Govt introduces Bill to give statutory power to PFRDA

Taking forward financial sector reforms, the government today introduced a long-pending PFRDA Bill in the Lok Sabha to give statutory status to interim pension regulator and promoting old age income security.

The Bill, introduced by Finance Minister Pranab Mukherjee, provides for establishing a statutory regulatory body to be called the Pension Fund Regulatory and Development Authority (PFRDA), which will undertake promotional, developmental and regulatory functions in respect to pension funds.

The principal Opposition BJP, however, came to the government's support as the Left parties pressed for a division on a bill to regulate pension funds at the introduction stage itself.

The Bill was introduced after a division of votes, which showed as many as 115 members backing the proposed legislation, 43 opposing it and one member abstaining from voting. As many as 159 member were present in the 543-member House.