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Date: 30-May-2023 Category: Extra Ordinary State: Union Government Country: India

Coconut Development board

Issued by Ministry of Agriculture and Farmers Welfare · Department of Agriculture, Cooperation and Farmers Welfare

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Executive Summary & Key Takeaways

What it means

  • The gazette notification introduces the Coconut Development Board (Amendment) Rules, 2023, which amends the Coconut Development Board Rules, 1981.
  • The amendments pertain to the banking arrangements of the Coconut Development Board, specifically regarding the types of accounts the board can maintain.

Key Changes

  • Rule 34(1) is amended to replace 'current account in the State Bank of India or any of the nationalized banks' with 'interest bearing Saving Bank Account in any nationalized banks or scheduled banks of Government of India'.
  • Rule 34(2) is amended to replace 'with the State Bank of India or any of its subsidiaries or, if approved by the Central Government, with any other scheduled bank' with 'with any of the nationalized banks or scheduled banks'.
  • Rule 34(3) is amended to replace 'against the current account of the Board' with 'against the account maintained by the Board'.
  • An explanation is added to define 'nationalized bank and scheduled bank' with reference to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 and the Reserve Bank of India Act, 1934 respectively.

Impact Analysis

Coconut Development Board

  • The Board needs to ensure compliance with the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 and the Reserve Bank of India Act, 1934, regarding the definition of nationalized and scheduled banks.

Banks

  • Banks must ensure services offered are aligned with the Coconut Development Board's operational needs following the regulatory change.

Ministry of Agriculture and Farmers Welfare

  • The Ministry should ensure that the Coconut Development Board's operations are not negatively impacted by the change in banking arrangements.

Action Items

  • The Ministry of Agriculture and Farmers Welfare should monitor the Coconut Development Board's transition to the new banking arrangements.

Key Entities Referenced

Coconut Development Board: An organization established under the Coconut Development Board Act, 1979, responsible for the integrated development of coconut cultivation and industry in India. Central Government: The governing authority responsible for making and enforcing the Coconut Development Board Rules. Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980: An act defining 'nationalized bank' in India. Reserve Bank of India Act, 1934: An act defining 'scheduled bank' in India. Coconut Development Board Act, 1979: The primary legislation that empowers the Central Government to make rules for the Coconut Development Board. Coconut Development Board Rules, 1981: The original set of rules governing the Coconut Development Board, which are now being amended.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-30052023-246175 xxxGIDHxxx CG-DL-E-30052023-246175 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 2257] नई कदल्ली, मगं लिार, मई 30, 2023/ज्य ष्े ठ 9, 1945 No. 2257] NEW DELHI, TUESDAY, MAY 30, 2023/JYAISHTHA 9, 1945 कृजि और ककसान कल्याण मत्रं ालय (कृजि और ककसान कल्याण जिभाग) अजधसचू ना नई कदल्ली, 29 मई, 2023 का.आ. 2354(अ).—केंद्रीय सरकार, नाररयल जिकास बोड ड अजधजनयम, 1979 (1979 का 5) की धारा 19 द्वारा प्रदत्त िजियों का प्रयोग करते हुए, नाररयल जिकास बोडड जनयम, 1981 का और संिोधन करने के जलए जनम्नजलजखत जनयम बनाती ह,ै अथाडत ्:-- 1. (1) इन जनयमों का संजिप्त नाम नाररयल जिकास बोडड (संिोधन) जनयम, 2023 ह ै। (2) ये रािपत्र म ें उनके प्रकािन की तारीख को प्रिृत्त होंग े । 2. नाररयल जिकास बोडड जनयम, 1981 के जनयम 34 म,ें -- (i) उपजनयम (1) म,ें “भारतीय स्ट्टेट बैंक या ककसी राष्ट्रीयकृत बैंक म ें चाल ू खाते म”ें िब्दों के स्ट्थान पर, “भारत सरकार के ककसी राष्ट्रीयकृत बैंक या अनुसूजचत बैंक म ेंब्याि िाले बचत खाते म”ें िब्द रख े िाएंगे ; (ii) उपजनयम (2) म,ें “भारतीय स्ट्टेट बैंक म ें या उसकी ककन्हीं समनुिंजगयों म ें या यकद केन्द्रीय सरकार अनुमोकदत करे, तो ककसी अन्य अनुसूजचत बैंक” िब्दों के स्ट्थान पर, “ककसी भी राष्ट्रीयकृत बैंक या अनुसूजचत बैंकों” िब्द रख े िाएंगे ; (iii) उपजनयम (3) म,ें “बोडड के चालू खात”े िब्दों के स्ट्थान पर, “बोडड द्वारा पोजित खात”े िब्द रखे िाएंग े; 3421 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] (iv) जनम्नजलजखत स्ट्पष्टीकरण अतं :स्ट्थाजपत ककया िाएगा, अथातड ् :-- ‘स्ट्पष्टीकरण—इस जनयम के प्रयोिन के जलए, “राष्ट्रीयकृत बैंक और अनुसूजचत बैंक” पद का िही अथड होगा, िो क्रमि: बैंककारी कंपनी (उपक्रमों का अिडन और अंतरण) अजधजनयम, 1980 (1980 का 40) और भारतीय ररििड बैंक अजधजनयम, 1934 (1934 का 2) म ें उनके जलए जनयत ह ैं।’। [फा. स.ं 4-4/2019-एमआईडीएच(सीडीबी)-पाट ड (ई-83026)] जप्रय रंिन, संयुि सजचि रटप्पण : मलू जनयम, भारत के रािपत्र, असाधारण, भाग II, खंड 3, उपखंड (ii) म ें संखयांक सा.का.जन. 34 (अ), तारीख 28 िनिरी, 1981 द्वारा प्रकाजित ककए गए थ े और सा.का.जन. 17 (अ), तारीख 10 िनिरी, 2022 द्वारा अंजतम बार संिोजधत ककए गए थ े । MINISTRY OF AGRICULTURE AND FARMERS WELFARE (Department of Agriculture & Farmers Welfare) NOTIFICATION New Delhi, the 29th May, 2023 S.O. 2354(E).—In exercise of the powers conferred by section 19 of the Coconut Development Board Act, 1979 (5 of 1979), the Central Government hereby makes the following rules further to amend the Coconut Development Board Rules 1981, namely:–– 1. (1) These rules may be called the Coconut Development Board (Amendment) Rules, 2023. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Coconut Development Board Rules, 1981, in rule 34,- i. in sub-rule (1), for the words ―current account in the State Bank of India or any of the nationalized banks‖ the words ―interest bearing Saving Bank Account in any nationalized banks or scheduled banks of Government of India‖ shall be substituted; ii. in sub-rule (2), for the words ―with the State Bank of India or any of its subsidiaries or, if approved by the Central Government, with any other scheduled bank‖ the words ―with any of the nationalized banks or scheduled banks‖ shall be substituted; and iii. in sub-rule (3), for the words ―against the current account of the Board‖ the words ―against the account maintained by the Board‖ shall be substituted. iv. The following explanation shall be inserted, namely: - “Explanation. - for the purposes of this rule, the expressions ―nationalized bank and scheduled bank‖ shall have the same meanings as respectively assigned to them in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980) and the Reserve Bank of India Act, 1934 (2 of 1934)‖ [F. No. 4-4/2019-MIDH(CDB)-Pt (E-83026)] PRIYA RANJAN, Jt. Secy Note : The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide number G.S.R. 34(E) dated the 28th January,1981 and was last amended vide G.S.R. 17(E) dated 10th January, 2022. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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