Govt clears changes in PFRDA Bill, allows 26% FDI in pension
The govt on Wednesday approved amendments to the PFRDA Bill 2011 while agreeing to the proposed 26 percent foreign investment in the pension sector but refrained from providing assured returns to subscribers in the proposed law.
The government had decided not to mention FDI cap in the legislation itself for retaining the flexibility of changing it through an executive order. The 26 per cent FDI cap is to be mentioned in the regulations to the legislation.
The changes to the PFRDA Bill were approved by the Union Cabinet at its meeting in New Delhi.
The Bill, which has already been scrutinised by the Parliamentary Standing Committee on Finance, is likely to be taken up for consideration and passage in the Winter Session beginning 22nd November.