 bill no 230 of  2016 the meritorious students (assistance in higher studies) bill, 2016 by dr ramesh pokhriyal 'nishank', mp a billto provide for loan facilities to meritorious students for pursuing their higher studies and for matter connected therewithbe it enacted by parliament in the sixty-seventh 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, 2016(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;10(b) "higher studies" includes courses in medicine, engineering or managementor 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 or senior secondary examination; and(d) "prescribed" means prescribed by rules made under this act53 every meritorious student shall be provided with loan from the banks for pursuingtheir higher studies:banks to provide loan to meritorious studentsprovided that the loan shall be sanctioned only to such students whose family incomefrom all sources is not more than twenty-five thousand rupees per monthexplanation—for the purpose of this section, "family" means husband, wife andtheir dependent children10applications for loan4 (1) any student who fulfils the criterion specified in section 3 and who wishes topursue higher studies may make an application to the concerned branch of any bank(2) an application made under sub-section (1) shall be disposed of within one monthfrom the date of receipt thereofamount of loan5 (1) the loan shall be payable to the eligible student till he completes the course forwhich the loan is applied for15(2) the amount of loan payable shall cover the entire cost of education includingcourse 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 studying206 (1) the loan shall be given to an eligible student without any security or guarantee:provided that the bank may demand from the student such details and documentaryproof, as it may deem fit, before sanctioning the loanterms and conditions of sanction and repayment of loan25(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 securing a jobpower to make rules7 (1) the central government may, by notification in the official gazette, make rulesfor carrying out the purposes of this act30 35(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 rule 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;ramesh pokhriyal 'nishank'august 11, 2016 memorandum  regarding  delegated  legislationclause 7 of the bill empowers the central government to make rules for carrying out the purposes of the bill as the 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 matter connected therewith————(dr ramesh pokhriyal 'nishank', mp)gmgipmrnd—2577ls(s3)—30-09-2016