The Ministry of Corporate Affairs (MCA) has notified the rules for the appointment, salary and allowances for the Chairperson and Members of the National Financial Reporting Authority (NFRA)
The rules, The National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Amendment Rules, 2022 stated that the Chairperson shall have the option to draw either a consolidated monthly salary of four lakh fifty thousand rupees without house and car or the pay and allowances as are admissible to a Secretary to the Government of India and every full-time member shall have the option to draw either a consolidated monthly salary of four lakh rupees without house and car or the pay and allowances as are admissible to an Additional Secretary to the Government of India.
“Provided that where the Chairperson exercises the option to receive pay as admissible to a Secretary to the Government of India or a full time member exercises the option to receive pay as admissible to an Additional Secretary to the Government of India and is in receipt of monthly pension from either the Central Government or a State Government, the pay of such Chairperson or Member, as the case may be, shall be reduced by the gross amount of pension drawn by him. Provided also that in respect of appointments made on the basis of advertisement issued on 12th July, 2021, where a full time member exercises the option to receive pay as admissible to an Additional Secretary to the Government of India and was in receipt of pay and allowances as are admissible to a Secretary to the Government of India prior to his or her superannuation on joining as full time member, National Financial Reporting Authority, then the same shall be fixed at the level of pay which he or she was drawing at the time of demitting his or her previous employment, subject to a limit of Rs. 2,25,000/- per month,” it said.
The notification further clarified that the Chairperson or a full-time member, who has opted for pay and allowances as are admissible to a Secretary or an Additional Secretary to the Government of India, as the case may be, shall be entitled to house rent allowance at the same rate as is admissible to a Central Government officer holding a Group ‘A’ post carrying the same pay.
“Provided that the Chairperson or a full-time member shall not be eligible for house rent allowance in case he is in occupation of, or occupies, a General Pool Residential Accommodation which has been allotted to him,” it said.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
