4.87 Lakh Young Individuals Enroll in PM's Internship Initiative with Leading Corporations

New Delhi, Dec 29 (NationPress) The Prime Minister's internship initiative, introduced in October through a digital portal this year, has opened up 1.27 lakh internship opportunities from leading corporations, with nearly 4.87 lakh young individuals completing their KYC and registering, according to the year-end review by the Ministry of Corporate Affairs.

"Approximately 6.21 lakh applications have been submitted for the 1.27 lakh internship opportunities. The selection process for internships is currently in progress,” stated the Ministry.

The Prime Minister's Internship Initiative was unveiled in the Budget 2024, aiming to extend internship opportunities to one crore youth in the top 500 companies over a span of five years.

Through this initiative, young individuals will gain exposure to actual business environments across various professions and job opportunities.

Interns will receive financial support of Rs 5,000 per month, with Rs 4,500 being provided by the Union government, while Rs 500 per month will be contributed by the companies from their CSR funds.

Additionally, a one-time grant of Rs 6,000 for incidental expenses will be allocated by the Ministry of Corporate Affairs (MCA) to each intern upon starting their internship.

The duration of the internship under the PM Internship Initiative is set for 12 months.

Meanwhile, the Investor Education and Protection Fund Authority (IEPFA), under the MCA, has successfully transitioned forms from MCA 21 Version 2 to Version 3, bringing significant enhancements to streamline compliance.

The number of compliance forms has been cut from 5 to 3, simplifying submission requirements for businesses. IEPFA's goal is to safeguard investor interests and promote awareness.

Furthermore, the process for fund transfers has been fully digitized, with all company forms now integrated into a Straight Through Process (STP), removing the need for manual intervention.

A dedicated dashboard has also been implemented for Nodal Officers, facilitating easy tracking and filing of verification reports for claims.

The Ministry has launched a significant initiative under Jan Vishwas to recognize the legal heirship certificate for transferring shares.

This crucial development, which applies to shares transferred to the IEPF by companies under Section 124(6) of the Companies Act, 2013, removes the monetary threshold requirement.

This reform significantly alleviates burdens on individuals by eliminating the necessity to obtain a succession certificate, letter of administration, or probate of a will.

Consequently, beneficiaries can save both time and costs previously associated with civil court processes. This initiative not only simplifies the transmission process for shares but also improves accessibility and efficiency for families facing inheritance complexities.

The procedures for lost share certificates have also been made easier.

In a progressive measure aimed at claimants, the obligation to file an FIR for the loss of physical share certificates valued up to Rs 5 lakh has been abolished. This update streamlines the process for individuals who may have misplaced their share certificates, reducing bureaucratic barriers.

Additionally, the requirement for sureties when applying for duplicate physical security certificates has been rescinded for all values.

This essential change is designed to simplify the process for claimants needing to replace lost or damaged certificates, thereby removing unnecessary obstacles and enhancing accessibility.

IEPFA has also enhanced its grievance redressal mechanism to provide a more effective and user-friendly experience for stakeholders, as noted in the Ministry’s review.