English Release 31-October 2014
- President's Secretariat
- Education will be the single biggest transformative factor in catapulting India into the league of developed nations, says President
- President of India congratulates Pankaj Advani on achieving 12th world title in Leeds
- President pays floral tributes to Sardar Vallabhbhai Patel
- Prime Minister's Office
- Text of PM’s address at 'Run For Unity' at Rajpath on the occasion of Rashtriya Ekta Diwas
- PM receives personal belongings of Sardar Patel, on his 139th birth anniversary
- Sidelights – Run For Unity Event at Rajpath, New Delhi
- PM flags off, joins Run For Unity on Sardar Patel Jayanti
- PM remembers Smt. Indira Gandhi on her Punya Tithi
- PM pays tributes to Sardar Patel on his birth anniversary
- Election Commission
- General Election to Legislative Assemblies of Jharkhand and Jammu & Kashmir 2014 - Allotment of Broadcast/Telecast time to Political Parties – regarding
- Min of Agriculture
- Kharif Rice Area Coverage
- Min of Commerce & Industry
- Index of Eight Core Industries (Base: 2004-05=100), September, 2014
- Department of Commerce calls for creative participation for India’s participation at Hannover Messe
- Min of Defence
- Minor Incident Involving Naval Ship
- Indian Warships Visit to Port Louis
- Ministry of Finance
- Auction for Sale (Re-Issue) of Government Stocks
Major Focus of the Government is to Bring Back the Growth Momentum: Finance Minister
- Auction for Sale (Re-Issue ) of ‘8.30 per cent Government Stock, 2040’
Auction for Sale of a new Government Stock of 19 Years
Auction for Sale (Re-Issue ) of ‘8.60 per cent Government Stock, 2028’
- Auction for Sale (Re-Issue) of ‘8.27 per cent Government Stock, 2020’
- Subash Chandra Garg Relieved to take up His New Assignment As Executive Director, World Bank, Washington D.C.
- Rajiv Mehrishi takes over as Secretry, Department of Economic Affairs, Ministry of Finance
- Min of Health and Family Welfare
- MoU with Spain on organ transplantation soon
- Min of Home Affairs
- MoS Home Kiren Rijiju participates in ‘Run for Unity’
- Text of Home Minister's speech at NPA, Hyderabad
- Cyber Crime Prevention Strategy will be Strengthened: Home Minister Shri Rajnath Singh
- Home Secretary Administers Rashtriya Ekta Diwas Pledge
- “Police Stations should become Temples of Justice,” says Rajnath Singh
- Min of Human Resource Development
- 2nd Meeting of SAARC Education Ministers Held
- Min of Parliamentary Affairs
- Standing Committee on Railways invites suggestions on Railways(Amendment) Bill, 2014
- Min of Personnel, Public Grievances & Pensions
- Central Armed Police Forces (Assistant Commandants) Examination, 2014 Declaration of Result of Written Part
- Min of Petroleum & Natural Gas
- Constitution of Steering Committee for successful implementation of “Make in India” campaign in the Oil and Gas Industry.
- Global crude oil price of Indian Basket was US$ 84.77 per bbl on 30.10.2014
- Ministry of Railways
- Railway Protection Force hosting 15th All Indian Police Band Competition
- Min of Road Transport & Highways
- Institute of Driving Training & Research to be inaugurated tomorrow at Pune
- Electronic Toll Collection System makes Delhi-Mumbai Drive Faster and Cheaper
- Ministry of Water Resources
- Storage Status of 85 Important Reservoirs of the Country as on October 30, 2014
- Min of Women and Child Development
- SRB to be raised by 10 basis points every year
Cabinet04-October, 2012 20:37 IST
|Official amendments to the Pension Fund Regulatory and Development Authority Bill, 2011 |
|The Union Cabinet today approved the introduction of certain official amendments to the Pension Fund Regulatory and Development Authority Bill, 2011. These official amendments have been necessitated in view of the recommendations of the Standing Committee on Finance which has examined the Bill. Based on the recommendations of the Standing Committee on Finance, the Government has decided to accept the following: |
1. that the subscriber seeking minimum assured returns shall be allowed to opt for investing his funds in such schemes providing minimum assured returns as may be notified by the Authority;
2. withdrawals not exceeding 25 per cent of the contribution made by subscriber will be permitted from the individual pension account subject to the conditions, such as, purpose, frequency and limits, as may be specified by regulations by the Pension Fund Regulatory Authority and Development Authority (PFRDA)
3. the foreign investment ceiling in the pension sector at 26 per cent or such percentage as may be approved for the Insurance Sector, whichever is higher may be incorporated in the present legislation;
4. to establish a vibrant Pension Advisory Committee with representation from all major stakeholders to advise PFRDA on important matters of framing of regulations under the PFRDA Act.
5. the membership of the PFRDA will be confined to professionals having expertise in economics, finance or law only.
The New Pension Scheme (NPS) has been made mandatory for all the Central Government employees (except Armed Forces) entering service with effect from 1.1.2004. 27 State / UT Governments have notified NPS for their employees. NPS has been launched for all citizens of the country including unorgnised sector workers, on voluntary basis, with effect from 1st May, 2009. Further, to encourage people from the unorganised sector to voluntarily save for their retirement, Government has launched the co-contributory pension scheme titled "Swavalamban Scheme" in the Budget of 2010-11. As on 7th September, 2012 the number of subscribers under NPS is 37.45 lakh with a corpus of Rs. 20535.00 crore.
In order to effectively invest and manage such huge funds belonging to a large number of subscribers and to ensure the integrity of the NPS, creation of a statutory PFRDA with well defined powers, duties and responsibilities is considered absolutely necessary and would benefit all NPS subscribers.
The official amendments to the Bill will be moved in the next session of the Parliament.
The following recommendations of the SCF have not been accepted:
• As regards the recommendation of SCF for compulsory insurance of the funds of subscribers by pension fund managers, a provision has already been made in the PFRDA Bill, to protect the interest of the subscribers by ensuring safety of contribution of subscribers and also by keeping the operational costs in check,
• As regards the selection of pension fund managers in such a manner that one third of all such fund managers are from the public sector, since a provision has already been made in the PFRDA Bill that at least one of the pensions fund shall be from the public sector which sets a floor, the ceiling can be any number based on objective criteria.
The Pension Fund Regulatory and Development Authority Bill, 2005 was initially introduced in the Lok Sabha in March, 2005 to provide for a statutory PFRDA. However, since the Bill and the official amendments, based on the recommendations of the Standing Committee on Finance, could not be considered by the Lok Sabha, and the Bill lapsed on dissolution of the 14th Lok Sabha. The Government had announced in the Budget 2011-12 that the revised PFRDA Bill would be moved in Parliament. Accordingly, the PFRDA Bill, 2011 was introduced in the Lok Sabha on the 24th March, 2011 to provide for a statutory regulatory body, the Pension Fund Regulatory and Development Authority (PFRDA) under the provisions of the Bill. The legislation sought to empower FRDA to regulate the New Pension System (NPS). The PFRDA Bill, 2011 was referred to the Standing Committee on Finance on the 29th March, 2011 for examination and report thereon. The Standing Committee on Finance gave its Report on 30th August, 2011. Based on the recommendations of Standing Committee, a Cabinet Note, to introduce additional recommendations of the Standing committee on Finance was moved on 19th December, 2011. Since the PFRDA Bill, 2011 was deferred in the Winter Session of the Lok Sabha, therefore the Cabinet Note was withdrawn.
(Release ID :88154)