According to a report put out by the Ministry of Corporate Affairs, as a result of this program started online in October this year, The internship scheme of the Prime Minister has thrown open 1.27 lakh internships opportunities from top companies for which approximately 4.87 lakh youths have completed their KYC and registered themselves.
"Approximately 6.21 lakh applications have been received against 1.27 lakh Internship Opportunities. The selection process for internship is ongoing," the Ministry said.
Prime Minister's Internship Scheme in Top Companies will be launched in Budget 2024. Under this, an internship opportunity will be given to one crore youth in the top 500 companies within five years. Under this scheme, youth will gain exposure to real-life business environments across varied professions and employment opportunities.
The interns would be paid a financial grant of Rs 5,000 per month. Out of this, the Union government would pay Rs 4,500, and the company would pay Rs 500 per month from its CSR funds.
In addition, a one-time grant of Rs 6,000 for incidentals would be paid by the MCA to each intern on joining the place of internship.
The PM Internship Scheme internship is for a period of 12 months. Meanwhile, the Investor Education and Protection Fund Authority under the Ministry of Corporate Affairs has successfully migrated forms from MCA 21 Version 2 to Version 3, which has brought in many improvements to make the compliance process smoother.
The number of compliance forms has been reduced from 5 to 3, which simplifies the submission requirements for companies. IEPFA protects the interests of investors and raises their awareness. Further, the process of fund transfer has been made entirely online, and all the company forms are now incorporated into a Straight Through Process (STP), which ensures no manual intervention is required.
To support this, there is now a special dashboard for the Nodal Officers who will monitor and report their verification reports on the claims easily. The Ministry has further taken a major Initiative under Jan Vishwas for the recognition of legal heirship certificate for the transmission of shares.This is an important development which falls under the shares transferred by companies to the IEPF under Section 124(6) of the Companies Act, 2013 and does not include monetary threshold. This reform greatly reduces the pressures on individuals by eliminating their need to obtain a succession certificate, letter of administration or probate of a will.
For this reason, beneficiaries no longer have to spend some time and costs that occurred previously with civil court proceedings. This initiative not only simplifies the transmission of shares but also increases accessibility as well as efficiency for complicated families of inheritance.
The processes for lost share certificates have also been simplified. In a progressive move aimed at claimants, the requirement to file an FIR for the loss of physical share certificates for securities valued up to Rs 5 lakh has been eliminated. This change streamlines the process for individuals who may have lost their share certificates, reducing the bureaucratic hurdles they face.
All the value requirements to have sureties while obtaining duplicate physical security certificates are being exempted for all.
This change goes an awful long way in simplifying the procedure for the claims, thus eliminating the additional barriers which have hindered accessibility for all these applicants. The ministry review states that IEPFA had increased its redressal grievance mechanism in order to make the process more responsive and accessible for its customers.
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