THE MINISTER OF FINANCE (SHRI P. CHIDAMBARAM): Sir, I move: That the Bill to provide for the establishment of an Authority to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of sub..

THE MINISTER OF FINANCE (SHRI P. CHIDAMBARAM): Sir, I move: That the Bill to provide for the establishment of an Authority to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds and for matters connected therewith or incidental thereto, as passed by Lok Sabha, be taken into consideration. Sir, the PFRDA Bill, 2011, was referred to the Standing Committee on Finance on the 29th March, 2011. The Standing Committee recommended enactment of the Bill with certain modifications. The Government has decided to accept all recommendations, some fully, one partially, and is unable to accept only one recommendation. The Government has not accepted the recommendation regarding facility of repayable advances from the pension accounts of subscribers, but withdrawals have been permitted. Accordingly, the Government introduced official amendments to the PFRDA Bill, 2011. These have been accepted by the Lok Sabha and the Bill has been passed with the official amendments.