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PUNJAB GOVT TO BRING FRESH BILL IN ASSEMBLY TO PROTECT DEPOSITERS’ INTERESTS IN FINANCIAL ESTABLISHMENTS

ALLOWS ONE-TIME OPPORTUNITY FOR REGULARISATION OF UNATUHORISED COMMERCIAL ESTABLISHMENTS IN AMRITSAR GALIARA

 

Chandigarh, September 20

Concerned over the mushrooming growth of fraudulent financial establishments in the state in recent past, the Punjab Cabinet has approved the introduction of a fresh Bill in the Vidhan Sabha to protect the interests of depositors against default.

The cabinet, at its meeting chaired by Chief Minister Captain Amarinder Singh, decided to withdraw the Punjab Protection of Interests of Depositors (in Financial Establishments) Bill, 2015, which was earlier sent to the Government of India for obtaining the assent of President of India and was pending with the Ministry of Home Affairs, GoI.

This decision was taken at the Cabinet meeting, chaired by Punjab Chief Minister Captain Amarinder Singh here on Wednesdayafternoon.

The move follows serious complaints received by the State Government, the Reserve Bank of India and the Securities and Exchange Board of India against many financial establishments alleged to be indulging in unscrupulous activities to fleece innocent depositors. These establishments are found to be making impracticable or commercially unviable promises or by offering highly attractive rates of interest or rewards, with no intention of fulfilling their obligation of refunding the deposits on maturity or rendering proper services assured to the investors at the time of accepting the deposits.

The Cabinet, in another decision, decided to provide a one-time opportunity for the regularization of unauthorized commercial establishments in the ‘Amritsar Walled City’ (galiara), through amendment to Section 3 (2) and Section 5 of the Amritsar Walled City (Recognition of Usage) Act, 2016. Under the amendment to Section 3 (2), the applicant shall thereafter submit the required information in form-B alongwith all the requisite documents/plans and such application fee as may be prescribed by January 31, 2018. The amended Section 5 stipulates that the competent authority shall pass the final order and finalize the same under this Act by July 31, 2018.

In a bid to enhance the efficiency of judicial officers and provide other retirement benefits at the time of pre-mature retirement, the Cabinet also decided to approve amendments to Rule-8, Rule-10 & Rule-20 of Punjab Superior Judicial Service Rules, 2007, and insertion Part-FF in the Punjab Civil Services (Judicial Branch) Rules, 1951.

With a view to handling VIP flying and resolving other important department issues like aviation training and infrastructure development, the Cabinet also gave a go ahead to appoint Col. RPS Mahal as senior Advisor in the Department of Civil Aviation, initially for a period of three years which could be subsequently extended by two years.