Hry Cabinet approves rule to protect interest of depositors

The Haryana cabinet today gave its nod to the rules for implementation of the Haryana Protection of Interest of Depositors (in Financial Establishment) Act, 2013 to protect the depositors from being duped by different ponzi schemes.
The main purpose of the rules is to facilitate the implementation of the Act under which it will be ensured that the depositors are not duped by different ponzi schemes through fraudulent practices and measures, an official statement said here today.
The Act provide for penal provisions for promoters of financial establishment defaulting in repayment of deposits and interest thereof.
Great stress has been laid by the Reserve Bank of India on framing of rules under the Act to ensure that the provisions of the Act are given effect through proper administrative machinery, the release said.

The Cabinet, led by Chief Minister Manohar Lal Khattar, also approved the Gurugram Metropolitan Development Authority (GMDA) ordinance, which aims at sustained and balanced growth of Gurugram metropolitan area.
Also, it approved the amendment in Rule 42 of the Haryana Value Added Tax Rules, 2003, to facilitate speedy disposal of refund files and enhance ease of doing business in the state.

As per the approved rules of Haryana Protection of Interest of Depositors (in Financial Establishment) Act, 2013, eEvery financial establishment which commences or carries on its business as such in the state on the date of notification of these rules would make a report to the District Magistrate (DM) and the Superintendent of Police (SP) of the district in Form-I within a period of 15 days.

Every financial establishment which has been carrying on business as such prior to the date of notification of these rules would make such report to the DM and the SP of the district in Form-I within a period of 15 days.
The competent authority may examine the complainant and the witnesses, if any, or any person or office-bearer or employee of financial establishment who, in his opinion, would be able to give any information about the financial establishment in respect of which an order of attachment has been made by the DM and such examination would be recorded in writing.

On receiving a complaint under the Act, the DM would forward it to the government within a period of one month.
As per amendments to the Haryana Value Added Tax Rules, 2003, now refunds up to Rs 50 lakh arising in a single order, will not be required to be taken up at the headquarters level as would be allowed at the district or the range levels.
Also, a committee comprising three senior most Additional Excise and Taxation Commissioners posted at the headquarters will be set up.
The committee will be competent to allow refund arising from a single order of the amount above Rs 50 lakh.

As per the Gurugram Metropolitan Development Authority (GMDA) ordinance, 2017 the Gurugram metropolitan area would be developed in a sustained and balanced manner by providing quality of life and reasonable standard of living to the residents through generation of employment opportunities.
The ordinance seeks to provide for integrated and coordinated planning, infrastructure development and provision of urban amenities, mobility management, sustainable management of urban environment, and social, economic and industrial development, the release said.
Under the ordinance, the state government may, by notification, declare any area falling within the limits of controlled areas in Gurugram district to be notified area, having the potential for urban expansion.

The Chief Minister will be Chairperson of the Authority. Apart from this, there will be a Residents Advisory Council to advise the Authority and provide guidance on the exercise of its powers and performance of its functions. The Residents Advisory Council will consist of Chief Executive Officer, who will preside over its meeting, and other members.
The Council will monitor implementation of the annual plan of action for infrastructure development, mobility management plan, and plan for sustainable management of urban environment and make such recommendations.
These recommendations, along with an explanatory memorandum of the action taken or proposed to be taken, will be placed by the Chief Executive Officer before the Authority.

The Authority may recommend to the state government to acquire land for the purposes of the Authority and purchase, exchange, transfer, hold, lease, manage and dispose of land.
Also, the Authority may acquire land for implementation of plans for infrastructure development and sustainable management of the urban environment, in exchange for transferable development rights issued in lieu of payment towards cost of land in such manner and for such exchange value as the Authority may, in accordance with the policy in this regard notified by the state government, determine.