Insurance, pension amendment bills to be introducedMarch 16th, 2012 - 4:11 pm ICT by IANS
New Delhi, March 16 (IANS) The government will move The Insurance Laws (Amendment) Bill, 2008 and The Pension Fund Regulatory and Development Authority (PFRDA) Bill, 2011 during the budget session, Finance Minister Pranab Mukherjee said Friday.
Presenting the budget for 2012-13, Mukherjee said the government has received the reports of the parliamentary standing committees on finance that looked into these bills.
He said: “The official amendments to these bills will be moved in this session of the parliament.”
The PFRDA Bill would covert the interim PFRDA into a full fledged authority defining its powers and duties. The interim PFRDA was set up in 2003.
The Insurance Laws (Amendment) Bill enables increase of foreign direct investment (FDI) in Indian insurance companies to 49 percent from the current ceiling of 26 percent. The bill also does away with the provision of Indian promoters of insurance companies to reduce their stake to 26 percent over a period of time.
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