Which of the following statements is NOT correct for National Pension Scheme for Retail Traders/ Shopkeepers and Self-employed persons?

The scheme in the question is the Pradhan Mantri Laghu Vyapari Maan-dhan Yojana (PM-LVM), a voluntary pension scheme for shopkeepers and retail traders, launched in 2019 under the Ministry of Labour and Employment and administered through LIC. The core concept is eligibility and benefit design of a contributory social security scheme for the unorganised sector.

• A is correct: Entry is allowed for persons aged 18 to 40 years, with contributions continuing until age 60.
• B is correct: The trader's annual turnover must not exceed Rs 1.5 crore, and the trader must not be an income-tax payer.
• C is NOT correct, so it is the answer: Members of NPS, ESIC and EPFO are excluded from PM-LVM. Overlap with these schemes is barred to keep the target group limited to the unorganised sector.
• D is correct: The scheme guarantees a minimum assured pension of Rs 3000 per month after 60, with the Centre matching the subscriber's contribution.

Mains angle: the scheme is a good example for answers on social security coverage gaps for the informal workforce and on how matching contributions work.

Trap: Aspirants often confuse NPS-linked eligibility rules here, assuming an NPS member can join because the scheme is a pension scheme, when in fact such members are explicitly excluded.