MCA modifies NFRA Rules relating to salary and various allowances for Chairperson and members of authority

The Central Government notifies National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Amendment Rules, 2022 to amend the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018.


In the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018:

  • Rule 11 is modified to increase the consolidated monthly salary of Chairperson from two lakhs fifty thousand rupees to four lakh fifty thousand rupees. The Rule shall be substituted with the following:
    11. Salary and allowances. (1) 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 issue
    d 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.”;

 

  • Rule 15 shall be substituted be substituted with the following:
    15. House rent allowance. (1) 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:

(2) Nothing in this rule shall apply to the Chairperson or a fulltime member who has opted for a consolidated salary of four lakh fifty thousand rupees per month or four lakh rupees per month, as the case may be.” ;

  • Rule 16 shall be substituted with the following:
    16. Transport Allowance.(1) 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 the facility of staff car for journeys for official and private purposes in accordance with the facilities as are admissible to a Central Government officer holding a Group ‘A’ post carrying the same pay as per the provisions of applicable staff car rules.
    (2) Nothing
    in this rule shall apply to the Chairperson or a fulltime member who has opted for a consolidated salary of four lakh fifty thousand rupees per month or four lakh rupees per month, as the case may be.” ;
  • Rule 18 relating to Other conditions of service, for subrule (1), the following subrule shall be substituted, namely:
    “(1) The terms and conditions of service of a 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 maybe, with respect to which no express provision has been made under these rules, shall be such as are applicable to a Central Government officer holding a Group ‘A’ post carrying the same pay.”

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