A senior official on Friday in a PTI report is cited as saying that the government is mulling over a plan to make Pension Fund Regulatory and Development Authority (PFRDA), the sole administering body for all of the pension products in the country.
Further as part of its wishlist for Budget 2020, the body seeks doubling of income tax exemption for contributions made towards pension products to Rs.1 lakh under Section 80CCD (1B), Supratim Bandyopadhyay PFRDA member told reporters.
In the current regime, pension products are sold by both mutual fund houses and insurance companies and as a result SEBI and IRDAI are regulators for these products.
"The in-principle approval has come from the Finance Ministry for the PFRDA Act amendment which will make PFRDA the single regulator for pension products," Bandyopadhyay said. He further said the pension regulatory body looks forward for the amendments to PFRDA Act to be passed during the Budget session by the Parliament.