MISCELLANEOUSCentral

Section 56 of The Pension Fund Regulatory and Development Authority Act, 2013

Anything done or any action taken by the Interim Pension Fund Regulatory and Development Authority and Central Government under the Resolutions of the Government of India in the Ministry of Finance number F. No. 5/7/2003-ECB & PR, dated the 10th October, 2003 and F.No.1(6)2007-PR, dated the 14th November, 2008 and notification number F. No. 5/7/2003-ECB & PR, dated the 22nd December, 2003, shall be deemed to have been done or taken under the corresponding provisions of this Act.

Summary

This provision legally protects and preserves actions that were taken before the new Act officially became law.
It covers actions done by the Interim Pension Fund Regulatory and Development Authority, which was the temporary body in charge before the permanent Authority was established.
It also covers actions taken by the Central Government under specific past resolutions and notifications.
The protected actions are those based on Ministry of Finance documents dated October 10, 2003, November 14, 2008, and December 22, 2003.

Practical examples

1Back in 2009, the temporary Interim Authority officially recognized a bank as a point of presence for collecting pension funds based on the 2008 government resolution. When the 2013 Act passes, the bank does not have to throw away its old recognition, because this section legally saves that past action and treats it as valid under the new Act.

2The Central Government set up a specific accounting framework for subscribers in early 2004 using the December 2003 notification. Under this provision, that framework remains legally valid and is deemed to have been created under the 2013 Act, saving the government from having to rebuild the system from scratch.

FAQ

1. What happens to the decisions made by the temporary pension authority before this Act existed?

Their past decisions and actions are preserved and are legally treated as if they were made under this new Act.

2. Which specific past rules are protected by this provision?

It protects actions taken under the Ministry of Finance resolutions from October 10, 2003, and November 14, 2008, as well as a notification from December 22, 2003.

3. Does the government need to completely redo all the work it did to set up the pension system before 2013?

No, this provision saves those past actions by giving them legal backing under the new law, ensuring a smooth transition.

Test yourself

Q1.Under Section 56 of The Pension Fund Regulatory and Development Authority Act, 2013, what is the legal status of actions taken by the Interim Pension Fund Regulatory and Development Authority before the Act was passed?

Q2.Section 56 of The Pension Fund Regulatory and Development Authority Act, 2013 specifically preserves actions taken under a government notification dated which day?

Q3.Under Section 56 of The Pension Fund Regulatory and Development Authority Act, 2013, actions taken by which two specific entities are legally preserved?

Q4.What is the primary legal purpose of Section 56 of The Pension Fund Regulatory and Development Authority Act, 2013?

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