Books & Magazines
5 Dec 2024
The Lok Sabha passed the Banking Laws (Amendment) Bill, 2024 via a voice vote.
About Investor Education and Protection Fund (IEPF)Establishment: The IEPF was established under the Companies Act, 1956, as amended by the Companies (Amendment) Act, 1999. Aim: To promote investor awareness and ensure the protection of investors’ interests. Administrative Authority: The Investor Education and Protection Fund Authority (IEPFA), operating under the Ministry of Corporate Affairs, is responsible for administering the IEPF. |
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| Feature | Earlier Provision | New Provision |
| Nominees | Up to 2 nominees | Up to 4 nominees, with option for simultaneous or successive distribution |
| Substantial Interest in Shareholding for Directorship | ₹5 lakh | ₹2 crore |
| Tenure of Directors in Co-operative Banks | Maximum 8 years | Maximum 10 years |
| Common Directors in Co-operative Banks | Not allowed | Allowed for central co-operative bank directors on state co-operative bank boards |
| Unclaimed Amounts | Unclaimed for 10 years transferred to IEPF | Unclaimed for 7 years transferred to IEPF |
| Claiming from IEPF | Limited to legal heirs | Individuals can directly claim transfers or refunds |
| Auditor Remuneration | RBI approval required | Bank’s decision |
| Definition of Fortnight | 1st-15th and 16th-end of month | 1st-15th and 16th-end of month (clarified) |
| Mon | Tue | Wed | Thu | Fri | Sat | Sun |
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| 1 | 2 | 3 | ||||
| 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| 11 | 12 | 13 | 14 | 15 | 16 | 17 |
| 18 | 19 | 20 | 21 | 22 | 23 | 24 |
| 25 | 26 | 27 | 28 | 29 | 30 | 31 |
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