Business

4.87 Lakh Youth Register For PM’s Internship Scheme In Top Companies

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

Ajaypal Choudhary

Recent Posts

Supreme Court Transfers Bihar Bridge Collapse Petition To Patna HC

The Supreme Court has transferred a plea seeking an inquiry into Bihar’s frequent bridge collapses…

7 mins ago

Modi Government Introduce Waqf Amendment Bill In Parliament: A Numbers Game

The second phase of budget session is underway in Parliament, and amidst ongoing protests, the…

16 mins ago

How Your Skin Changes When You Stop Eating Sugar For 30 Days

Cutting sugar from your diet for 30 days can lead to noticeable improvements in your…

23 mins ago

Waqf (Amendment) Bill Will Benefit Muslims, Says All India Muslim Jamaat Chief

On Wednesday, All India Muslim Jamaat chief Maulana Shahabuddin Razvi affirmed the Waqf (Amendment) Bill…

1 hour ago

Waqf (Amendment) Bill 2024: Key Highlights And What It Means For Waqf Properties And Social Welfare

The Union government announced on Tuesday that it will introduce the Waqf Bill in the…

1 hour ago

Waqf Bill Sparks Political Storm In Parliament; Kiren Rijiju Leads The Debate

The Lok Sabha set an eight-hour Waqf Bill debate as the opposition slammed the rush.…

2 hours ago