category Regional, chandigarh, , tags Regional, chandigarh, , DW BUREAU chandigarh The Punjab Cabinet on Saturday gave nod to regularise the services of over 14,000 contractual teachers in the state. A decision in this regard was taken at a cabinet meeting, chaired by Chief Minister Bhagwant Mann, here. Of the total 14,239 contractual temporary teachers, whose services will be regularised, 7,902 have completed 10 and more years in service, Mann said. The remaining 6,337 teachers are those who have gaps in regular service because of unavoidable circumstances , he said. Because of the gap, these teachers could not complete 10 years of service. We decided that the gap will also be counted and with this, these 6,337 teachers will also be regularised, Mann added. The regularised teachers will get salary, perks and holidays as per the state government policy, the chief minister said. In another decision, the cabinet decided to propose strict action against chit fund companies found involved in duping people. Mann cited the example of Pearl Group , which had allegedly cheated many people in various parts of the country including Punjab, by illegally operating different investment schemes. There are many chit fund companies which dupe people and for these, we will bring an amendment in the law for proposing punishment of up to 10 years, he said. Later, an official statement said to tighten noose around fraudulent financial institutions, the cabinet gave nod to frame The Punjab Banning of Unregulated Deposit Schemes Rules 2023 . There has been a mushroom growth of financial establishments in the country in the recent past, which are duping the people, particularly the middle class and the poorer, by making impracticable or commercially unviable promises, or by offering highly attractive rates of interest, or rewards, with the intention of defrauding the investors, it said. In fact, many of such financial establishments have intentionally failed to return the deposits on maturity, or to pay interest, or to render any specified service offered against such deposits, the statement said. Therefore, it was felt necessary to provide for a suitable legislation in the state for the protection of interests of depositors in the financial establishments, it said. It has been considered to regulate and to impose restrictions on such financial establishments in order to curb the unscrupulous activities of such financial establishments, it added. The Punjab Banning of Unregulated Deposit Schemes Rules 2023 will make the promoter, partner, director, manager, member, employee or any other person responsible for the management of, or conducting the business, or affairs of, liable for misdeeds of such financial establishments, the statement said. The cabinet also gave consent for sending the case of four life convicts for seeking their premature release from jails in the state. After the nod of the cabinet under Article 163 of the Constitution of India, these special remission premature release cases will be submitted to the Punjab governor under Article 161 of the Constitution for consideration, the statement said. The cabinet also gave approval to accept the recommendations of the Sixth Punjab Finance Commission for the period 2021-22 to 2025-26, including devolution of 3.5 per cent share of state net own tax revenue to local bodies and panchayati raj institutions. Recommendation regarding devolution of share of excise duty, auction money and professional tax to local bodies along with the formula of Horizontal Distribution, Inter-se Distribution of above devolution among ULBs and PRIs was also accepted, the statement said. The cabinet also gave nod for merging the Punjab Civil Supplies Corporation Limited (PUNSUP) and the Punjab Agro FoodGrains Corporation Limited (PAFC) with the Punjab State Grains Procurement Corporation Limited (PUNGRAIN) to enhance its efficiency and also to further streamline the procurement of food grains. The PUNGRAIN is an agency of the department of the Food Civil Supplies and Consumer Affairs, which procures wheat and paddy for the central stock in the state. The cabinet also gave nod to frame a policy for controlling the menace of stray cattle in the state. It also cleared the creation of 485 posts of house doctors in the Health and Family Welfare Department and 1,445 posts of paramedics. (editor dailyworld.in)