| the banking service   | comhissio:   | (repeal)     | bill,     ||-----------------------|---------------|--------------|-----------|| rto                   |               |              |           || be/as                 | introduced    | in           | lok sabha || 7                     |               |              |           || 1 -                   | page          |              |           || 5,                    |               |              |           || line                  |               |              |           || 5,-                   |               |              |           || i2!                  |               |              |           || "sub-section"         | re,ad         | "sub-clause" |           || new delhi;            |               |              |           || november              |               |              |           || 15,                   | 1977          |              |           || kartika               |               |              |           || 24,1899               |               |              |           || (saka)                |               |              |           |\ bill no 1ft of 1811  ,i(';  i "", 9i11  the ~anking service commission (bepeal) bill, ~a77 - bijjl 1: to repeal the banking' service commibrion act, wts:· bs it en-eted bypariiunant in ,the 'fw~ntb~th :v  ,0lthe republic of india as follows:-l  (1), 'mus act mqbe ·ealhdtbe bukiqg srief!,~mi8siod short title ~ ailt" 17-7 and com-5 (2) "it shall  be deemed to have come into force on the 19th da, of mencement september, 1977 ' deftnitions 2 i in ,tqt; ~ct \lnl~", ~lut cqutex't otherw'iare' ,r~w~,~ ~a) "appoated day" ,means :the ,18th da, ,of8eptamber~ j87f1; (h,) , ''banjd~~ service commi  ion" means the bank1ri~ service cq~miqion es~a:bushed under ",ectfon 3 of 1he 1)anld~g se~e com-10 42 of 1975 ~ias1oil act, ijf,(s' ,iii,  " , , 3 on the appointed day, the banking service commission act, 1975, smu s~ :rep1raled and the b~ servicec~n saalj ,st-nd dil8qlved repeal of a4:t 42 of 19'115 ,ltpa 1be d!uolu tion of the banking service commil dcm , on the dissolution of the banking service comntission,"":' cod!ecluen~ tla1 provilions (4) (i) the person appointed as the chairman of the bankirig service commission; and  (ii) every other person appointed by the banking service commission and holding office as such immediately before thie appointed day shall vacate their respective offices and no such chairman or other person shall be entitled to claim any compensation for the premature termination of the term of his oftice or of any contract of service; (b) any proceeding of whatever nature pending before the 10 banking service commission immediately before the appointed day shall stand terminated; (c) the balance of all monies (including any fee) received by, or advanced to, the banking service commission and not spent by it befoll"e the appointed day qh:all, on the appointed day, stand trans- is ferred to, and shall vest in, the central government and shall be utilised for rthe purposes of clauses ~e) and (/); (d), all property of whatever kind owned by, or vested in, the banking service commission immediately before the appointed day, shall, on the appointed day, stand transferred to, and shall vest in, 20 the central government; (e) all liabilities and obligations of wha1iever kind incurred by the ~g service commission and subsisting immediately before ·the appdinted day shall, on and from the appoin:ted day, 00 deemed to be thie liabilities or obligations, as the case may be, of the central 25 government; and any proceeding or cause of action, pending or existing immediately before the appointed day by or aaainst the banking service commission in relation to such liability or dbligation may,  : as from thlal aj)pohltad day, be continued or enforced by or against the central government 30 el1'planation~for the purposes of this cla\ule, "uability" does :iwt include any liability for any money advanced 10 the banking·service commission under sub-section (,3) of section 19 of the banking ser  vice commission act, 1975; 42 01 1975 (1)  all moni~ vested in ~ central, povemment un~ clawje 35 (c) sbtall, after deducting the amount incu,rred for discharging the ua'bilities and obligations under daule (e), be refunded by the central government to each public sector bank as defined in clause (h) of secuqil 2 of t~ banlwig service commission act, 1975, in pro-42 of 1975 portion to the 'amount advanced by such public sectqr bank to the 40 banking servk:e commission under 9ub-section (3) of section 19 of that act - 10 of 19'71 s (1) 'the baj1kihg service comntission (repeat, ordinance, 1977 is hereby repealed  , (2) notwithstanding such repeal, anything dane or any action taken 4' udder the ordinance so repealed shall be deemed to have been done or taken under the corresponding provisions of this act  statement of objects and reasons(the banldn:g srvice coliliilibsion act, 1975, was enacted with a view to providing for the establishment of a commission for the selection of personnel far appointment to services and posts in public sector banks although the banking service commission was establisbed late in february, 1977, it had not started actual recruitment of personnel for public sectof' banks the need· for such a commission was reviewed and it was felt that a centralised system of recruitment in banks, as envisa~ by that act, was likely to interfere with the autonomy and flexibility in the functioning of the public sector banks and that having regard to the large number of persons to be recruited each year, such a system, even with regional offices, was likely to make the recruitment process unwieldy and' cumbersome the object of attaining uniformity, 1mpar~ tiality and objectivity in selection procedures continues to be important, and it was felt that this could be better achieved if suitable guidtelines were issued by the central government to the banks and a machinery established which will funotion in a d~entralised manner and which wliu also be run by the bankst themselves ~t was, therefore, decided to repeal the banking service commission act, 1975, and to dissolve the banking service commisbion, with suitable saving provisions the banking service commisfion (repeal) ordinance, urn, was accordingly promulgated ·on the 19th september, 1977 the bill seeks to replace the ordinance new delhi; h mpatel the 5th november, 1977 8u1:rcla\lle~ (c) and, td) of clause 4 of the bill p!l'cwide that ~the balance of all monies received by, or advanced to ,the banking service camminionand not spent by it as well as all property of wbatever kbld olll,uld by, or veated in, the -commission ,shall 8t~ transfel'qed to, add shall \llest in, the central govemment the total amount of thebalanoe money so tranfierred to the c-entral government is ri 1,55,39086 2 under sub,clause (e) of clause 4 of the bui all liabilities and obliga~i~ of whatever kind inc:urred by the banking service comrnl,," siop and subsisting shall be deemed to be the liabilities or obligations of the central government the knownliabi1iti~ and obligat~onb assumed by the central :government under this sub-cla~e work up to ri 30,000/- 8 under sub-clause (f) of clause 4 of the bill, all monies vested in thecentt'al government under sub-clause (c) at that clause shall, after deducting the amount incu':red for discharging the uabuities and obligations under sub-clause (e) of that clause, be refunded by the 'central govel'llment to each public sector bank ,in proportion to >the &moddtadvaneed by such public sector bank to the banking se!'vice ~ommission under sub-section (3) of sectlon 19 ,of the banldng service 'commission act, 1975 the total amount 80 required to be refunded 110 public sector banks is likely to be rs 7,35,39066 4 the bill if enacted and brought into operation is not likely to involve any recurring or non-recurring expenditure from the consolidated fund of india '  memorandum regtlrding modification contained in the bill to replace the banking service commission (repeal) ordinance, 1977 the bill closely follows the ordinance with a slight modification explained below 2 in sub- ~~~) of clause 4 of the bill, the words, brackets and letters oland shall be utilised for the purposes of clauses (e) and (f)" have been inserted at the end this modification is of a clariflcatory nature i - -', >", !' '·1 ~: "/' ,~ i ,'-i a bill to repeal the banking service commission act, 1975 - (shri h m patel, minister of finance and revenue and banking) 