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The Rajiv Gandhi Fintech Digital Institute Act, 2023

Act No. 19 of 2023

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S.10 Continuation from previous section

Explanation.- For the purposes of this sub-section, the expression "Secretary to the Government in-charge" means the Secretary to the Government in-charge of a department and includes an Additional Chief Secretary and a Principal Secretary when he is in-charge of that department.

(3) (a) Only such person shall be eligible for the appointment to the office of the Director with a Ph.D. or equivalent high level academic/industry achievement with a distinguished career in academia and/or industry, having experience as per UGC guidelines of institution building and who has made a significant contribution to the field of knowledge and practice through high quality refereed publications, patents and policy impact.

(b) The Director shall hold office for a term of five years from the date he enters upon his office or till he attains the age of seventy years, whichever is earlier:

Provided that the same person shall be eligible for reappointment for a second term.

S.11 Powers and functions of the Founding Director and Director

(1) The founding Director/Director shall be the principal executive and academic officer of the Institute.

(2) Without prejudice to the generality of the provisions contained in sub-section (1), the Director,-

  • (a) shall in the absence of the Chairperson, preside over the meetings;
  • (b) shall exercise general supervision and control over the affairs of the Institute;
  • (c) shall provide the strategic vision, planning and leadership for the continuous progress of the Institute;
  • (d) shall ensure implementation of the decisions of the authorities of the Institute;
  • (e) shall be responsible for collaborations with the industry for course curricula creation and real-time revision, along with offering gainful employment opportunities for the eligible, regular students of the Institute;
  • (f) shall be responsible for the faculty development initiatives of the Institute;
  • (g) shall be responsible for imparting of instruction

S.12 The Registrar

(1) The Registrar shall be the Chief Administrative Officer of the Institute. He shall work directly under the superintendence, direction and control of the Director.

(2) Notwithstanding anything contained in this Act or any other law for the time being in force, the Registrar shall be appointed either by the State Government on deputation from amongst the officers of the Rajasthan Administrative Service (not below supertime scale) or through public advertisement as may be prescribed by the regulations, followed by an interview process conducted by a Selection Committee consisting of -

  • (a) Director - Ex-officio Chairperson;
  • (b) Secretary to the Government in-charge of the Department of Information Technology and Communication - Ex-officio Member; and
  • (c) three experts from Industry or Academia, to be nominated by the State Government - Members.

Explanation.- For the purposes of this sub-section, the expression "Secretary to the Go

S.13 Dean

(1) There shall be a Dean of the Institute, whom the Board shall appoint from amongst the senior professors of the Institute. He shall hold office for three years and may be eligible for re-appointment.

(2) The Dean shall assist the Director in academic affairs of the Institute and shall exercise such powers and perform such functions as may be prescribed by the regulations.


S.14 Finance Officer

(1) There shall be a Finance Officer for the Institute, whom the Director shall appoint upon recommendation of the Governing Board, and his remuneration and allowances shall be such as may be prescribed by the regulations.

(2) Notwithstanding anything contained in this Act or any other law for the time being in force, the Finance Officer shall be appointed either by the State Government on deputation from amongst the officers of the Rajasthan Accounts Service (not below supertime scale) or through public advertisement as may be prescribed by the regulations, followed by an interview process conducted by a Selection Committee under section 12 and the position may also be filled on a Fixed Term Contract basis.

(3) The Finance Officer shall have the following duties, namely:-

  • (a) to ensure that no expenditure is incurred by the Institute which has not been authorised in the budget;
  • (b) to disallow any proposed expenditure which may contravene the pr

S.Chapter IV Authorities of the Institute


S.15 Authorities of the Institute

The following shall be the authorities of the Institute, namely:-

  • (a) Governing Board;
  • (b) Academic Council;
  • (c) Finance and Procurement Committee;
  • (d) Admission Committee;
  • (e) Examination Committee;
  • (f) Selection Committee;
  • (g) Outreach and Industry Alliances Committee; and
  • (h) such other authorities as may be prescribed by the regulations to be the authorities of the Institute.

S.16 Governing Board

(1) The Governing Board shall be the principal governing body of the Institute and shall consist of –

  • (a) Chairperson of the Institute - Ex-officio Chairperson;
  • (b) Secretary to the Government in-charge of the Department of Finance - Ex-officio Member;
  • (c) Secretary to the Government in-charge of the Department of Information Technology and Communication - Ex-officio Member;
  • (d) two Directors/Vice-Chancellors from Institutes/Universities having consistent overall NIRF-100 ranking to be nominated by Chairperson of the Institute on recommendation made by the State Government - Ex-officio Member;
  • (e) three eminent personalities from Finance/Information Technology/Telecom sector to be nominated by Chairperson of the Institute on recommendation made by the State Government - Members;
  • (f) three eminent personalities from Industry or Academia to be nominated by Chairperson of the Institute on recommendation made by the State Govern

S.17 Powers and functions of the Board

(1) Save as otherwise provided in this Act, the Board shall be responsible for the general superintendence, direction and control of the affairs of the Institute.

(2) Without prejudice to the provisions of sub-section (1), the Board-

  • (a) shall take steps for the implementation of the decisions of the Institute on matters of policy relating to the administration of the affairs and working of the Institute;
  • (b) shall institute courses of study at the Institute aligned with the changing needs of the industry and take decisions on the advice of the Academic Council on all academic matters including matters relating to the examinations conducted by the Institute;
  • (c) shall provide the strategic vision, planning and leadership for the continuous progress of the Institute;
  • (d) shall hold and control the property and funds of the Institute;
  • (e) may acquire any movable or immovable property on behalf of the Institute;
  • (f) shal

S.18 The Academic Council

(1) The Academic Council shall consist of–

  • (a) the Director - Ex-officio Chairperson;
  • (b) the Registrar - Ex-officio Member;
  • (c) the Dean - Ex-officio Member Secretary;
  • (d) all Heads of teaching departments - Ex-officio Members;
  • (e) three persons from Finance/Information Technology/Telecom sector to be nominated by the Chairperson on recommendation by the State Government - Members; and
  • (f) three eminent academics from India or abroad to be nominated by the Chairperson on recommendation by State Government - Members.

(2) The Academic Council shall perform the following functions, namely:-

  • (a) to prepare and to recommend changes in curricula and syllabi for the courses of study for the various departments;
  • (b) to ensure that the courses are industry-ready and are executed in close collaboration with industry;
  • (c) to endeavour to plan and launch courses and schools with industry ass

S.19 Finance and Procurement Committee

(1) The Finance and Procurement Committee shall consist of -

  • (a) the Director - Ex-officio Chairperson;
  • (b) the Registrar - Ex-officio Member- Secretary;
  • (c) the Finance Officer - Ex-officio Member; and
  • (d) one member to be nominated by the Governing Board - Member.

(2) The Finance and Procurement Committee shall advise the Board on matters relating to the administration of property and funds of the Institute including limits for the principles to be observed with regard to the recurring and non-recurring expenditure for the ensuing financial year, having regard to the income and resources of the Institute.

(3) The Finance and Procurement Committee shall take all decisions related to the procurement of all products and services on behalf of the Institute.

(4) The Finance and Procurement Committee shall have such other functions and powers as may be required for discharge of its functions as may be prescribed by the

S.20 Outreach and Industry Alliances Committee

(1) The Outreach and Industry Alliances Committee shall consist of the Director of the Institute as the Chairperson and such other members as shall be prescribed under the regulations.

(2) The Outreach and Industry Alliances Committee shall function to ensure–

  • (a) reaching out to and attracting quality international students;
  • (b) overall branding of the Institute and real-time review of the same;
  • (c) to onboard industry and academic leaders in order to design the course curricula of the Institute as per the ever-changing needs of the industry; and
  • (d) all the eligible students get an opportunity to gainful employment through the industry partners of the Institute on successful completion of their full-time programmes.

(3) The Committee shall take all decisions pertaining to the subjects mentioned in the sub-section (2) subject to the approval of the Academic Council and the Governing Board.


S.21 Other Authorities

The constitution, powers and functions of the Admission Committee, Examination Committee and other authorities of the Institute shall be such as may be prescribed by the rules.


S.Chapter V Staff of Institute


S.22 Staff of Institute

(1) The Institute shall appoint such number of employees against the posts as may be sanctioned by the Governing Board from time to time. The terms and conditions of service of the employees of the Institute shall be such as may be provided in the regulations.

(2) The Institute shall endeavour to attract motivated and competent individuals from related industries and leading academics from India or abroad.

(3) In the interest of the Institute, eligible Government servants may be appointed on deputation basis or by transfer of service as per Government norms and conditions.

(4) The Board may, from time to time, create or abolish posts as it considers proper, subject to the conditions mentioned in the relevant regulations.


S.23 Appointment and promotion of faculty members, officers and other employees

(1) Subject to the provisions of this Act, such number of Professors, Associate Professors, Assistant Professors and Officers, shall be appointed by the Chairperson. The other employees, as may be necessary, shall be appointed by the Director.

(2) Save as otherwise provided in sub-section (1) the officers, faculty members and other employees of the Institute shall be appointed in such manner and with such designations and grades as may be prescribed by the rules.

(3) The employees of the Institute appointed under this Act shall be entitled to such salary and allowances and shall be governed by such conditions of service as may be prescribed by the rules.

(4) No person shall be appointed as a faculty member of the Institute, unless he fulfils the qualifications prescribed by the University Grants Commission, the All India Council for Technical Education or any other Central/State Regulatory Body and the regulations made under this Act, as the case may be, and re

S.Chapter VI Finance and Audit


S.24 Grant-in-aid by State

For the purpose of enabling the Institute to perform its functions efficiently under this Act, the State Government may, after due appropriation made by the House of State Legislature by law in this behalf, pay to the Institute in each financial year such sums of money in such manner as it may think fit.


S.25 Fund of the Institute

(1) The Institute shall maintain a fund to which shall be credited-

  • (a) all funds provided by the State Government;
  • (b) all fees and other charges received by the Institute; and
  • (c) all funds received by the Institute in any other manner or from any other source.

(2) The Institute shall strive to generate its own sources of funds and progressively reduce dependence on funds provided by the State Government, with an objective of becoming self-reliant on operations within five years from commencing operations.

(3) All funds credited to the Institute shall be deposited in any Scheduled Banks and invested in such manner as the Institute may ascertain, with the approval of the Finance and Procurement Committee and the Governing Board.

(4) The fund shall be applied towards meeting the expenses of the Institute including expenses incurred in the exercise of its powers and performance of its functions as provided under section 6.

S.26 Budget of the Institute

(1) The Institute, shall prepare, in such form and at such time, every year as may be prescribed by the rules, a budget in respect of the financial year ensuing, next showing the estimated receipts and expenditure of the Institute and the same shall be forwarded to the State Government in such manner as may be prescribed under the rules.

(2) The Budget shall clearly show the institutional development plan approved by the Governing Board for the same period.

(3) The Board shall comply with such directions as may be given by the State Government while approving the Budget finally.

(4) It shall not be lawful for the Institute to incur any expenditure not sanctioned in the Budget or in the case of funds granted to the Institute, subsequent to the sanction of Budget by the State Government or the Government of India, or any international organisation or foundation or any other agency save in accordance with the terms of such grant:

Provided that funds from so

S.27 Accounts and Audit

(1) The Institute shall cause proper accounts and other records in relation thereto be kept, including the proper system of internal check and prepare an annual statement of accounts including the income and expenditure account and the balance sheet in such manner as may be prescribed by the regulations.

(2) The Accounts of the Institute shall be audited by such persons as may be appointed by the State Government and any expenditure incurred in connection with such audit shall be payable by the Institute to the State Government.

(3) The person so appointed and any other person so authorised by him in connection with such audit of accounts of the Institute shall have the same rights and privileges and authority in connection with such audit as the Comptroller and Auditor General of India has in connection with the audit of Government accounts and in particular shall have the right to demand the production of books, accounts, connected vouchers and other documents and p

S.28 Annual Report

The Institute shall, as soon as may be, after the end of each financial year, prepare the Annual Report and submit it to the State Government, before such date as may be prescribed by the rules and copy of such report shall be laid before the House of the State Legislature.


S.29 Pension or provident fund

(1) For the benefit of its officers, teachers and employees, the Institute shall constitute, in such manner and subject to such conditions as may be prescribed by the regulations, such pension, gratuity, insurance and provident fund as it may deem fit.

(2) The provisions of the Provident Funds Act, 1925 (Central Act No. 19 of 1925), shall apply to a fund or an insurance scheme as if it were a State Government fund or scheme and the Institute shall contribute to or invest in such fund or scheme.

(3) Provision shall be made in the regulations to ensure that staff members transferred from employment in the service of the State shall have their accrued service benefits protected upon such transfer.


S.30 Surcharge

(1) A member of the Institute, the Board, any authority or other body of the Institute, as the case may be, or an officer, other employees of the Institute shall be liable to surcharge for the loss, waste or misapplication of any money or property of the Institute, if such loss, waste or misapplication is a direct consequence of his neglect or misconduct.

(2) The procedure of imposing surcharge and the manner of recovery of the amount involved in such loss, waste or misapplication shall be such as may be prescribed under the rules framed under this Act.


S.Chapter VII Rules and Regulations


S.31 Power to make rules

(1) The State Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Act.

(2) All rules made under this Act shall be laid, as soon as may be after they are so made, before the House of the State Legislature, while it is in session, for a period of not less than fourteen days, which may comprise in one session or in two successive sessions and if before the expiry of the session in which they are so laid, or of the session immediately following, the House of the State Legislature makes any modification in any of such rules or resolves that any such rule should not be made, such rules shall thereafter have effect only in such modified form or be of no effect, as the case may be, so however, that any such modification or annulment shall be without prejudice to the validity of anything previously done thereunder.


S.32 Power to make regulations

(1) Subject to the provisions of this Act, the Institute may, with the previous approval of the State Government, make regulations to provide for any matter which is to be or may be provided for by the regulations and without prejudice to the generality of the powers, such regulations may provide for, namely:-

  • (a) the convening and holding of meetings, other than the first meeting, of the Institute, the conduct of the business at such meetings and the number of members necessary to form a quorum;
  • (b) any matter in respect of the constitution of the Board or any Committee or other body to be constituted under this Act;
  • (c) the powers and functions to be exercised and discharged by the Chairperson and the Director, other officers of the Institute;
  • (d) the allowance, if any, to be paid to the Chairperson and the members of the Board and of any Committee or other bodies constituted under this Act;
  • (e) the procedure to be followed by the

S.Chapter VIII Miscellaneous


S.33 Authentication of orders and instruments

All orders and decisions of the Institute shall be authenticated by the signature of the Director or any other officer authorised by the Institute and other instruments shall be authenticated by signature of the director or any other officer of the institute authorised in this behalf and proceeding of the meetings of concerned authority or committee or other bodies of the Institute shall be authenticated by the signatures of the Chairperson and the Member-Secretary thereof.


S.34 Acts and proceedings not to be invalidated by vacancies etc.

No act or proceedings of the Board or any authority or any committee constituted under this Act shall be invalidated merely by reason of the existence of any vacancy in Board or any authority or any committee.


S.35 Grant of degrees, diplomas etc.

The Institute shall have powers to grant degrees, diplomas and other academic distinctions and titles under this Act.


S.36 Recognition of Technical Qualifications granted by the Institute

Subject to the provisions of the University Grants Commission Act, 1956 (Central Act No. 3 of 1956), the All India Council for Technical Education Act, 1987 (Central Act No. 52 of 1987) and other laws for the time being in force, degrees, diplomas, and other distinctions granted by the Institute shall be recognised qualifications for the purposes of the said Acts and other laws.


S.37 Power of the State Government to issue directions

The State Government may issue such directions from time to time to the Institute on policy matters not inconsistent with the provisions of this Act, as it may deem necessary or expedient for carrying out the purposes of this Act. Such directions shall be complied with by the Institute.


S.38 Power of the State Government to cause inspection

(1) The State Government shall have the right to cause an inspection to be made, by such person or persons as it may direct, of the Institute including its buildings, libraries, laboratories, workshops and equipment and also of the examinations, teaching and any other work conducted or done by the Institute or to cause an inquiry to be made in the like manner in respect of any matter connected with the administration and finances of the Institute.

(2) Where the State Government decides to cause an inspection or inquiry to be made under sub-section (1), it shall inform the Institute of the same through the Director and any person nominated by the Board shall be present at such inspection or inquiry as representative of the Institute and he shall have the right to be heard as such.

(3) The person or persons directed to inspect or inquire under sub-section (1) shall have all the powers of a Civil Court while trying a suit under the Code of Civil Procedure, 1908 (Central

S.39 Returns and Information

The Institute shall furnish to the State Government and State/Central Regulatory Bodies such reports, returns, statements, and other information as may be required from time to time by them.


S.40 Execution of contracts

All contracts relating to the Institute and administration of the Institute shall be expressed as made by the Board and executed by the Director.


S.41 Transfer of property

The State Government may transfer to the Institute building, lands and any property whether movable or immovable for use and management of the Institute on such conditions and subject to such limitations as the State Government may deem fit for the purpose of this Act.


S.42 Filling of casual vacancies

All the casual vacancies among the members (other than ex-officio members) of any authority or other body of the Institute shall be filled, as soon as may be convenient, by the person or body who appoints or nominates the members whose place has become vacant and any person appointed or nominated to a casual vacancy shall be a member of such authority or body for the residue of the term for which the person whose place he fills, would have been a member.


S.43 Protection of persons acting under this Act

No suit, prosecution or other legal proceedings shall lie against any person for anything which is in good faith done or intended to be done under this Act or the rules and regulations made thereunder.


S.44 Members and employees of the Institute to be public servants

Every member and employee of the Institute, when acting or purporting to act in pursuance of the provisions of this Act or rules or regulations or orders or directions made or issued thereunder shall be deemed to be a public servant within the meaning of section 21 of the Indian Penal Code, 1860 (Central Act No. 45 of 1860).


S.45 Mode of proof of the record

(1) A copy of any receipt, application, notice, order, proceeding or resolution of any authority or committee of the Institute, or other documents in the possession of the Institute or any entry in any register duly maintained by the Institute, if certified by the Director shall notwithstanding anything contained in any other law for the time being in force, be admitted as prima facie evidence of the matters and transactions specified therein, where the original thereof would, if produced, have been admitted in evidence.

(2) No employee of the Institute shall in any proceeding to which the Institution is not a party, be required to produce any document, register or other record of the Institute, the contents of which can be proved under sub-section (1) by a certified copy, or to appear as a witness to prove the matters and transactions recorded therein unless by order of the Court made for special cause.


S.46 Power to remove difficulties

If any difficulty arises in giving effect to the provisions of this Act, the State Government may, by order, published in the Official Gazette, make such provisions, not inconsistent with the provisions of this Act, as appears to it to be necessary or expedient for removing the difficulty:

Provided that no such order shall be made under this section after the expiry of two years from the commencement of this Act.


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