Employees' State Insurance (Central) Second Amendment Rules, 2018

Oct 31, 2018 | by Avantis RegTech Legal Research Team

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The Ministry of Labour and Employment had published a draft containing amendment in the Employees' State Insurance (Central) Rules, 1950 inviting objections and suggestions from all persons likely to be affected thereby before the expiry of a period of 30 days from the date on which the copies of the Official Gazette containing the said notification was published were made available to public.

Since no objection or suggestion has been received from any person in respect of the said draft rules within the period specified above, therefore, the Central Government, after consultation with the Employees' State Insurance Corporation, has makes the Employees' State Insurance (Central) Second Amendment Rules, 2018 to further amend the Employees' State Insurance (Central) Rules, 1950.

In the Employees’ State Insurance (Central) Rules, 1950, in Rule 21 which give provision for bank or banks for depositing the Fund, in sub-rule (1),—

(i) in the proviso, which reads as “Provided that any moneys may also be paid directly to the account of the Fund in any such bank.”, for the words “any such bank”, the words “any scheduled bank authorised for Government agency business” shall be substituted.

(ii) for the Explanation, the following Explanation shall be substituted, namely:

“Explanation.—

(a)    “ Nationalised Bank” means a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980);

(b)   “scheduled bank” means a scheduled bank referred to in section 42 and specified in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934);

(c)    “authorised bank for Government agency business” means banks notified by the Department of Expenditure in the Ministry of Finance vide office memorandum number S-11021/1(20)/Rly/2008/RBD/2018, dated the 7th December, 2016, as amended from time to time.”

[G.S.R. 1021(E)]

URL: http://www.egazette.nic.in/WriteReadData/2018/190948.pdf


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