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English Release 22-December 2014
Date Month Year
  • President's Secretariat
  • President of India’s message on the eve of National Day of Japan
  • Min of Agriculture
  • Year end Review for the Ministry of Agriculture for the Year 2014-15
  • Min of Chemicals and Fertilizers
  • Revival of Fertilisers and Chemicals Travancore Limited (FACT)
  • Gujarat Chief Minister Mrs Anandiben Patel Discusses Various Projects Relating to the State in the Ministry with Chemicals & Fertilizer Minister Shri Ananth Kumar
  • Min of Civil Aviation
  • Airports Improve in Service Quality
  • Waiting Time within OMDA Standards at Domestic Terminals of IGI Airport
  • Non-aeronautical Revenue of AAI increases
  • Min of Coal
  • Dependent on Coal Mines of end use Projects
  • Auction of Coal Blocks for Power Sector
  • Guidelines for E-Auction of Coal
  • Auction of Coal Blocks
  • Min of Culture
  • Panoramic Imagery of monuments
  • Ticketed Monuments of ASI
  • Funds to Zonal Cultural Centres
  • Min of Defence
  • In Furtherance of the Democratic Process - Employment of IAF Helicopters During Assembly Elections in Jharkhand and J&K
  • Ministry of Finance
  • Auction for Sale (Re-Issue) of Government Stock

  • Most of the States to benefit from GST from day one; Provisions have been Made in the Constitution Amendment Bill on GST to Ensure that none of the States Lose any Revenue after the Implementation of the GST: FM
  • Min of Health and Family Welfare
  • Shri J P Nadda directs central team to visit Chandigarh to support the UT in managing Avian Flu
  • Statement by Shri Jagat Prakash Nadda, Minister of Health & Family Welfare on 22nd December, 2014 in Lok Sabha in response to the call attention motion regarding the situation arising out of spread of “Encephalitis’’ in Uttar Pradesh and other parts of the country and steps taken by the Government in this regard
  • Min of Human Resource Development
  • E-Education Through Broadband Facility
  • ‘Teaching of Science’- A Component of National Curriculum Framework - 2005
  • Higher Education for Person with Special Needs (HEPSN)
  • Min of Labour & Employment
  • Unemployed due to Closure of Industries
  • Registered Unorganised Sector Workers
  • Min of Micro,Small & Medium Enterprises
  • Prime Minister’s Task Force on MSME
  • Performance of MSME Sector
  • Marketing Assistance Scheme under MSME
  • KVIC Schemes
  • Industrial Clusters under SFURTI
  • Workshed Scheme for Khadi Artisans
  • Min of Mines
  • Mining Lease in Tribal Areas
  • Allocation of Bauxite Mines
  • Min of Petroleum & Natural Gas
  • Review of DBTL in Uttar Pradesh through Video Conferencing
  • Demand and Supply of Natural Gas
  • CSR by OMCs
  • Deregulation of Diesel and Natural Gas Pricing
  • Global crude oil price of Indian Basket was US$ 56.91 per bbl on 19.12.2014
  • Min of Power
  • Commissioning of Power Projects
  • Separate Feeders for Farm and Nonfarm Users in Rural Areas
  • Advisory Group for Integrated Development of Power, Coal, and Renewable Energy Submits its Report
  • Ministry of Railways
  • Railway Minister Directs for Formulation of Integrated Policy on Cleanliness
  • Railways Constitutes Task force for Leveraging of Idle Space on Railways to Generate Additional Revenue
  • Railways Vacant Land to be Utilized for Commercial Development Through RLDA
  • Indian Railways Run 1158 Superfast Trains
  • Measures Taken to Strngthen Security on Railways
  • Guidelines for Rauilway Coolies
  • Indian Railways’ Initiatives to Encourage Foreign Investors for Making Investment Under ‘Make In India’ Programme
  • Min of Road Transport & Highways
  • Pilot Projects Launched for Emergency Care of Road Accident Victims
  • Government Approves Scheme for I&C Centres for Motor Vehicles
  • Training for Drivers of Unorganised Sector
  • Min of Science & Technology
  • Understanding Innovation: Indian National Innovation Report by DST
  • Min of Shipping
  • MoU for Commercially Viable Stretches of National Waterway-5
  • No Case of Dumping Hazardous Waste by Ship-breaking
  • Government Takes Initiatives To Increase Coastal Movement of Cargo
  • Min of Steel
  • Health and Safety Records in Steel Sector
  • Mining by Steel PSUS in Foreign Countries
  • Joint Venture in Steel Industry
  • Ministry of Tourism
  • Study to assess impact of International Media Campaign of Ministry of Tourism
  • Central Financial assistance for damage to tourist facilities in Odisha and Andhra Pradesh by Cyclone Hudhud
  • Min of Tribal Affairs
  • Literacy Among Tribals
  • Development Schemes for Tribals
  • Rights of Tribals
  • Min of Women and Child Development
  • The Indian Region Seminar of Commonwealth Women Parliamentarians highlights need for greater safety of women and empowerment at grassroots level
  • Consultative Committee of Women & Child Development Ministry meets to discuss Beti Bachao Beti Padhao scheme

Previous Date

 
Ministry of Finance22-January, 2007 20:25 IST
Government to adopt investment pattern of Non-Government Provident Funds for NPS Funds as an interim model

17 STATES NOTIFY DEFINED CONTRIBUTION PENSION SYSTEMS

FM ASSURES STATES OF AMENDMENT IN PFRDA BILL TO PROVIDE OPTION FOR 100% INVESTMENT OF PENSION FUNDS IN GOVERNMENT SECURITIES
Government of India introduced the New Pension System (NPS), for new entrants to services in the Central Government (other than the Armed Forces) with effect from 1st January 2004.This is a fundamental shift from the earlier defined benefit system. However, this applies to only one category of the Indian workforce. The larger goal is to provide a system of old age income security, available to all. In order to give the NPS a statutory basis and to put in place a regulator with statutory powers, Government introduced the Pension Fund Regulatory and Development Authority Bill, 2005.

The Bill has since been recommended by the Standing Committee on Finance with certain amendments which are being considered by Government.

Pending the enactment of the Bill, the Pension Fund Regulatory and Development Authority will be appointing a central record keeping agency (CRA) for Central Government servants under the NPS. In the interim, Government is also in the process of finalizing an arrangement for investment of funds accumulated under the NPS on the pattern for non-government provident funds etc.

Following in the footsteps of Government of India, 17 States have also notified similar defined contribution (DC) pension systems for their new employees. Many of these States are looking to the Centre for further guidance in implementing the new system.

To discuss these issues, the Ministry of Finance convened a conference of Chief Ministers and State Finance Ministers today. The conference was presided over by the Prime Minister.

The majority of the State Government participants generally welcomed the move towards a fiscally sustainable pension system for civil servants and the establishment of an old age income security system for all Indians. Some States that have not yet notified DC pension systems informed that they would do so when the Bill is passed and the NPS architecture is made available.

Many of the State representatives urged Central Government to expeditiously pass the PFRDA Bill and to put in place the record keeping, accounting and investment architecture, as employees under the new system are getting only an administered interest rate and are being deprived of the better returns offered by market based instruments.

The States of Kerala, West Bengal and Tripura reiterated their opposition to the defined contribution system and also to the interim model proposed to be adopted by Central Government for investment and management of NPS funds.

The Finance Minister assured the participants that the PFRDA Bill will be amended to provide an option for investing 100% of pension funds in government securities, entrusting the job of fund management initially only to public sector fund managers etc. He also mentioned that to educate citizens about the NPS and to enable them to take informed decisions, literature on the subject of pension reforms would be widely disseminated by PFRDA in regional languages. PFRDA would allow States that have implemented the DC system to avail of the services of the CRA which will be appointed by PFRDA. It will also strengthen regulations to protect funds from mismanagement. The investment pattern for non-government provident funds, while conservative and restrictive, would be adopted as an interim model, pending the passage of the PFRDA Bill.

Concluding the deliberations, FM stated that the concerns expressed in today’s conference would be taken note of in the amendments to the PFRDA Bill. Furthermore, consultation with the political parties would continue to evolve a consensus in Parliament before the Bill is taken up for consideration and passing.

BSC/BY-18/07
(Release ID :24259)

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