The PFRDA Bill, which has been pending for several years, seeks to open
the pension sector to private sector and foreign investment.
The proposed legislation was introduced in the Lok Sabha on March 24, 2011.
The PFRDA Bill provides for establishment of a statutory authority to
undertake promotional, developmental and regulatory functions in respect
to pension funds.
Interim PFRDA is functioning since 2003 through an executive order.
PFRDA, set up as a regulatory body for pension sector, is yet to get
statutory powers as the Bill pertaining to that effect lapsed in
Parliament with the expiry of last Lok Sabha in 2009.
Amid differences among allies, the government on Thursday deferred a
decision on the changes in the crucial Pension Fund Regulatory and
Development Authority Bill, 2011.
"It (the PFRDA Bill) was taken up and deferred", said a Minister after the Cabinet meeting in New Delhi.
Among the UPA allies, Trinamool Congress has been quite vociferous in opposing the pension and insurance reforms.
Railway Minister Mukul Roy, who represents TMC in the UPA government,
did not speak on the issue during the Cabinet meeting, sources said.
The Cabinet, as per the agenda, was scheduled to approve changes in the
PFRDA Bill in light of the recommendations of the Standing Committee on
Finance, to pave way for passage of the bill in Monsoon session of
Parliament next month.
The Cabinet, sources said, was required to take a view on the proposal
of ensuring assured returns to pension fund subscribers, as suggested by
the Committee, headed by senior BJP leader Yashwant Sinha.
Source: DDI News
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