Kohima, August 6: On the first day of fourth session of 13th Nagaland Legislative Assembly (NLA), the Government introduced two important bills on financial establishments and Amity University.
The Nagaland Protection of Interests of Depositors (in Financial Establishments) (Amendment) Bill 2018 was introduced by Chief Minister Neiphiu Rio, who also holds the finance portfolio.
In the statement of objects and reasons, Rio said The Nagaland Protection of interests of Depositors ( in financial establishment) 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.
Maintaining that there have been developments in the Act in other states over the period, necessitating amendments in the principal Act, Rio said the Nagaland Protection of Interests of Depositors (in financial establishment) (Amendment) Bill, 2018 will bring into effect a comprehensive mechanism to check and regulate of financial establishments in the State.
The second bill Amity University Nagaland, Act 2011 (Repeal) Bill, 2019 was moved by Minister for Higher & Technical Education, Temjen Imna Along.
The Bill seeks to authorize revocation of Amity University Act passed by the State Assembly on the recommendation of the State cabinet in 2011.
In the statement of object and reasons, Minister Along said even after eight years of passing of the Act, the sponsoring body failed to deposit the endowment fund and further failed to establish the University, while there has been no initiative whatsoever, from the sponsoring body.
Therefore, the Department proposed to repeal the Amity University Act, he said.
NLA speaker Vikho-o Yhoshü informed that the consideration and passing of the two bills would be taken up on August 8 while members can submit amendments, if any, till 2 pm tomorrow. (Page News Service)