Pension Fund Regulatory and Development Authority Bill 2011

After a delay of nearly 10 years, Parliament on 06th September passed a key economic reforms legislation, the Pension Bill that aims to create a regulator for the sector and allows at least 26% Foreign Direct Investment.The Pension Fund Regulatory and Development Authority (PFRDA) Bill, 2011, was passed in the Rajya Sabha with 115 MPs voting in favour and 25 against. The bill was passed in the Lok Sabha on September 4.
 
The bill would make the Pension Fund Regulatory and Development Authority a statutory authority, unlike its present non-statutory status. The bill provides subscribers a wide choice to invest their funds including for assured returns by opting for Government Bonds as well as in other funds depending on their capacity to take risk, a provision that came from opponents of the legislation.
 
The bill pegs the FDI in pension sector at 26 per cent or such percentage as may be approved for the insurance sector, which ever is higher.
 
Check Your Knowledge
 
According to Pension Fund Regulatory and Development Authority Bill, the FDI allowed is?
(a) At least 26%
(b) At most 26%
(c) 26% which cannot be changed
(d) 49% which cannot be changed
A is the right answer.

This post contains the Indian current affairs of September 2013. These are short current affairs 2013 notes for quick review.
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