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The crucial Pension Fund Regulatory and Development Authority Bill is likely to be taken up for discussion and passage by the Lok Sabha on Wednesday. The Bill has been listed in the Lok Sabha business agenda for Wednesday.
The Government is understood to have agreed to Bharatiya Janata Party's key demand to offer an option of a minimum assured return (8.6 per cent on government bonds) and also for capping the foreign direct investment in the pension sector at 26 per cent.
In August this year, the Standing Committee on Finance headed by Mr Yashwant Sinha had favoured capping foreign investment in the pension sector at 26 per cent and allow such investments to flow into India through a specific provision in the Bill.
The Finance Minister, Mr Pranab Mukherjee, had on Monday met senior BJP leaders Mr L.K.Advani, Ms Sushma Swaraj, Mr Yashwant Sinha and Mr Arun Jaitley on this issue.
Once this Bill is enacted into law, the Pension Fund Regulatory and Development Authority will become a statutory body. This Authority was established in 2003 through an executive order.
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