PFRDA: Creation & function - General Economics & Indian Economy
Q. Consider the following statements related to Pension Fund Regulatory and Development Authority (PFRDA)
1. Pension Fund Regulatory and Development Authority (PFRDA) created via an executive order.
2. NRI can also apply for national pension Scheme
Which of the above statements is correct?- Published on 04 Apr 15a. Only 1
b. Only 2
c. Both
d. None
ANSWER: Both
In September 2013, Parliament passed the PFRDA Bill 2011, which gives statutory backing to the interim pension authority that had been functioning on the basis of executive orders for over a decade. PFRDA is now empowered to register and regulate pension funds, frame investment guidelines and levy fines for violations of the PFRDA Act.
