no-offshore-investing-for-indian-pensions

No offshore investing for Indian pensions

Regulator will not relax rules on offshore investment, but predicts Indian insurance market will hit $90 billion by 2025 under new pensions law .
Insurers in India are not going to be allowed to send money offshore under the forthcoming pensions bill, according to Meena Chaturvedi, executive director of IndiaÆs Pension Fund Regulatory and Development Authority PFRDA.

Speaking at the annual LOMALIMRA Strategic Issues Conference in Hong Kong, Chaturvedi says there would be no change to the regulations that now bar insurance companies from sending funds offshore.

The exposure to offshore investment will be the same as the rules for insurers at present, she says.

The PFRDA bill, which will establish a defined contribution system targeting the 320 million workers of IndiaÆs informal sector, is expected to be ratified by India's parliament by August, and at...
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