Home India Ministry of Finance In exercise of the powers conferred by clause a of sub secti...
Date: 2018-10-09 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by clause a of sub section 2 of section 48 of the Life Insurance Corporation

Issued by Ministry of Finance · Department of Financial Services

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Executive Summary & Key Takeaways

Executive Summary: These notifications amend the Life Insurance Corporation of India (LIC) Chairman and Managing Director Service Rules. The amendments revise allowances, including house rent, children's education, and transport, based on the Seventh Central Pay Commission's recommendations. All changes are effective from July 1, 2017. Key Points / Main Content: House Rent Allowance (HRA): * If accommodation is not provided, the Chairman and Managing Director will receive HRA at 24% of basic pay in a Class X city, effective July 1, 2017. * HRA will increase to 27% when dearness allowance exceeds 25% and to 30% when it exceeds 50%. Children Education Allowance: * Effective July 1, 2017, the allowance is revised from Rs. 1000 to Rs. 2250. * Effective July 1, 2017, the allowance is revised from Rs 3000 to Rs 6750. * The allowance is doubled for differently-abled children. Transport Allowance: * Effective July 1, 2017, the allowance is revised from Rs. 7000 to Rs. 15750. Impact Analysis: Chairman, Life Insurance Corporation of India: * Impact: Revised allowances for house rent, children's education, and transport are applicable. * Action Required: Review revised allowance amounts and eligibility criteria. Managing Director, Life Insurance Corporation of India: * Impact: Revised allowances for house rent, children's education, and transport are applicable. * Action Required: Review revised allowance amounts and eligibility criteria. Central Government: * Impact: Implementation of revised allowance rules based on the Seventh Central Pay Commission's recommendations. * Action Required: Ensure compliance with the amended rules.

Key Entities Referenced

Life Insurance Corporation Act, 1956: This act provides the legal framework for the Life Insurance Corporation of India. Life Insurance Corporation of India: A state-owned insurance group and investment company in India. Life Insurance Corporation of India Chairman Certain Terms and Conditions of Service Rules, 1998: The principal rules governing the service conditions of the Chairman of the Life Insurance Corporation of India, being amended by this notification. Life Insurance Corporation of India Managing Director Revision of Certain Terms and Conditions of Service Rules, 1988: The principal rules governing the service conditions of the Managing Director of the Life Insurance Corporation of India, being amended by this notification. Seventh Central Pay Commission: The commission whose recommendations led to the revision of allowances for the Chairman and Managing Director of the Life Insurance Corporation of India. New Delhi: The location from which the notification was issued. N. SRINIVASA RAO: The Economic Advisor who signed the explanatory memorandum for the notification. 1st July, 2017: The date from which the revised allowances are deemed to have come into effect.
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jftLVªh laö Mhö ,yö&33004@99 REGD. No. D. L.-33004/99 vlk/kj.k EXTRAORDINARY Hkkx II—[k.M 3—mi&[k.M (i) PART II—Section 3—Sub-section (i) izkf/dkj ls izdkf'kr PUBLISHED BY AUTHORITY la- 719] ubZ fnYyh] eaxyokj] vDrwcj 9] 2018@vkf'ou 17] 1940 No. 719] NEW DELHI, TUESDAY, OCTOBER 9, 2018/ASVINA 17, 1940 ििििवववव(cid:3)(cid:3)(cid:3)(cid:3) मममम(cid:7)(cid:7)ंं(cid:7)(cid:7)ंं ााााललललयययय ((((ििििवववव(cid:3)(cid:3)(cid:3)(cid:3) ससससववेेववेे ााााएएएए ंं ंंििििववववभभभभाााागगगग)))) अअअअििििधधधधससससचचूूचचूू ननननाााा नई (cid:4)द(cid:6)ली, 8 अ(cid:10) तूबर, 2018 ससससाााा....ककककाााा....ििििनननन.... 1111000000008888((((अअअअ))))....————के(cid:15)(cid:16)ीय सरकार, जीवन बीमा िनगम अिधिनयम, 1956 (1956 का 31) क$ धारा 48 क$ उपधारा (2) के खंड (क) ’ारा (द) शि+य, का (योग करते .ए, भारतीय जीवन बीमा िनगम अ1य2 (सेवा के कितपय िनबंधन और शत)4 िनयम, 1998 का और संशोधन करने के िलए िन7िलिखत िनयम बनाती ह,ै अथा<त ्:- 1. (1) इन िनयम, का सिं 2? नाम भारतीय जीवन िनगम अ1य2 (सेवा के कितपय िनबंधन और शत)4 संशोधन िनयम, 2018 है । (2) य े1 जुलाई, 2017 को (व)ृ .ए समझ ेजाएंग े। 2. भारतीय जीवन बीमा िनगम अ1य2 (सेवा के कितपय िनबधं न और शत)4 िनयम, 1998 मG,- (क) िनयम 6 म,G परंतकु के Hथान पर, िन7िलिखत परंतकु रखे जाएगं े, अथा<त ्:- “परंत ु ऐस े अ1य2 को, िजसके िलए वास सिु वधा क$ JवHथा नहK क$ गई ह,ै के(cid:15)(cid:16)ीय सरकार ’ारा ‘X’ के Lप मG वगMकृत शहर म G मलू वेतन के 24 (ितशत क$ दर पर 1 जलु ाई, 2017 से गृह (cid:4)कराया भ)ा संद) (cid:4)कया जाएगा: परंत ु यह और (cid:4)क जब महगं ाई भ)ा 25 (ितशत को पार कर जाता ह ै तब गृह (cid:4)कराया भ)ा 27 (ितशत पुनरीि2त (cid:4)कया जाएगा और जब महगं ाई भ)ा 50 (ितशत को पार कर जाता ह ैतब गृह (cid:4)कराया भ)ा 30 (ितशत तक और पुनरीि2त (cid:4)कया जाएगा।”; (ख) िनयम 8ख म,G-- (i) “1 िसतNबर, 2008 स”े शOद,, अ2र, और अकं , के Hथान पर, िन7िलिखत रखा जाएगा, अथा<त:्- “1 जलु ाई, 2017 स”े ; (ii) “1000 Pपए” अ2र, और अंक, के Hथान पर, िन7िलिखत रखा जाएगा, अथा<त:्- “2250 Pपए”; 5929 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (iii) “3000 Pपए” अ2र, और अंक, के Hथान पर, िन7िलिखत रखा जाएगा, अथा<त:्- “6750 Pपए”; (iv) िन7िलिखत परंतकु अ(cid:15)त म Gअ(cid:15)तःHथािपत (cid:4)कया जाएगा, अथात< :्- “परंत ुयह (cid:4)क (cid:4)दJांग बालक, के िलए बाल िश2ा भ)ा दगु ुना होगा ।”; (ग) िनयम 8ग मG,- (i) “1 िसतNबर, 2008 स”े शOद,, अ2र, और अंक, के Hथान पर, िन7िलिखत रखा जाएगा, अथा<त:्- “1 जलु ाई, 2017 स”े ; (ii) “7000 Pपए” अ2र, और अंक, के Hथान पर, िन7िलिखत रखा जाएगा, अथा<त:्- “15750 Pपए”; (cid:11)(cid:11)(cid:11)(cid:11)पपपप(cid:13)(cid:13)(cid:13)(cid:13)ीीीीककककााााररररकककक (cid:17)(cid:17)(cid:17)(cid:17)ाााापपपपनननन के(cid:15)(cid:16)ीय सरकार ने अ1य2, भारतीय जीवन बीमा िनगम को 1 जुलाई, 2017 स ेसातवG के(cid:15)(cid:16)ीय वेतन आयोग क$ िसफाTरश, के आधार पर कितपय पुनरीि2त भ),े अथा<त ् गृह (cid:4)कराया भ)ा, बाल िश2ा भ)ा और पTरवहन भ)े का फायदा दने े का िविनUय (cid:4)कया ह ै। (मािणत (cid:4)कया जाता ह ै (cid:4)क भारतीय जीवन बीमा िनगम के अ1य2 पर इस अिधसूचना को भतू ल2ी (भाव देने से (ितकूल (भाव पड़न ेक$ संभावना नहK ह ै। [फा. सं. एस-11012/06/2008-बीमा-I] एन.Yीिनवास राव, आZथक सलाहकार (cid:19)(cid:19)(cid:19)(cid:19)टटटट(cid:21)(cid:21)(cid:21)(cid:21)पपपपणणणण :::: मलू िनयम भारत के राजप[, असाधारण, भाग II, खंड 3, उपखंड (i) मG सा.का.िन. सं. 124(अ), तारीख 5 माच,<1998 ’ारा (कािशत (cid:4)कए गए थ े और त]पUात् इ(cid:15)ह G िन7िलिखत अिधसूचना^ ’ारा सशं ोिधत (cid:4)कया गया : 1. सा.का.िन. 591(अ), तारीख 14 अगHत, 2001 ; 2. सा.का.िन. 629(अ), तारीख 22 िसतNबर, 2004 ; 3. सा.का.िन. 819(अ), तारीख 26 नवNबर, 2008 ; 4. सा.का.िन. 29(अ), तारीख 13 जनवरी, 2017 । MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 8th October, 2018 G.S.R. 1008(E).—In exercise of the powers conferred by clause (a) of sub-section (2) of section 48 of the Life Insurance Corporation Act, 1956 (31 of 1956), the Central Government hereby makes the following rules further to amend the Life Insurance Corporation of India Chairman (Certain Terms and Conditions of Service) Rules, 1998, namely:- 1. (1) These rules may be called the Life Insurance Corporation of India Chairman (Certain Terms and Conditions of Service) Amendment Rules, 2018. (2) They shall be deemed to have come into force on the 1st day of July, 2017. 2. In the Life Insurance Corporation of India Chairman (Certain Terms and Conditions of Service) Rules, 1998,– (a) in rule 6, for the proviso, the following provisos shall be substituted, namely:-¹ Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3 “Provided that the Chairman who has not been provided with such accommodation, shall be paid with effect from 1st July, 2017 house rent allowance at the rate of 24 per cent of basic pay in a city classified as ‘X’ by the Central Government: Provided further that the rate of house rent allowance shall be revised to 27 per cent when dearness allowance crosses 25 per cent and further revised to 30 per cent when dearness allowance crosses fifty per cent.”; (b) in rule 8B,– (i) for the words, letters and figures “with effect from 1st September, 2008”, the following shall be substituted, namely:– “with effect from 1st July, 2017”; (ii) for the letters and figures “Rs. 1000”, the following shall be substituted, namely:- “Rs. 2250”; (iii) for the letters and figures “Rs. 3000”, the following shall be substituted, namely:- “Rs. 6750”; (iv) the following proviso shall be inserted at the end, namely:– “Provided that the Children Education Allowance shall be double for differently abled children.”; (c) in rule 8C,– (i) for the words, letters and figures “with effect from 1st September, 2008”, the following shall be substituted, namely:- “with effect from 1st July, 2017”; (ii) for the letters and figures “Rs. 7000”, the following shall be substituted, namely:- “Rs. 15750”. EXPLANATORY MEMORANDUM The Central Government has decided to extend the benefit of certain revised allowances, namely, the house rent allowance, Children Education Allowance and Transport Allowance based on the recommendations of the Seventh Central Pay Commission to the Chairman, Life Insurance Corporation of India, with effect from 1st July, 2017. It is certified that no Chairman of Life Insurance Corporation of India is likely to be affected adversely by the notification being given retrospective effect. [F. No. S-11012/06/2008-Ins.I] N. SRINIVASA RAO, Economic Advisor Note : The principal rules were published in the Gazette of India, Extraordinary, part II, Section 3, sub-section (i), vide notification number G.S.R. 124(E), dated the 5th March, 1998 and subsequently amended vide the following notifications: 1. G.S.R. 591(E), dated the 14th August, 2001, 2. G.S.R. 629(E), dated the 22nd September, 2004, 3. G.S.R. 819(E), dated the 26th November, 2008, 4. G.S.R. 29(E), dated the 13th January, 2017.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] अअअअििििधधधधससससचचूूचचूू ननननाााा नई (cid:4)द(cid:6)ली, 8 अ(cid:10) तूबर, 2018 ससससाााा....ककककाााा....ििििनननन....1111000000009999((((अअअअ))))....————के(cid:15)(cid:16)ीय सरकार, जीवन बीमा िनगम अिधिनयम, 1956 (1956 का 31) क$ धारा 48 क$ उपधारा (2) के खंड (गग) ’ारा (द) शि+य, का (योग करते .ए, भारतीय जीवन बीमा िनगम (बंध िनदशे क (सेवा के कितपय िनबंधन, और शतa का पुनरी2ण) िनयम, 1988 का और सशं ोधन करने के िलए िन7िलिखत िनयम बनाती ह,ै अथा<त ्:- 1. (1) इन िनयम, का सिं 2? नाम भारतीय जीवन बीमा िनगम (बंधन िनदशे क (सेवा के कितपय िनबंधन, और शतa का पनु री2ण) सशं ोधन िनयम, 2018 ह ै। (2) य े1 जुलाई, 2017 को (व)ृ .ए समझ ेजाएंग े। 2. भारतीय जीवन बीमा िनगम (बंध िनदशे क (सेवा के कितपय िनबंधन, और शतa का पुनरी2ण) िनयम, 1988 मG,- (क) िनयम 6 म,G परंतकु के Hथान पर, िन7िलिखत परंतकु रखे जाएगं े, अथा<त ्:- “परंत ु ऐस े (बंध िनदशे क को, िजसके िलए वास सुिवधा क$ JवHथा नहK क$ गई है, के(cid:15)(cid:16)ीय सरकार ’ारा ‘X’ के Lप म G वगMकृत शहर म G मलू वेतन के 24 (ितशत क$ दर पर 1 जुलाई, 2017 स े गृह (cid:4)कराया भ)ा संद) (cid:4)कया जाएगा: परंत ु यह और (cid:4)क जब महगं ाई भ)ा 25 (ितशत को पार कर जाता ह ै तब गृह (cid:4)कराया भ)ा 27 (ितशत पुनरीि2त (cid:4)कया जाएगा और जब महगं ाई भ)ा 50 (ितशत को पार कर जाता ह ै तब गृह (cid:4)कराया भ)ा 30 (ितशत तक और पनु रीि2त (cid:4)कया जाएगा।”; (ख) िनयम 8ख म,G-- (i) “1 िसतNबर, 2008 स”े शOद,, अ2र, और अकं , के Hथान पर, िन7िलिखत रखा जाएगा, अथा<त:्- “1 जलु ाई, 2017 स”े ; (ii) “1000 Pपए” अ2र, और अंक, के Hथान पर, िन7िलिखत रखा जाएगा, अथा<त:्- “2250 Pपए”; (iii) “3000 Pपए” अ2र, और अंक, के Hथान पर, िन7िलिखत रखा जाएगा, अथा<त:्- “6750 Pपए”; (iv) िन7िलिखत परंतकु अ(cid:15)त म Gअ(cid:15)तःHथािपत (cid:4)कया जाएगा, अथात< :्- “परंत ुयह (cid:4)क (cid:4)दJांग बालक, के िलए बाल िश2ा भ)ा दगु ुना होगा ।”; (ग) िनयम 8ग मG,- (i) “1 िसतNबर, 2008 स”े शOद,, अ2र, और अंक, के Hथान पर, िन7िलिखत रखा जाएगा, अथा<त:्- “1 जलु ाई, 2017 स”े ; (ii) “7000 Pपए” अ2र, और अंक, के Hथान पर, िन7िलिखत रखा जाएगा, अथा<त:्- “15750 Pपए”; (cid:11)(cid:11)(cid:11)(cid:11)पपपप(cid:13)(cid:13)(cid:13)(cid:13)ीीीीककककााााररररकककक (cid:17)(cid:17)(cid:17)(cid:17)ाााापपपपनननन के(cid:15)(cid:16)ीय सरकार ने (बंध िनदशे क, भारतीय जीवन बीमा िनगम को 1 जलु ाई, 2017 स े सातव G के(cid:15)(cid:16)ीय वते न आयोग क$ िसफाTरश, के आधार पर कितपय पुनरीि2त भ),े अथा<त ् गृह (cid:4)कराया भ)ा, बाल िश2ा भ)ा और पTरवहन भ) े का फायदा दने े का िविनUय (cid:4)कया ह ै। (मािणत (cid:4)कया जाता ह ै (cid:4)क भारतीय जीवन बीमा िनगम के (बंध िनदशे क पर इस अिधसचू ना को भूतल2ी (भाव दने े स े (ितकूल (भाव पड़ने क$ सभं ावना नहK ह ै। [फा. सं. एस-11012/06/2008-बीमा-I] एन. Yीिनवास राव, आZथक सलाहकार¹ Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 5 (cid:19)(cid:19)(cid:19)(cid:19)टटटट(cid:21)(cid:21)(cid:21)(cid:21)पपपपणणणण :::: मूल िनयम भारत के राजप[, असाधारण, भाग II, खंड 3, उपखंड (i) मG सा.का.िन. स.ं 65(अ), तारीख 29 जनवरी, 1988 ’ारा (कािशत (cid:4)कए गए थे और त]पUात् इ(cid:15)ह G िन7िलिखत अिधसूचना^ ’ारा संशोिधत (cid:4)कया गया : 1. सा.का.िन. 125(अ), तारीख 5 माच,< 1998 ; 2. सा.का.िन. 592(अ), तारीख 14 अगHत, 2001 ; 3. सा.का.िन. 630(अ), तारीख 22 िसतNबर, 2004 ; 4. सा.का.िन. 820(अ), तारीख 26 नवNबर, 2008 ; 5. सा.का.िन. 30(अ), तारीख 13 जनवरी, 2017 ; NOTIFICATION New Delhi, the 8th October, 2018 G.S.R. 1009(E).—In exercise of the powers conferred by clause (cc) of sub-section (2) of section 48 of the Life Insurance Corporation Act, 1956 (31 of 1956), the Central Government hereby makes the following rules further to amend the Life Insurance Corporation of India Managing Director (Revision of Certain Terms and Conditions of Service) Rules, 1988, namely:- 1. (1) These rules may be called the Life Insurance Corporation of India Managing Director (Revision of Certain Terms and Conditions of Service) Amendment Rules, 2018. (2) They shall be deemed to have come into force on the 1st day of July, 2017. 2. In the Life Insurance Corporation of India Managing Director (Revision of Certain Terms and Conditions of Service) Rules, 1988,– (a) in rule 6, for the proviso, the following provisos shall be substituted, namely:- “Provided that a Managing Director who has not been provided with such accommodation shall be paid with effect from 1st July, 2017 house rent allowance at the rate of 24 per cent of basic pay in a city classified as ‘X’ by the Central Government: Provided further that the rate of house rent allowance shall be revised to 27 per cent when dearness allowance crosses 25 per cent and further revised to 30 per cent when dearness allowance crosses 50 per cent.”; (b) in rule 8B,– (i) for the words, letters and figures “with effect from 1st September, 2008”, the following shall be substituted, namely:- “with effect from 1st July, 2017”; (ii) for the letters and figures “Rs. 1000”, the following shall be substituted, namely:- “Rs. 2250”; (iii) for the letters and figures “Rs. 3000”, the following shall be substituted, namely:- “Rs. 6750”; (iv) the following proviso shall be inserted at the end, namely:– “Provided that the Children Education Allowance shall be double for differently abled children.”; (c) in rule 8C,– (i) for the words, letters and figures “with effect from 1st September, 2008”, the following shall be substituted, namely:- “with effect from 1st July, 2017”;6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (ii) for the letters and figures “Rs. 7000”, the following shall be substituted, namely:- “Rs. 15750”. EXPLANATORY MEMORANDUM The Central Government has decided to extend the benefit of certain revised allowances, namely, the house rent allowance, Children Education Allowance and Transport Allowance based on the recommendations of the Seventh Central Pay Commission to the Managing Director, Life Insurance Corporation of India, with effect from 1st July, 2017. It is certified that no Managing Director of Life Insurance Corporation of India is likely to be affected adversely by the notification being given retrospective effect. [F. No. S-11012/06/2008-Ins.I] N.SRINIVASA RAO, Economic Advisor Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i), vide notification number G.S.R. 65(E), dated the 29th January, 1988 and subsequently amended vide the following notifications: 1. G.S.R. 125(E), dated the 5th March, 1998, 2. G.S.R. 592(E), dated the 14th August, 2001, 3. G.S.R. 630(E), dated the 22nd September, 2004, 4. G.S.R. 820(E), dated the 26th November, 2008, 5. G.S.R. 30(E), dated the 13th January, 2017. 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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