PFRDA 2013 Act

PFRDA 2013 – Here you get very quick and important notes for the Act. This Act is very important for the upcoming exam PFRDA, which will be held on 5th November 2022.

PFRDA 2013
PFRDA 2013

 

 

 

 

 

PFRDA 2013

Chapter I – PFRDA 2013

[Section 1]

It extends to the whole India, it was enacted in 64th Year of republic by the parliament, 18th September 2013.

 

PFRDA 2013
PFRDA 2013

 

 

Section 2(b)

There should be Central recordkeeping agency under Section 27 – recordkeeping, administration, account and customer service for subscribers to scheme.

Section 2(l)

“Pension fund” – an intermediary granted a certificate of registration under Section 27(3)

Chapter II – PFRDA 2013

Section 3

Establishment & Incorporation of authority – appointed by central Government.

Perpetual succession and a common seal with power

Subject to the provision of this Act, to acquire, hold & dispose of property, both movable and immovable.

Head office – NCR.

Section 4

Composition of authority – (a) A chairperson, (b) 3 whole-time members and (c) 3 part-time members. [1+3+3+7] – to be appointed by central govt.

Section 5

chairperson & whole-time members- for 5 years – eligible for re-appointment – notice period- 30 days

Chairperson< 65 years, whole time member < 62 years

Part-time members – 5 years, 62 years.

Section 6

Removal- adjudicated as insolvent/physically or mentally incapable of act/convicted for such offence which involves moral turpitude/ acquired financial gain or other public interest/abused his position to render his continuance in office detrimental to the public interest.

For financial gain and abused his position – there must be reasonable opportunity to be heard.

 

 

Chapter III – PFRDA 2013

  • the National pension system,
  • any other pension scheme not regulated by any other enactment- (This conforms to the regulation made by the authority)

not apply to –

  • the coal mines provident fund and miscellaneous provision Act 1948, the employees’ Provident Funds and Miscellaneous Provisions Act 1952, the Seamen’s Provident Fund Act 1966, The Assam Tea Plantations Provident Fund and pension Fund Scheme Act 1955, the Jammu and Kashmir Employees’ Provident Funds act 1961,
  • Contract referred to in sub-section (11) of Section 2 of Insurance act 1938
  • any other scheme which central govt exempt from the application of this Act.

 

Chapter V – PFRDA 2013

Duties, Power, & function of the authority

Section 17- 

The books, papers, account, receipts, reports, vouchers or other documents seized – not to retain by the authority officer for a period exceeding 180 days from the date of the seizure unless any reason for retaining the same are recorded by him in writing and the approval of the authority.

Provided – authority – not authorize the retention of the account, books, papers, receipts, reports, vouchers for a period of 30 days after all proceedings.

 

Chapter VIII – PFRDA 2013

section 36-

Appeal to Securities Appellate Tribunal – within 45 days from the date of receipt of the order appealed against.

Provided that SAT may entertain an appeal- after expiry period – if satisfies the sufficient cause for not preferring the appeal within 45 days.

 

Section 38

Appeal to Supreme Court – any person aggrieved by the verdict of SAT (Securities Appellate Tribunal) – may file an appeal within 60 days to the Supreme court from the date of communication the decision.

Provided that SC may entertain – if satisfies the sufficient cause for further 60 days but not more.

Chapter X – PFRDA 2013

Section 53

Rules & Regulations to be laid before Parliament – every rule – as soon as may be after it is made, while it is in session, for a total period 30 days, for modification.

 

 

 

 

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