The Prime Minister’s Internship Scheme, launched in October 2024, has received an enthusiastic response. The Ministry of Corporate Affairs (MCA) reported that 4.87 lakh youths have registered after completing their KYC. Applicants submitted 6.21 lakh applications for 1.27 lakh internship slots.
The scheme, announced in the 2024 Budget, aims to offer one crore internships in the top 500 companies over five years. Interns will receive Rs 5,000 per month, with Rs 4,500 from the government and Rs 500 from companies’ CSR funds. They will also get a one-time grant of Rs 6,000 for incidentals. The internships last for 12 months and provide real-world business experience.
MCA Cuts Compliance Burdens
The Investor Education and Protection Fund Authority (IEPFA) has reduced compliance forms from five to three by migrating to MCA 21 Version 3. The new system fully digitizes fund transfers using a Straight Through Process (STP), eliminating manual tasks.
A dedicated dashboard helps Nodal Officers track and verify claims easily. These updates simplify processes and improve efficiency.
Easier Share Transfers For Beneficiaries
The MCA has simplified share transmission for legal heirs. Families no longer need succession certificates, letters of administration, or probate wills. This change saves time and money.
For lost share certificates worth up to Rs 5 lakh, filing an FIR is no longer required. Claimants can also apply for duplicate certificates without providing sureties. These reforms reduce hurdles and enhance accessibility.
The IEPFA has improved its grievance redressal system, ensuring a smoother experience for stakeholders.
Also Read: Jasprit Bumrah Becomes Sixth Indian Fast-Bowler To Reach 200 Test Wickets
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