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With reference to the Pension Fund Regulatory and Development Authority (PFRDA), consider the following statements:
1. It is the statutory authority established by an enactment of the Parliament.
2. It aims to regulate, promote and ensure orderly growth of the National Pension System (NPS).
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
With reference to the Pension Fund Regulatory and Development Authorit...
The Pension Fund Regulatory and Development Authority (PFRDA) crossed the milestone of Rs 6 lakh crore (Rs 6 trillion) of Assets Under Management (AUM) under the National Pension System (NPS) and Atal Pension Yojana (APY), after 13 years.
- Pension Fund Regulatory and Development Authority (PFRDA) is the statutory authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies.
- NPS was initially notified for central government employees recruits w.e.f. 1st January 2004 and subsequently adopted by almost all State Governments for its employees.
- NPS was extended to all Indian citizens (resident/non-resident/overseas) on a voluntary basis and to corporates for its employees.
- Hence both statements are correct.
Most Upvoted Answer
With reference to the Pension Fund Regulatory and Development Authorit...
Pension Fund Regulatory and Development Authority (PFRDA) is a statutory authority established by an enactment of the Parliament in 2013. The main objective of the PFRDA is to promote, regulate and ensure orderly growth of the National Pension System (NPS) and other pension schemes in India.
The two statements given in the question are:
1. It is the statutory authority established by an enactment of the Parliament.
2. It aims to regulate, promote and ensure orderly growth of the National Pension System (NPS).
Both of the statements are correct.
Explanation:
Statement 1 is correct because PFRDA is a statutory authority established under the PFRDA Act, 2013. The PFRDA Act was passed by the Parliament in 2013 and it came into effect from 1st February 2014. The PFRDA Act provides for the establishment of PFRDA as the regulatory body for the pension sector in India.
Statement 2 is also correct because the main objective of the PFRDA is to regulate, promote and ensure orderly growth of the National Pension System (NPS). The NPS is a defined contribution pension scheme for the employees of the Central Government, State Governments and other eligible organizations. The PFRDA is responsible for the overall supervision and regulation of the NPS and also for promoting awareness about the scheme among the public.
In addition to the NPS, the PFRDA also regulates other pension schemes such as Atal Pension Yojana (APY), National Pension System for Traders and Self-Employed Persons (NPS-T), and National Pension System for Overseas Citizens of India (NPS-OCI).
Thus, both the given statements are correct and option (c) is the correct answer.
The two statements given in the question are:
1. It is the statutory authority established by an enactment of the Parliament.
2. It aims to regulate, promote and ensure orderly growth of the National Pension System (NPS).
Both of the statements are correct.
Explanation:
Statement 1 is correct because PFRDA is a statutory authority established under the PFRDA Act, 2013. The PFRDA Act was passed by the Parliament in 2013 and it came into effect from 1st February 2014. The PFRDA Act provides for the establishment of PFRDA as the regulatory body for the pension sector in India.
Statement 2 is also correct because the main objective of the PFRDA is to regulate, promote and ensure orderly growth of the National Pension System (NPS). The NPS is a defined contribution pension scheme for the employees of the Central Government, State Governments and other eligible organizations. The PFRDA is responsible for the overall supervision and regulation of the NPS and also for promoting awareness about the scheme among the public.
In addition to the NPS, the PFRDA also regulates other pension schemes such as Atal Pension Yojana (APY), National Pension System for Traders and Self-Employed Persons (NPS-T), and National Pension System for Overseas Citizens of India (NPS-OCI).
Thus, both the given statements are correct and option (c) is the correct answer.
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With reference to the Pension Fund Regulatory and Development Authority (PFRDA), consider the following statements:1. It is the statutory authority established by an enactment of the Parliament.2. It aims to regulate, promote and ensure orderly growth of the National Pension System (NPS).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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With reference to the Pension Fund Regulatory and Development Authority (PFRDA), consider the following statements:1. It is the statutory authority established by an enactment of the Parliament.2. It aims to regulate, promote and ensure orderly growth of the National Pension System (NPS).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the Pension Fund Regulatory and Development Authority (PFRDA), consider the following statements:1. It is the statutory authority established by an enactment of the Parliament.2. It aims to regulate, promote and ensure orderly growth of the National Pension System (NPS).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Pension Fund Regulatory and Development Authority (PFRDA), consider the following statements:1. It is the statutory authority established by an enactment of the Parliament.2. It aims to regulate, promote and ensure orderly growth of the National Pension System (NPS).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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