ANNEXU RE C This is only a Model Act India Post (Financial and Other Services) Corporatio n Act Whereas, the Government o f India set up a task force to study and make recommendations regarding leveraging the post office network, through administrative re-organization, and appropriate empowerment, to reach comprehensive sets of services to rural India, including to further the role of post office in financial inclusion, including insurance products and generally to make the post office financially viable, and; Whereas, the task force has submitted its recommendations and with a view to giving effect to the same, be it enacted by Parliament in this …….year of Republic, as follows: Chapter I 1. Short title and commencement. – ( 1) This Act may be called the India Post (Financial a nd Other Services) Corporation Act. (2) It extend s to the whole of India (except Jammu & Kashmir). (3) It shall come into force on s uch date as the Govt. of India by Notification specify; (different dates may be specified for enforcing different provisions and in respect of different States.) Department of Posts, Ministry of Communication s & IT, Government of India Page 1 66 of 170 Report of Task Force On Leveraging The Post Office Network Empowering Rural India 2. Definitions.- In this Act, unle ss the text otherwise requires, - (a) “Allied services” shall include provision of e-services for the General public, bill collection and payment activities, facilitation of documents, certificates, application forms and the like on commercial basis, including management of Govt. services, like Aadhar, Kisan Vikas Patra and the like on agency or other basis. (b) “Banking ” includes, receiving deposit and lending (c) “Government” shall mean the Government of In dia (d) “Insurance” shall include lif e insurance, crop insurance, health, a ccident and ge neral insurance and other ty pes. (e) “Parcels and Pack ets Serv ice” shall include couriering or con veying parcels and packets with in and outside Indi a with or without any collab oration with other entities. (f) “Rules –Regulations” shall b e those made under this Act. Words and phr ases not d efined he rein but defined in the Gov ernment Savings Bank Act 1873 and the Governm ent Savin gs Certificate Act 1959 and used herein shall have the sam e meaning as given under th e respective Acts. Chapter II 3. Establishment and incorporation of India Post (Fina ncial and Other Services) Corporation. (1) With effect from such date as the Governmen t may, by notification in the Official Gazette, appoint, there shall be established a Corporation called the India Post (Financial and Other Services) Corp oration referred to here inafter as ‘the corp oration’. Depar tment of Posts, Ministry of Communication s & IT, Government of India Page 1 67 of 170 Report of Task Force O n Leveraging The Post Office Network Empo wering Rural India (2) The Corporation s hall be a body corporate ha ving perpetual suc cession and a common seal wi th power, subject to the provisions of this Act, to acquire, hold and dispose of property, and may by its name sue and b e sued; and also power to recom mend to the Government creation o f subsidia ries as strategic business units. 4. Constitution of the Corporation. – ( 1) The Corporation shall consist of such n umber of persons not excee ding [sixteen] as t he Government may think fit to appoint th ereto and one of them shall be appointed by the Government to be t he Chair man thereof. (2) Before appointing a person to be a member, the Central Government shall satisfy itself that th at person will have no such financial or other i nterest as is likely to affect prejudicially the exercise or performance by him of his functions as a member, and the Central G overnment shall also satisfy itself from time to time with respect to every member that he has no such interest; and any person who is, or whom the Central Govern ment proposes to appoint and who has consented to be, a member shall, whenever required by the Central Government so to do, furnish to it such information as the Central Government considers necessary for the performance of its duties under this sub-section. 5. Capital of the Corporation.-(1) The original capital of the Corporation shall be _____crores of rupees provided by the Government (2) The Government may on the recommendation of the Corporation create one or more subsidiary Corporations by notification in the official gazette to deal with different activities covered here under and may specify the capital Department of Posts, Ministry of Communication s & IT, Government of India Page 168 of 170 Report of Task Force On Leveraging The Post Office Network Empowering Rural India structure, the source of financing and the composition of the separate Board of Directors. Chapter III 6. Powers and Functions of the Corporation.- ( 1) Subject to the rules, if any, made by t he Centra l Governm ent and without prejudice to the provisions of the Indian Post Office Act and notwithstanding anything contained in any other law for the time being in force, the Corporation shall so exercise its powers as to fulfill the objects of this Act. (2) Without prejudice to the generality of the pro visions contained i n sub- section (1), the Corporation may recommend to the Government from time to time to notify subsidiary autonomous corporations to deal with subjects like banking, business, insurance, parcel handling and such other activities falling under the purview of this Act; and to specify appropriate terms and characteristics for each of the subsidiaries. (3) The subsidiary Corporations shall be so designed as to independently carry out their functions by themselves or with arrangements with others to establish offices to appoint personnel to acquire, hold and dispose of property and of incidental matters. 7. Transfer of Existing Banking business, asset and Activity of Post ffices: The Government may by notification with effect from the date specified and subject to such terms and conditions as it deems fit transfer the existing busine ss and activities un der the Government Savings Banks Act, 1873 a nd the Government Savings Certificates Act, 1959 and the as sets and liabilities held or owed thereunder to the corporation or to it s subsidiary dealing with Banking. 8. Power to Levy fees: (1) The Corporation and the subsidiary Corporations shall be entitled to deter mine and levy such fees or charges as found necessary in the conduct of their business. Department of Posts, Ministry of Communications & IT, Government of India Page 1 69 of 170 Report of Task Force O n Leveraging The Post Offi ce Network Empowering Rural India (2) The aim of every one of the subsidiaries shall be to attain financial independence at the shortest possible time and to be able to support financially the conventional activities of the post offices. (3) The subsidiary Corporations shall be subject to Rules or regulations if any free to negotiate and utilize the facilities and manpower available in the existing post offices on such terms and conditions as agreed to between the parties. Accounting and Auditing (In line with Secti ons 24, 25, 27 and 29 of LIC A ct) Chapter I V Power of the Government to Give Direction to remove difficulties; – us ual clause Rule and Regulation ma king pow er. In line with ss.4 8 and 49 o f LIC Act
Posted on: Sat, 06 Dec 2014 03:40:56 +0000
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