Karnataka Assembly | Assembly: Introduction of 4 Bills including Protection of Interest of Depositors Bill

Bengaluru: Four bills, including the Protection of Interest of Depositors in Financial Establishments Amendment bill, were presented in the Karnataka Assembly on Tuesday. Chief Minister Basavaraja Bommai and Water Resources Minister Govinda Karajola presented the bill on behalf of the Minister.

Apart from this, Karnataka Land Revenue (Amendment) Bill 2022, Karnataka Municipalities (Amendment) Bill 2022 and Karnataka Sericulture, Sericulture and Silk Yarn (Production, Supply, Distribution and Sale Exchange) (Amendment) Bill were introduced.
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What is the Protection of Interest of Depositors in Financial Institutions (Amendment) Bill?

This bill is being introduced to protect depositors from frauds by financial institutions including Guru Raghavendra Cooperative Bank. Accordingly, the offense in cases against banks, heads and directors of defrauding depositors who have invested in financial institutions will henceforth be considered as non-bailable.
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According to this bill, if multiple FIRs have been filed against a financial institution, they can be merged into a single case. A general inquiry may be ordered against these cases. Provision has been made in the amendment bill that the power to appoint an officer can be given to the state government. This offense will be treated as non-bailable. If a suit is filed against a financial institution in more than one district, a special court may be constituted with the concurrence of the High Court.
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What is in the Karnataka Land Revenue (Amendment) Bill 2022?

The bill was introduced to extend the deadline for regularization of unauthorized cultivation lands in government lands by another year. Form-57 application for regularization of government lands under cultivation since January 1, 2005 and under unauthorized cultivation from 17.3.2018 to 16.03.2019 was allowed.
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However, applications were not accepted from March 10, 2019 due to the code of conduct for parliamentary elections. Thus, the public and legislators had requested to extend the time for submission of Form 57 by amending 94A of the Karnataka Land Revenue Act, 1964.
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On the same occasion, the Karnataka Sericulture, Sericulture and Silk Yarn (Production, Supply, Distribution and Sale Exchange) (Amendment) Bill was introduced. The amendment provides for all transactions involving sale or purchase of silk cocoons in the sericulture market through open auction or e-auction and payment of the sale price in cash, ECS, RTGS, NEFT.