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Thursday, Mar 24, 2005

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Pension Fund Bill referred to panel; Ordinance to lapse

Our Bureau

New Delhi , March 23

THE Government on Wednesday referred the Pension Fund Regulatory and Development Authority (PFRDA) Bill to the Parliamentary Standing Committee on Finance.

"The Government has decided to refer the Bill to the Parliamentary Standing Committee on Finance," the Minister of State for Parliamentary Affairs, Mr B.K. Handique, told the Lok Sabha.

The move comes in the wake of the opposition expressed by the Left parties to the Bill. The Left feels that handing over pension funds to private parties and investment of the funds in equities would be detrimental topublic interest. The PFRDA Bill, which was introduced in the Lok Sabha on Monday, was intended to replace the Ordinance issued on December 29 to set up the pension regulatory authority. The Ordinance would now be allowed to lapse.

According to rules, an Ordinance has to be replaced by a Bill within six months of its issue or within six weeks of Parliament being convened after its promulgation. With the current session of Parliament going into recess from Friday, the Ordinance will lapse on April 8.

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