MCA amends NFRA rules and modifies provisions w.r.t salary and allowances

Notification no. G.S.R. 165(E), Dated: 28.02.2022

The Government has specified the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Amendment Rules, 2022. Under the new norms, the Chairperson shall have the option to draw either a consolidated monthly salary of Rs. 4,50,000 without house and car which was earlier Rs. 2,50,000 (fixed) or the pay and allowances as are admissible to a Secretary to the Government of India.

However, where the Chairperson exercises the option to receive pay as admissible to a Secretary to the Government of India or a full-time member exercises the option to receive pay as admissible to an Additional Secretary to the Government of India and is in receipt of monthly pension from either the Central Government or a State Government, the pay of such Chairperson or Member, as the case may be, shall be reduced by the gross amount of pension drawn by him.

The Chairperson or a full-time member, who has opted for pay and allowances as are admissible to a Secretary or an Additional Secretary to the Government of India, as the case may be, shall be entitled to house rent allowance at the same rate as is admissible to a Central Government officer holding a Group ‘A’ post carrying the same pay. However, Chairperson or a full-time member shall not be eligible for house rent allowance in case he is in occupation of, or occupies, a General Pool Residential Accommodation which has been allotted to him:

The Chairperson or a full-time member shall be entitled to the facility of staff car for journeys for official and private purposes in accordance with the facilities as are admissible to a Central Government officer holding a Group ‘A’ post carrying the same pay as per the provisions of applicable staff car rules.

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