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Consider the following statements regarding Pension Fund Regulatory and Development Authority (PFRDA):
- It is a statutory regulatory body set up under PFRDA Act.
- It comes under the jurisdiction of the Ministry of Finance.
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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Consider the following statements regarding Pension Fund Regulatory an...
Pension Fund Regulatory and Development Authority (PFRDA)
Introduction:
Pension Fund Regulatory and Development Authority (PFRDA) is a statutory regulatory body set up under the PFRDA Act, 2013. It is responsible for regulating and developing the pension sector in India.
Statement 1: It is a statutory regulatory body set up under PFRDA Act.
This statement is correct. PFRDA is a statutory regulatory body that was established by the Government of India in 2003 with the objective of developing and regulating the pension industry in the country. It was later given a statutory status in 2013 under the PFRDA Act, 2013.
Statement 2: It comes under the jurisdiction of the Ministry of Finance.
This statement is also correct. PFRDA comes under the jurisdiction of the Ministry of Finance, Government of India. The Ministry of Finance is responsible for overseeing the functioning of PFRDA and providing policy directions to the authority.
Conclusion:
Both the statements given in the question are correct. PFRDA is a statutory regulatory body set up under the PFRDA Act, 2013 and it comes under the jurisdiction of the Ministry of Finance.
Introduction:
Pension Fund Regulatory and Development Authority (PFRDA) is a statutory regulatory body set up under the PFRDA Act, 2013. It is responsible for regulating and developing the pension sector in India.
Statement 1: It is a statutory regulatory body set up under PFRDA Act.
This statement is correct. PFRDA is a statutory regulatory body that was established by the Government of India in 2003 with the objective of developing and regulating the pension industry in the country. It was later given a statutory status in 2013 under the PFRDA Act, 2013.
Statement 2: It comes under the jurisdiction of the Ministry of Finance.
This statement is also correct. PFRDA comes under the jurisdiction of the Ministry of Finance, Government of India. The Ministry of Finance is responsible for overseeing the functioning of PFRDA and providing policy directions to the authority.
Conclusion:
Both the statements given in the question are correct. PFRDA is a statutory regulatory body set up under the PFRDA Act, 2013 and it comes under the jurisdiction of the Ministry of Finance.
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Consider the following statements regarding Pension Fund Regulatory an...
Pension Fund Regulatory and Development Authority (PFRDA) Chairman recently said that a pension scheme with minimum assured returns is in the works by the PFRDA, which may entail higher premium payments for higher returns.
About Pension Fund Regulatory and Development Authority (PFRDA):
- It is a statutory regulatory body set up under PFRDA Act enacted in 2014.
- Objective: To promote old age income security by establishing, developing, and regulating pension funds and to protect the interests of subscribers to schemes of pension funds and related matters.
- It comes under the jurisdiction of the Ministry of Finance.
- Headquarters: New Delhi
- Composition: It consists of a Chairperson and not more than six members, of whom at least three shall be Whole-Time Members, to be appointed by the Central Government.
- Functions:
- Regulate National Pension System (NPS) and other pension schemes to which PFRDA Act applies;
- Establish, develop and regulate pension funds;
- Protect the interest of pension fund subscribers;
- Register and regulate intermediaries;
- Laying down norms for management of corpus of pension funds;
- Establish grievance redressal mechanism for subscribers;
- Settle disputes among intermediaries and also between intermediaries and subscribers;
- Train intermediaries and educate subscribers and the general public with respect to pension, retirement savings, and related issues;
- Call for information, conduct inquiries, investigations, and audit of intermediaries and other entities connected with pension funds;
Hence both statements are correct.
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Consider the following statements regarding Pension Fund Regulatory and Development Authority (PFRDA): It is astatutory regulatory bodyset upunder PFRDA Act. It comes under thejurisdiction of the Ministry of Finance.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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