Which of the following ministry has constituted a high-level committee to consolidate the regulation of pension products

2016

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Union Railways Ministry
B	Union Health and Family Welfare Ministry
C	Union Human Resource Development Ministry
D	Union Finance Ministry

Explanation:

Detailed explanation-1: -On 23rd August, 2003, Interim Pension Fund Regulatory & Development Authority (PFRDA) was established through a resolution by the Government of India to promote, develop and regulate pension sector in India.

Detailed explanation-2: -The history of the Indian pension system dates back to the colonial period of British-India. The Royal Commission on Civil Establishments, in 1881, first awarded pension benefits to the government employees. The Government of India Acts of 1919 and 1935 made further provisions.

Detailed explanation-3: -Pension Fund Regulatory and Development Authority (PFRDA) | Department of Financial Services | Ministry of Finance | Government of India.

Detailed explanation-4: -If you wish to invest in a pension plan, then the Income Tax Act, 1961, offers significant tax respite under Chapter VI-A. Section 80C, 80CCC and 80CCD specify them in detail. For instance, Atal Pension Yojana (APY) and National Pension Scheme (NPS) are subject to tax deductions under Section 80CCD.

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