On 5 September, the government issued the Bankruptcy Board of India (Salary, Allowance and Other Terms and Conditions of Service of Chairman and Member) Rules, 2016.
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The salient features of these rules are as follows:
- A chairperson and whole-time members shall not have any financial or other interests that are likely to affect prejudicially their functions as chairperson or member.
- A chairperson will have the option to receive (i) pay as for a secretary to the government or (ii) a consolidated salary of ₹450,000 (US$6,770) per month. Whole-time members will have the option to receive (i) pay as for an additional secretary to the government or (ii) a consolidated salary of ₹375,000 per month.
- They also prescribe the terms and conditions of service for a part-time member.
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