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Odisha Cabinet Nod for Change in Depositors Act

Published: 27th February 2016 07:02 AM  |   Last Updated: 27th February 2016 07:02 AM   |  A+A-

BHUBANESWAR: The Cabinet on Friday approved the proposal for amendment of Odisha Protection of Interests of Depositors (in financial establishments) Act, 2011 to make the provisions more stringent.

For the first time, 'small depositors' will be defined. The amendment defines a small depositor as one who has deposited less than Rs 10,000, Chief Secretary AP Padhi said. Besides, the amendment proposes giving priority to payment to small depositors and includes the legal heirs of such depositor in case of his/her death.

The amendment of Section 6 of the Act has proposed to enhance the fine for persons managing fraudulent financial establishments, from Rs 1 lakh to Rs 10 lakh and for financial establishments, from Rs 2 lakh to Rs 1 crore.

Padhi said the competent authority is proposed to be granted power to sell property which is subject to speedy and natural decay quickly for maximum realisable amount to safeguard the interest of depositors.

Besides, the Cabinet approved proposal for amendment of BPUT Act, 2002. It has been proposed to redefine the term 'constituent college' in the Act to include three new Government engineering colleges at Bhawanipatna, Berhampur and Keonjhar. Besides, Institute of Management and Information Technology, Cuttack and College of IT and Management Education, Bhubaneswar will brought under the BPUT fold.

As per the amendment proposal, Minister for Skill Development and Technical Education will be the Pro Chancellor of BPUT. Besides, the term of the Vice-Chancellor will also be reduced to three years from five years. An OAS officer not below the rank of Joint Secretary will be appointed as Registrar while an OFS officer not below the rank of Joint Secretary will be the finance officer of the university.

The Cabinet approved the proposal to lift restriction on Odisha State Beverages Corporation Limited for recruitment of personnel on its own for filling up sanctioned posts.

The proposal to launch a scheme for regeneration of forest on 2.6 lakh hectare land with a project cost of Rs 1170 crore was approved. The scheme will be implemented for six years from 2016-17 to 2021-22. Besides, the decision to allot Government land at 15 places in Malkangiri district free of cost to BSNL was taken for construction base transceiver stations (BTS).

Besides, the proposal for lease of 60 acres of land in favour of LMJ International Limited, Kolkata at Nildunguri in Jujomura tehsil of Sambalpur district for construction of terminal market complex was approved. Besides, 2.5 acres of land each at Bargarh, Kalahandi, Sundargarh, Nuapada and Boudh will also be leased out to the company for setting up collection centres.

The Odisha Industrial Security Force (Method of Recruitment and Conditions of Service of constables) Rules, 2014 will also be amended to allow the benefit of extra marks for sports achievements to women candidates.



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