 bill no 93 of  2012 the  technology  bank  of  india  bill,  2012 byshri arjun meghwal, 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-third year of the republic of india as follows:—1 (1) this act may be called the technology bank of india act, 2012(2) it extends to the whole of indiashort title, extent and commencement5(3) it shall come into force on such date as the central government may, by notification in the official gazette, appointdefinitions2 in this act, unless the context otherwise requires,—(a) 'bank' means the technology bank of india established under section 3; (b) 'prescribed' means prescribed by rules made under this act; and (c) 'professional' means a researcher or a scientist engaged in research work inspace or engineering or medicine including all systems of indian medicine or energy,agriculture, chemicals, defence, environment, food processing, non-conventional energy sources, petroleum and allied products, science and technology including bio-technology, electronics and ocean development53 (1) the central government shall establish a bank to be known as  "technologybank of india" with its headquarters at new delhiestablishment of technology bank of india(2) the central government shall establish a branch of the bank in every statecapital and union territory(3) the bank shall consist of a chairman and four other members to be appointed bythe central government10(4) every branch of the bank shall consist of a general manager and such otherofficers and staff as may be required(5) the terms and conditions of service and appointment, salaries and allowances ofchairman, members and employees of the bank shall be such as may be prescribedobject of the bank4 the main object of the bank shall be to financially assist the professionals in theirresearch work15application for loan5 (1) every professional wishing to avail of financial assistance from the bank shallapply to the concerned branch of the bank20(2) while applying for loan the professional shall furnish all details about his research,experience, infrastructure available with him and required amount of loan and the period for which it is required6 the concerned branch shall forward the application to the head office with itsrecommendations within a period of fifteen days from the date of receipt of the applicationbranch to forward application to head office7 (1) the head office shall consider the application taking into account therecommendations of the concerned branch and arrive at a decision within a period of fifteen days from the date of receipt of such application25head office to decide on sanction of loan(2) the head office shall have the power either to increase or decrease the amount oflaon applied for or the period for which it is sought and its decision thereon shall be finalloan8 (1)  upon the decision of the head office to sanction the loan, the loan amount shallbe given to the professional at once30(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 theterms and conditions governing the loan(4) the loan shall be repayable by the professsional after his research work has beencompleted or after a period of five years from the date of sanction of loan, whichever is earlier359 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:40professional not to leave the country during researchprovided that the central government may, in special circumstances to be recorded in writing, 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 loanemployment t o professional511 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 earlierpunishment1013 if any professional violates the provisions of section 10, deportation proceedingsshall be proceeded against him at once and he shall be punished with a fine of rupees five lakh and he shall be required to repay the loan at oncepower tomake rules14 (1) the central government may, by notification in the official gazette, make rulesfor carrying out the purposes of this act15 20(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 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 utilize their talent therefore, 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 project 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 utilize their talent and benefit from the research worknew delhi;arjun meghwaljuly  30, 2012 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 chairman, four other 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 five hundred crorea non-recurring expenditure of about rupees two hundred 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————abillto provide for establishment of a technology bank to assist professionals engaged in research work in various disciplines————(shri arjun meghwal, mp)mgipmrnd—2530ls—29082012