NON-INVESTMENT OF NPS FUND
A
total amount of Rs. 971.48 crore, collected towards contribution for
Government employees, from 2004 to March 2008, under the New Pension
System (NPS), was credited to the Public Account of India.
The
institutional architecture for NPS could not be operationalised by the
Interim Pension Fund Regulatory and Development Authority (PFRDA). Therefore, the contribution for the Government employees under the NPS could not be invested in the market.
The funds were credited to Public Account and interest @ 8% p.a. was paid on the contribution.
The
establishment of institutional architecture by the PFRDA, based on
objective and financial criteria, took some time, therefore, the
question of conducting an enquiry does not arise.
The interest @ 8% p.a. was paid on the contribution by the Government.
This
information was given by the Minister of State for Finance, Shri Namo
Narain Meena in written reply to an Unstarred Question in Lok Sabha
today.
DSM/Hb
(Release ID :78868)
--
M.Krishnan
Secretary General NFPE
SOURCE :http://nfpe.blogspot.com/
