 65 shops between January and March after falling into administration late in 2024.
Retail group CDS, run by The Range owner Chris Dawson, snapped up the brand but was unable to save all its stores.
Bosses at Homebase have said recent years were “incredibly challenging” for DIY stores, blaming “a decline in consumer confidence and spending” after the pandemic.
– New Look
Elsewhere in retail, high street fashion chain New Look shut 15 of its stores in the UK over the year.
The group also revealed that it would exit the Republic of Ireland, shutting all its 26 shops in the country, hitting 347 workers, in the face of squeezed consumer spending.
– Starbucks
In September, Starbucks launched an overhaul which resulted in the closure of some of its UK coffee shops.
The group did not disclose exactly how many sites would shut but closed 10 locations in October as part of the process.
– Fired Earth
Upmarket tile retailer Fired Earth slid into administration in October, resulting in the closure of its 20 UK showrooms, and 133 job cuts.
Rival Topps Tiles bought the Fired Earth brand, IP, website and around £2.5 million worth of stock but could not save any of the chain’s stores.
– Brewdog bars
Scottish craft brewery and bar business Brewdog shut 10 of its sites in July, including its first-ever venue in Aberdeen.
The closure plan, which was part of a shake-up of Brewdog’s hospitality arm, put almost 100 jobs at risk.
– Monki
At the start of the year, European fashion giant H&M announced plans to close its seven stores under its Monki brand.
It said a “limited number” of these would be transformed into its sister brand Weekday but still closed a number of shops permanently.
– River Island
Retail chain River Island shut 33 shops as part of a restructuring to help support its future.
The fashion group pushed through a formal restructuring plan amid fears that the company could collapse into administration without action.
It also secured rent reductions on 71 other stores as part of the plan.
– Hobbycraft
In April, the arts and craft retailer revealed plans to shut nine of its stores, in a move it said would hit up to 126 workers.
It comes after Modella Capital bought the retail business last year.
Business
India’s Global Lending: Which Countries India Lends To; Which One Receives The Most Assistance
India’s Global Lending: India has evolved from being primarily a recipient of foreign aid to a provider of economic support and loans to several countries across Asia, Africa and Latin America. Its financial assistance has become an important instrument of foreign policy, reflecting India’s growing role as a responsible regional and global partner.
Recent budget provides a clear picture of which countries benefit the most from Indian aid and how India balances lending with managing its own foreign debt.
According to the Union Budget 2024-25, the Ministry of External Affairs has been allocated Rs 22,155 crore. This is an increase over the budget estimate of Rs 18,050 crore for 2023-24, though it falls short of the revised estimate of Rs 29,121 crore. The allocation for foreign aid in 2024-25 is projected at Rs 5,667.56 crore.
Bhutan Tops The List Of Indian Aid Recipients
Budget data shows that Bhutan receives the largest share of India’s financial support. In 2024-25, the country is expected to receive around Rs 2,068.56 crore, slightly lower than the revised figure of Rs 2,398.97 crore in 2023-24.
Following Bhutan, Nepal, the Maldives and Mauritius rank among the top recipients of Indian assistance.
Breakdown Of Indian Assistance By Country
Bhutan – Rs 2,068.56 crore
Nepal – Rs 700 crore
Maldives – Rs 400 crore
Mauritius – Rs 370 crore
Myanmar – Rs 250 crore
Sri Lanka – Rs 245 crore
Afghanistan – Rs 200 crore
Selected African countries – Rs 200 crore
Bangladesh – Rs 120 crore
Seychelles – Rs 40 crore
Selected Latin American countries – Rs 30 crore
India’s Own Foreign Debt
While India provides loans to various countries, it also manages its own foreign debt. By the end of March 2020, the country’s total external debt had reached approximately $558.5 billion, comprising commercial borrowings and NRI deposits as key components.
During the COVID-19 crisis, India also borrowed from institutions such as the World Bank and the Asian Development Bank to support sectors like MSMEs, healthcare and education.
Today, India extends financial assistance to more than 65 countries in various forms, including lines of credit, grants, technical cooperation and humanitarian aid. It reinforces its position as a responsible and influential player on the global stage.
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