Our Correspondent
Kohima | August 6
The fourth session of 13th Nagaland Legislative Assembly (NLA) today introduced two Government Bills on Nagaland Protection of Interests of Depositors (In financial establishments) (Amendment) Bill 2018 and Amity University Nagaland, Act 2011 (Repeal) Bill, 2019.
Chief minister Neiphiu Rio, who also holds the portfolio of finance, moved the introduction of Bills on Nagaland Protection of Interests of Depositors (In financial establishments) (Amendment) Bill 2018.
Minister for Higher & Technical Education Temjen Imna Along moved the introduction of Amity University Nagaland, Act 2011 (Repeal) Bill, 2019. NLA speaker Vikho-o Yhoshu informed the House that the consideration and passing of the said two bills shall be taken up on August 8.
Nagaland protection of interests of depositors
In statement of objects and reasons, it stated that the Nagaland Protection of Interests of Depositors ( in Financial Establishments) Act, 2014 ( Act No.9 of 2015) sought to check the activities of financial establishments engaged in the business of receiving deposits under various schemes from public and safeguard the interests of the depositors.
“There have been developments in the Act in other states over the period, necessitating amendments in the Principal Act. The Nagaland Protection of Interests of Depositors (in Financial Establishments) (Amendment) Bill, 2018 will bring into effect a comprehensive mechanism to check and regulate the activities of financial establishments in the state,” stated Rio.
The proposed Bill seeks to give effect to the above objects, it added.
The financial memorandum stated that the introduction of the Nagaland Protection of interests of Depositors (in Financial Establishments) (Amendment) Bill, 2018 will entail expenditure on the consolidated fund of the state as certain functionaries namely, special courts in the rank of District and Session Judge and Special Public Prosecutors have to be appointed to execute the provisions of the Bill. However, at this stage, it will be difficult to make an estimate of the expenditure involved.
Amity University, Nagaland, Act, (Repeal) Bill, 2019
This Bill is to authorize repeal of Amity University Act passed by the Nagaland Legislative Assembly on the recommendation of the state cabinet.
In a statement of object and reasons, it stated that the object of this Bill is to repeal the Amity University Nagaland, Act 2011. Even after 8 ( eight) years of passing of the Act, 2011, the sponsoring body failed to deposit the endowment fund and further failed to establish the University, and there has been no initiative whatsoever, from the sponsoring body. Therefore, the Department proposes to repeal the Amity University Act, 2011.
The financial statement stated that the implementation of the Amity University Nagaland Act, 2011( Repeal) Bill, 2019 does not involve any recurring or non-recurring expenditure from the consolidated fund of the state of Nagaland.
