 bill no 144 of  2015 the technology bank of india bill, 2015 by shri chandrakant khaire, mp a billto provide for establishment of a technology bank to assist professionals engaged in research work in various disciplinesbe it enacted by parliament in the sixty-sixth year of the republic of india as follows:—1 (1) this act may be called the technology bank of india act, 2015 (2) it extends to the whole of indiashort title, extent and commencement(3) it shall come into force on such date as the central government may, by notification in the official gazette, appoint52 in this act, unless the context otherwise requires,—definitions(a) "bank" means the technology bank of india constituted under section 3; (b) "prescribed" means prescribed by rules made under this act; and5(c) "professional" means a researcher or a scientist engaged in research work in space, engineering, energy, medicine including all systems of indian medicine, agriculture, chemicals, defence, environment, food processing, non-conventional energy sources, petroleum and allied products, science and technology including biotechnology, electronics, ocean development, shipping and roadways or aeronautics| 3 (                                                                                               | 1                                                                              | ) the central government shall establish a bank to be known as the technology            ||----------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|------------------------------------------------------------------------------------------|| bank of india with its headquarters at new delhi                                                  |                                                                                |                                                                                          || 10                                                                                                 |                                                                                |                                                                                          || establishment                                                                                      |                                                                                |                                                                                          || of                                                                                                 |                                                                                |                                                                                          || technology                                                                                         |                                                                                |                                                                                          || bank of                                                                                            |                                                                                |                                                                                          || india                                                                                             |                                                                                |                                                                                          || (                                                                                                  | 2                                                                              | ) the central government shall establish a branch of the bank in every state union       || territory                                                                                         |                                                                                |                                                                                          || (                                                                                                  | 3                                                                              | ) the bank shall consist of a chairperson and four members to be appointed by the        || central government in such manner as may be prescribed                                            |                                                                                |                                                                                          || 15                                                                                                 |                                                                                |                                                                                          || (                                                                                                  | 4                                                                              | ) every branch of the bank shall consist of a general manager and such other             || officers and staff as may be required                                                             |                                                                                |                                                                                          || (                                                                                                  | 5                                                                              | ) the terms and conditions of service and appointment, salaries and allowances of        || chairperson, members and employees of the bank shall be such as may be prescribed                 |                                                                                |                                                                                          || object of the                                                                                      |                                                                                |                                                                                          || bank                                                                                              |                                                                                |                                                                                          || 20                                                                                                 |                                                                                |                                                                                          || 4 the main object of the bank shall be to financially assist the professionals in their           |                                                                                |                                                                                          || research work                                                                                     |                                                                                |                                                                                          || application                                                                                        |                                                                                |                                                                                          || for loan                                                                                          |                                                                                |                                                                                          || 5                                                                                                 | (                                                                              | 1                                                                                        || apply to the concerned branch of the bank                                                         |                                                                                |                                                                                          || 25                                                                                                 |                                                                                |                                                                                          || (                                                                                                  | 2                                                                              | ) while applying for loan, the professional shall furnish all details about of research, || experience, infrastructure available with him and required amount of loan and the period for       |                                                                                |                                                                                          || which it is required                                                                              |                                                                                |                                                                                          || 6                                                                                                 | the concerned branch shall forward the application to the head office with its |                                                                                          || recommendations within a period of fifteen days from the date of receipt of the application       |                                                                                |                                                                                          || branch to                                                                                          |                                                                                |                                                                                          || forward                                                                                            |                                                                                |                                                                                          || application to                                                                                     |                                                                                |                                                                                          || head office                                                                                       |                                                                                |                                                                                          || 30                                                                                                 |                                                                                |                                                                                          || 7                                                                                                 | (                                                                              | 1                                                                                        || recommendations of the concerned branch and arrive at a decision within a period of fifteen        |                                                                                |                                                                                          || days from the date of receipt of such application                                                 |                                                                                |                                                                                          || head office                                                                                        |                                                                                |                                                                                          || to decide on                                                                                       |                                                                                |                                                                                          || sanction of                                                                                        |                                                                                |                                                                                          || loan                                                                                              |                                                                                |                                                                                          || (                                                                                                  | 2                                                                              | ) the head office shall have the power either to increase or decrease the amount of      || loan applied for or the period for which it is sought and its decision thereon shall be final     |                                                                                |                                                                                          || loan                                                                                              |                                                                                |                                                                                          || 8                                                                                                 | (                                                                              | 1                                                                                        || be given to the professional at once                                                              |                                                                                |                                                                                          || 35                                                                                                 |                                                                                |                                                                                          || (                                                                                                  | 2                                                                              | ) the loan amount so sanctioned shall be interest free                                  || (                                                                                                  | 3                                                                              | ) the loan amount shall be repayable within such period as may be determined in the      || terms and conditions governing the loan                                                           |                                                                                |                                                                                          || 40                                                                                                 |                                                                                |                                                                                          || (                                                                                                  | 4                                                                              | ) the loan shall be repayable by the professional after his research work has been       || completed or after a period of five years from the date of sanction  of loan, whichever is earlier |                                                                                |                                                                                          || or after he has been gainfully engaged or commercial exploited his invention with the              |                                                                                |                                                                                          || permission of central government                                                                  |                                                                                |                                                                                          |9 every professional who has been sanctioned a loan by the bank shall, upon completion of his research work inform the central government or the state government, as the case may be and the bank about his research workprofessional to inform government about his research10 (1) every professional who applied for loan shall give an undertaking that he shall not leave the country during the period of his research:professional not to leave the country during research5provided that the central government may, in special circumstances to be recorded inwriting, allow a professional to go abroad to acquaint himself with the new techniques which will promote or help in his research work(2) no professional who has been sanctioned a loan by the bank shall leave the country until he had submitted his research work to the central government and repaid the loan10employment t o professionals11 the central government may, after considering the research work submitted bya professional, give suitable award to him and provide him with suitable employment in an office or organization under the central governmentassistance to professionals12 the central government shall provide housing and stipend at such rates, as itmay determine, to a professional during his research for a period of five years or till he completes his research, whichever is earlierpunishment15| 13                                                                                   ||---------------------------------------------------------------------------------------|| shall be proceeded against him at once and he shall be punished with a fine which may || extend up to rupees five lakh and shall also be required to repay the loan at once   || power to                                                                              || make rules                                                                           |14 (1) the central government may, by notification in the official gazette, make rules for carrying out the purposes of this act20 25(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 modication 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 reasonsdue to lack of facilities and financial assistance, our young researchers and scientists are not able to do any research work or engage themselves in any project they are lured by multinationals and foreign countries and as a result our country is not able to utilise their talenttherefore, it is proposed to encourage our researchers and scientists by giving them financial and other assistance to do their research work it is accordingly proposed that the researchers shall be given  interest free loan by the bank for their research work and during that period they will be provided with housing and stipend facilities however, the researchers will have to submit their papers or projects to the government after the completion of their work so that the country can fully benefit from their workthe bill  serves two purposes; on the one hand it helps our researchers to do their work peacefully and on the other it helps us to utilise their talent and benefit from the research workhence this billapril 7, 2015 financial memorandumclause 3 of the bill provides for the establishment of a technology bank of india it further provides for the establishment of offices and branches of the bank in every state capital and union territory the bank shall consist of a chairperson, four person, members, general manager and other employees clause 4 relates to financial assistance to professionals in their research work clause 11 provides that the central government shall give award and suitable employment to those who have completed their research work clause 12 provides for housing and stipend to researchers for a period of five yearsthe bill, therefore, if enacted will involve expenditure from the consolidated fund of india it is likely to involve an annual recurring expenditure of rupees ten thousand crorea non-recurring expenditure of about rupees one thousand crore is also likely to be involved memorandum  regarding  delegated  legislationclause 14 of the bill empowers the central government to make rules for carrying out the purposes of the bill as the rules will relate to matters of detail only, the delegation of legislative power is of a normal character lok  sabha———— a billto provide for establishment of a technology bank to assist professionals engaged in research work in various disciplines————(shri chandrakant khaire, mp)gmgipmrnd—376ls(s3)—30-04-2015