{"id":205262,"date":"2005-03-21T00:00:00","date_gmt":"2005-03-20T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/introduction-of-the-pension-fund-regulatory-and-development-on-21-march-2005"},"modified":"2016-09-02T04:26:26","modified_gmt":"2016-09-01T22:56:26","slug":"introduction-of-the-pension-fund-regulatory-and-development-on-21-march-2005","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/introduction-of-the-pension-fund-regulatory-and-development-on-21-march-2005","title":{"rendered":"Introduction Of The Pension Fund Regulatory And Development … on 21 March, 2005"},"content":{"rendered":"
Lok Sabha Debates<\/div>\n
Introduction Of The Pension Fund Regulatory And Development … on 21 March, 2005<\/div>\n<\/p>\n
<\/pre>\n
                                          > <\/p>\n
\u00a0  <\/p>\n
Title<\/a>: Introduction of the Pension Fund Regulatory and Development Authority Bill, 2005.   <\/p>\n
\u00a0  <\/p>\n
THE MINISTER OF FINANCE <\/a>(SHRI P. CHIDAMBARAM<\/a>): Sir, I beg to move for leave to introduce a Bill to provide for the establishment of an Authority to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds and for matters connected therewith or incidental thereto.\n<\/p>\n
MR. SPEAKER: Motion moved<\/a>:\n<\/p>\n
\u201cThat leave be granted to introduce a Bill to provide for the establishment of an Authority to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds and for matters connected therewith or incidental thereto. \u201d  <\/p>\n
\u00a0  <\/p>\n
\u2026 (Interruptions)\n<\/p>\n
SHRI VARKALA RADHAKRISHNAN <\/a>(CHIRAYINKIL<\/a>): Sir, we have given a notice to oppose this. \u2026 (Interruptions)\n<\/p>\n
MR. SPEAKER<\/a>: I will come to that. The Minister has just sat down.\n<\/p>\n
Now, Shri Varkala Radhakrishnan. It cannot be just to say that you do not like Ordinance. That is no ground for opposition.\n<\/p>\n
SHRI VARKALA RADHAKRISHNAN <\/a>: I am coming to that.\n<\/p>\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Sir, I oppose the motion for leave to introduce this Bill, mainly on two Constitutional grounds. Article 311 provides for service conditions of Government employees and the present Bill is a deviation from that Article. Mr. Speaker may kindly note that this Bill is being introduced in connection with the new pension scheme.\n<\/p>\n
* Published in the Gazettee of India, Extraordinary, Part-II, Section-2, dated 21.3.05.\n<\/p>\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 This new pension scheme or this system came into operation on 01.01.2004. The Government had 15 months\u2019 time for bringing forward this Bill. That could have been brought forward during that period, which they did not.\n<\/p>\n
MR. SPEAKER<\/a>: I am sorry. It is becoming a total violation of the rules. Nobody bothers about the rules.\n<\/p>\n
SHRI VARKALA RADHAKRISHNAN <\/a>: Please allow me to place it before the House.\n<\/p>\n
MR. SPEAKER<\/a>: I know what it is. Please wait for just a second.\n<\/p>\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 We have specifically amended the rules providing that in such cases, specific grounds for objection had to be mentioned in the notice. Your notice says that you do not like the Ordinance and why should it be in the form of Ordinance. Already it is established that it has to deal with the Constitutional issues. This is violated every day.\n<\/p>\n
SHRI VARKALA RADHAKRISHNAN <\/a>: This is a Bill to replace the Ordinance. The Ordinance was promulgated under Article 123 of the Constitution.\n<\/p>\n
MR. SPEAKER<\/a>: Thank you!  <\/p>\n
SHRI VARKALA RADHAKRISHNAN <\/a>: Here is a violation of that provision because Article 123 is explicitly clear that whenever there is an emergent situation, an immediate action is required; and in that circumstance, an Ordinance is allowable.\n<\/p>\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Here, the position is that it was in existence for more than 15 months. The Government would also admit that they have issued a notification in early December 2003. This provision came into existence on 01.01.2004. Now, after a lapse of so many months, the Government is issuing an Ordinance in violation of the provision of Article 123 of the Constitution, which is very clear, as I said earlier.\n<\/p>\n
MR. SPEAKER<\/a>: It is enough!  <\/p>\n
SHRI VARKALA RADHAKRISHNAN <\/a>: That is the most important thing. Moreover, I would like to inform the House that the provision of Article 311 of the Constitution is there.\n<\/p>\n
MR. SPEAKER<\/a>: How can the introduction of a Bill be wrong? Kindly listen to me. How can the introduction of a Bill be opposed on that ground?\n<\/p>\n
SHRI VARKALA RADHAKRISHNAN <\/a>: I oppose the introduction because it is a violation of Article 123.\n<\/p>\n
MR. SPEAKER<\/a>: It is rejected.\n<\/p>\n
SHRI VARKALA RADHAKRISHNAN <\/a>: That is my position. It is a violation of Article 123.\n<\/p>\n
MR. SPEAKER<\/a>: The Bill is not brought forward under Article 123.\n<\/p>\n
SHRI VARKALA RADHAKRISHNAN <\/a>: Article 123 says that if the President is satisfied, he could take immediate action. But that \u2018immediate action\u2019 was taken long before. Hon. Speaker, we should not presume the House to be impotent. The issuance of Ordinance is something like \u2018artificial insemination\u2019. The law should be enacted in this House. So, it is in violation of Article 123 of the Constitution.\n<\/p>\n
MR. SPEAKER<\/a>: I think, you should move for deletion of Article 123 of the Constitution!  <\/p>\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Now, Shri Basu Deb Acharia.\n<\/p>\n
SHRI BASU DEB ACHARIA <\/a>(BANKURA<\/a>): Sir, I oppose the introduction of the Pension Fund Regulatory Development Authority Bill. I oppose it on constitutional, legislative as well as on moral grounds[R16]\u00a0.\n<\/p>\n
\u0936\u094d\u0930\u0940 \u0939\u0930\u093f\u0928 \u092a\u093e\u0920\u0915 <\/a>(\u0905\u0939\u092e\u0926\u093e\u092c\u093e\u0926<\/a>) : \u0907\u0938\u092e\u0947\u0902 \u092e\u094b\u0930\u0932 \u0917\u094d\u0930\u093e\u0909\u0902\u0921 \u0915\u0939\u093e\u0902 \u0938\u0947 \u0906 \u0917\u0908 ?\n<\/p>\n
MR. SPEAKER<\/a>: Constitutional morality.\n<\/p>\n
SHRI BASU DEB ACHARIA <\/a>: Sir, the Ordinance was promulgated and the new scheme was started from 1.1.04.\u00a0 A Regulator was also appointed.\u00a0 What was the urgency of bringing an Ordinance and thereby replacing the Ordinance by legislation?\u00a0 The enactment of this law will affect lakhs and lakhs of employees of our country who are contributing to it.\u00a0 The interests of not only those who are in the new scheme but also those who are in the old scheme, will be affected.\u00a0 The other employees also will follow later on.\u00a0 Money will be invested in the share market.\u2026 (Interruptions)\n<\/p>\n
MR. SPEAKER<\/a>: You are going into the merits of the Bill.\u00a0 I am sorry.\n<\/p>\n
SHRI BASU DEB ACHARIA <\/a>: Lakhs and lakhs of our employees will be affected.\u00a0 This is the only social security that is today available to the employees of our country and that has also been, by enacting this law, withdrawn.\u00a0 That is why we are opposing this Bill at the introductory stage.\n<\/p>\n
KUMARI MAMATA BANERJEE <\/a>(CALCUTTA SOUTH<\/a>): Sir, I associate myself with what Shri Basu Deba Acharia has just now said.\u00a0 Pension fund should not go to the share market because we have to protect the interests of the employees.\n<\/p>\n
MR. SPEAKER<\/a>: I have not called her.\u00a0 However, it is being recorded.\n<\/p>\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 May I take this opportunity, with your kind permission, to make some observations?\u00a0 I am not against allowing anything to be raised here but it has to be within the rules.\u00a0 Rule 72 is very clear.\u00a0 Shri Radhakrishnan knows it very well.\u00a0 Had he been in the Chair he would not have allowed all these.\u00a0\u00a0\u00a0 The Rule says:\n<\/p>\n
\u201c If motion is opposed on the ground that the Bill initiates legislation outside the legislative competence of the House. \u201d  <\/p>\n
\u00a0  <\/p>\n
None of the hon. Members has mentioned that.\u00a0 It again says:\n<\/p>\n
\u201c Notice to oppose introduction of a Bill shall be \u2013 shall be \u2013 given by 10.00 hours on the day on which the motion for leave to introduce the Bill is included in the List of Business. \u201d  <\/p>\n
\u00a0  <\/p>\n
In the notice the Members shall specify clearly and precisely the objections to be raised.\u00a0 I have got two notices and nothing has been mentioned except that they want to oppose the introduction.\u00a0 I, therefore, cannot admit them.\u00a0 Shri Gurudas Dasgupta had come and met me.\n<\/p>\n
SHRI GURUDAS DASGUPTA <\/a>(PANSKURA<\/a>): With your kind indulgence, may I submit, Sir?\n<\/p>\n
MR. SPEAKER<\/a>: Yes, you may submit.\n<\/p>\n
SHRI GURUDAS DASGUPTA <\/a>: Sir, today I have given the notice late because my plane was late.\u00a0On many occasions you have allowed hon. Members from that side to raise issues in the House which are not in consistent with the rules.\n<\/p>\n
MR. SPEAKER<\/a>: Please do not refer to it.\u00a0 References are not necessary, Shri Dasgupta.\u00a0 Do not make such comparisons.\u00a0 I do not appreciate it.\u00a0 However, you may say that today because of non-functioning of the Ministry of Shri Praful Patel, you had come late.\n<\/p>\n
SHRI GURUDAS DASGUPTA <\/a>: I stand corrected.\n<\/p>\n
MR. SPEAKER<\/a>: I will allow you if your objection is on the question of legislative competence.\u00a0 It may not be treated as precedent.\u00a0 Please be brief.\n<\/p>\n
SHRI GURUDAS DASGUPTA <\/a>: Sir, I am opposing lock, stock and barrel to the Ordinance because it is a total misuse of the Ordinance.\u00a0 Since the scheme came into force on 1st January, 2004, the hon. Finance Minister would have come straight to the House with the Bill.\u00a0 The scheme was already in place.\u00a0 A Regulator was also in place.\u00a0 What was the hurry to issue the Ordinance?\u00a0 It is a total misuse of the Government power.\u00a0 I am opposing it.\n<\/p>\n
SHRI BASU DEB ACHARIA <\/a>: It may be referred to the Standing Committee.\n<\/p>\n
SHRI GURUDAS DASGUPTA <\/a>: I am opposing it because the Bill is an open backdoor policy.\u00a0Hon. Minister is playing his cards close to his chest.\u00a0 He is talking about the Regulator but he is not saying that he will be allowing money to go to the stock market[R17]\u00a0. He has his love for the stock market.\u00a0 He is going to the stock market.\u00a0 The interest of the workers will be affected.\u00a0 In the name of protecting the interest of all the private sector employees, I oppose it tooth and nail\u2026 (Interruptions)\n<\/p>\n
MR. SPEAKER<\/a>: All right.\u00a0 Contrary to the rules, I have allowed you.\n<\/p>\n
PROF. VIJAY KUMAR MALHOTRA <\/a>(SOUTH DELHI<\/a>): On the admissibility\u2026.. *   <\/p>\n
MR. SPEAKER<\/a>: Nothing will be recorded.\u00a0 With all humility, I have not called you. You are a knowledgeable person.\u00a0 Had you given one notice that would have been sufficient.\u00a0 I have allowed him only because his plane was late.\n<\/p>\n
PROF. VIJAY KUMAR MALHOTRA <\/a>: Sir, I am only saying that there was no need for this Ordinance.\n<\/p>\n
MR. SPEAKER<\/a>: Mr. Minister, do you want to say something?\n<\/p>\n
SHRI P. CHIDAMBARAM<\/a>: Sir, this Ordinance and this Bill are within the legislative competence of Parliament.\u00a0 On the merits of the Bill, I have had discussion and I will continue to discuss it.\u00a0We can debate it when the discussion takes place on the Bill.\u00a0 I would respectfully urge the hon. Members to state whatever objections they have got to the content of the Bill when the Bill is discussed.\u00a0 I will make every effort to satisfy them.\u00a0 Many of these apprehensions are without basis.\u2026 (Interruptions)\n<\/p>\n
MR. SPEAKER: The question is<\/a>:\n<\/p>\n
\u201cThat leave be granted to introduce a Bill to provide for the establishment of an Authority to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds and for matters connected therewith or incidental thereto.\u201d <\/p>\n
\u00a0  <\/p>\n
The motion was adopted.\n<\/p>\n
SHRI BASU DEB ACHARIA <\/a>: Sir, we are totally against the introduction of this Bill.\u00a0Therefore, we are walking out in protest.\u00a0\n<\/p>\n
\u00a0  <\/p>\n
\u00a0  <\/p>\n
* Not Recorded.\n<\/p>\n
 12.21 hrs.   <\/p>\n
(At this stage, Shri\u00a0Basu Deb Acharia and some other  <\/p>\n
hon. Members left the House.)  <\/p>\n
\u00a0  <\/p>\n
SHRI GURUDAS DASGUPTA <\/a>: Sir, this is totally going against the United Front\u2019s Common Minimum Programme.\u00a0 We oppose it.\u00a0 We shall vote against this.\u00a0I call upon everybody to join us in voting out this Bill.\u00a0 We are walking out in protest\u2026 (Interruptions)\n<\/p>\n
\u00a0  <\/p>\n
 12.22 hrs.   <\/p>\n
(At this stage, Shri Gurudas Dasgupta\u00a0 and some other  <\/p>\n
hon. Members left the House.)  <\/p>\n
\u2026 (Interruptions)\n<\/p>\n
MR. SPEAKER<\/a>: Leave is granted.\u00a0 The Minister may now introduce the Bill.\n<\/p>\n
SHRI P. CHIDAMBARAM<\/a>: Sir, I introduce * the Bill.\n<\/p>\n
————-<\/p>\n","protected":false},"excerpt":{"rendered":"
Lok Sabha Debates Introduction Of The Pension Fund Regulatory And Development … on 21 March, 2005 > \u00a0 Title: Introduction of the Pension Fund Regulatory and Development Authority Bill, 2005. \u00a0 THE MINISTER OF FINANCE (SHRI P. CHIDAMBARAM): Sir, I beg to move for leave to introduce a Bill to provide for the establishment of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-205262","post","type-post","status-publish","format-standard","hentry","category-judgements"],"yoast_head":"\nIntroduction Of The Pension Fund Regulatory And Development ... on 21 March, 2005 - Free Judgements of Supreme Court & High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/introduction-of-the-pension-fund-regulatory-and-development-on-21-march-2005\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Introduction Of The Pension Fund Regulatory And Development ... on 21 March, 2005 - 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