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Efforts to bring Insurance and Pension Bill in Budget session: FM

By Staff
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New Delhi, Mar 1 (UNI) Finance Minister P Chidambaram today said he proposes to introduce an Insurance Reform Bill, hiking FDI caps, and the Pension Fund Regulatory and Development Authority Bill by the end of the Budget session.

"The Insurance Regulatory and Development Authority is examining the Narasimha Committee report on comprehensive law in Insurance", Mr Chidambaram said in an post- Budget interactive session with Corporate India.

Once the recommendations of the Committee are examined, a comprehensive Bill will be prepared which includes hiking FDI caps on the sector.

On Pension Fund Regulatory and Development Authority legisaltion, Mr Chidambaram said while there was a broad consensus, there was disagreement on two issues with the Left parties.

"If I am able to resolve these issues with allies, there are solid chances of tabling PFRDA Bill in the current session of Parliament", he said.

A Parliamenatary Standing Committee has made several recommendations on the PFRDA Bill and has suggested bringing the FDI caps in the Pension sector at the same level as Insurance.

A hike in FDI caps from 26 per cent to 49 per cent in the Insurance sector would require Parliamenatary approval for amendment of the IRDA bill.

The event was organised by the Finance Ministry where the chiefs of the three apex chambers were present--FICCI, CII and ASSOCHAM-- as well as other Captains of Industry.

UNI GS ARB BS1457

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