 bill no 128 of  2009 the meritorious students (assistance in higher studies)  bill, 2009 by shri  kc singh "baba", mp a billto provide for loan facilities to meritorious students for pursuing their higher studies and for matters connected therewithbe it enacted by parliament in the sixtieth year of the republic of india as follows:—short title and extent1 (1) this act may be called the meritorious students (assistance in higher studies)act, 2009(2) it extends to the whole of india 2 in this act, unless the context otherwise requires:—definitions5(a) "bank" means any nationalised bank and includes any financial institutionwhich is owned by or is under the control of or where fifty one per cent of shares are held by the central government or is receiving aid from the central government;(b) "higher studies" means and includes courses in medicine, engineering or management or any professional course in any field or vocation or research in any field from any recognized college or a university or an institution;(c) "meritorious student" means a student who has secured a minimum of seventy-five per cent marks in the higher secondary examination; and5(d) "prescribed" means prescribed by rules made under this act3  all meritorious students shall be provided with loan from the banks for pursuing their higher studies:banks to provide loan to meritorious students10provided that the loan shall be sanctioned only to such students whose family incomefrom all sources is not more than ten thousand rupees per monthexplanation—for the purpose of this section, "family" means husband, wife and their dependent childrenapplication for loan4 (1) any student who fulfils the provisions of section 3 and who wishes to pursuehigher studies may make an application to the concerned branch of any bank15(2) an application made under sub-section (1) shall be disposed of within one monthfrom the date of receipt thereofamount ofloan5 (1) the loan shall be payable to the eligible student till he completes the course forwhich the loan is applied for20(2) the amount of loan payable shall cover the entire cost of education which shallinclude course fees, study material, hostel fees, if any, and any other expenditure in connection with the education(3) the bank shall make the payment directly to the head of the college or  universityor institution where the student is studying6 (1) the loan shall be given to an eligible student without any security or guarantee:25provided that the bank may demand from the student such details and documentaryproof, as it may deem fit, before sanctioning the loanterms andconditions of sanction and repayment of loan(2) the loan shall be recovered from the students in equal monthly instalments withsimple interest at the rate of five per cent per annum immediately after the student gets a job on completion of his study:provided that the loan shall be repaid within four years from the date of getting job30power tomake rules7 (1) the central government may, by notification in the official gazette, make rulesfor carrying out the purposes of this act35(2) every rule made under this act shall be laid, as soon as may be after it is made,before each house of parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions,  and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both houses agree in making any modification in the rule or both the houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule40 statement of objects and reasonsthe higher education, especially medical and engineering education has become very expensive the meritorious students who come from the lower strata of society are unable to afford the fees charged for such courses and are, therefore, deprived of higher studies this will have an adverse effect on the nation building activityit is, therefore, necessary that banks extend concessional financial assistance at nominal rate of interest to meritorious students to enable them to pursue their studies unhindered and contribute to nation buildingthe bill seeks to achieve the above objectivesnew delhi;kc singh "baba"november 5,  2009 memorandum  regarding  delegated  legislationclause 7 of the bill empowers the central government to make rules for carrying out the purposes of the bill these rules will relate to the matters of detail only the delegation of legislative power is, therefore, of a normal character———— a billto provide for loan facilities to meritorious students for pursuing their higher studies and for matters connected therewith————(shri kc singh "baba", mp)gmgipmrnd—5067ls—08-12-2009