In a bureaucratic reshuffle, economic affairs secretary Rakesh Mohan will look after the key budget division following the appointment of expenditure secretary D Swarup
Minister of state for finance Namo Narain Meena said 'No' in a written reply to the Rajya Sabha when asked whether the government is considering any proposal to discontinue insurance agents' commission.
The high level coordination committee on financial markets, which consists of financial sector regulators, is likely to opt for a phased reduction in the commission paid to insurance agents.
Interim pension regulator PFRDA will launch from December this year its savings scheme, which aims to give greater returns on the deposits, and can be withdrawn fully.
Interim pension regulator PFRDA will come out with investment guidelines for its mega pension plan by the middle of this month.
After years of waiting, finally there seems to be hope for the passage of the Pension Fund Regulatory and Development Authority Bill, thanks to the Left's withdrawal of support from the government. The passing of the Bill will provide statutory backing to the regulatory agency, enabling it to issue guidelines and allow non-government employees to save for the long-term. PFRDA Chairman D Swarup spoke to Business Standard about the issues involved.
Interim pension regulator Pension Fund Regulatory and Development Authority has appointed National Securities Depositories Ltd as an agency to track the pension records of those under the new pension scheme.
State Bank of India, UTI AMC and Life Insurance Corporation will start investing the corpus of the new pension system (NPS), estimated around Rs 2,000 crore (Rs 20 billion) now, in market instruments including 15 per cent in equities from end-June 2008.
The proposed PFRDA bill, aimed at setting up a regulator and manage a new pension system, will not allow pension schemes to invest their money in individual stocks.
Subscribers to the proposed pension funds will be given Unique Account Number to enable them to deposit their subscription in any collection centre across the country.
The long-awaited Pension Bill to set up a regulator and manage the new pension scheme for government employees is likely to come up before Parliament in the forthcoming session beginning May 10.
The draft regulations for the new pension scheme likely to be out by September first week is expected to recommend fixing minimum base capital for pension fund management companies less than that stipulated for insurance companies.
The government is yet to decide on revising interest rate on small savings and linking it to inflation, as recommended by a committee headed by Securities and Exchange Board of India, chairman G N Bajpai.
Public Provident Fund should be phased out over a period of time after the introduction of the new pension scheme proposed by the government, the interim Pension Fund Regulatory and Development Authority chairman D Swarup said on Saturday.
Foreign direct investment in the pension sector is likely to be pegged at 26 per cent initially and six players with at least one public sector undertaking would be allowed to operate as pension fund managers.
The Centre will take a hit of Rs 26,000 crore (Rs 260 billion) in 2005-06 by implementing the twelfth finance commission's proposal of a higher share of central taxes, grant and debt relief to states.
Vijay Kelkar, advisor to the finance minister, has been entrusted with the new task of preparing quarterly review of the economy as mandated under the Fiscal Responsibility and Budget Management Act.
The government on Wednesday said it was planning to prepay over $2.9 billion costly foreign loans this fiscal, which would be funded through domestic market borrowing.
The finance ministry on Tuesday said it expects up to Rs 4,000 crore (Rs 40 billion) mop-up from the initial public offer of National Thermal Power Corporation.
Experts have started giving comments on provisions that the govt must make in Budget 2016-17.
The Financial Sector Legislative Reforms Commission had in a report last year proposed a unified regulator for the entire financial sector -- markets, insurance, commodities and pension. It had, however, proposed to keep banking out of its purview for now.
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