The much-awaited New Pension Scheme was finally launched on May 1, 2009. But on the very next day the Pension Fund Regulatory and Development Authority (PFRDA), fell into controversy -- from a very surprising source.
No we are not talking about the ultimate beneficiaries of this scheme, the people of India, complaining about the scheme’s shortcomings -- NPS is an excellent vehicle to source retirement benefits from.
It was he Election Commission (EC) that has actually served a notice on the PFRDA for non-compliance of poll panel’s directions on advertisements that appeared in newspapers.
The EC has asked PFRDA to explain by May 5, why the advertisements were different from the ones that were cleared by the poll panel. The Election Commission allowed the advertisements regarding the scheme on a precondition that it would not showcase any picture of a clock as this is a symbol of a recognised political party.
Though the PFRDA had indicated that it would adhere to the advice of EC, but deviations and non-compliance were found in the contents of the advertisements.
It has been proved again, that even the most non-controversial schemes in India can generate the hottest of controversies—and the scheme is not even a week old yet.