Section 35A in Life Insurance Corporation of India (Staff) Regulations, 1960
35A. [Filing Of Returns Of Property. [Notified in Gazette of India, Extraordinary, Part-II Section 3 sub-section (i) dated 19.9.1995 (G.S.R. No. 644E)]
(1)No employee of the Corporation shall except with the previous knowledge of the competent authority, acquire or accept either in his name or in the name of any member of his family, any immovable property or any interest therein by lease, mortgage, purchase, sale, gift or otherwise or dispose of the same in any manner.(2)No employee of the Corporation shall, except with the previous sanction of the competent authority, enter into any transaction concerning any immovable or movable property with a person or a firm with whom he has or had official dealings.(3)[ Every employee of the Corporation shall, immediately report to the competent authority every transaction in respect of any movable asset if the value of such asset exceeds two months' basic pay of the employee.](4)Commencing from first day of April 1995, a person holding any posts in Class I, Class II or Class III shall submit once in every year, return of assets and liabilities in such a form as may be prescribed and duly verified by him as to:(a)any immovable property accepted or acquired by him by any of the modes specified in sub-regulation (1) or owned or inherited by him or held in his name or in the name of any member of his family or of any other person;(b)shares, debentures or other securities or cash including bank deposits inherited, owned or similarly accepted or acquired by him or held in his name;(c)[ any other asset inherited, owned or similarly accepted or acquired by him or held in his name or in the name of any member of his family, where value of such asset as on date of submission of the return exceeds two months' basic pay of the employee; and.] [Substituted 'other movable property inherited, owned or similarly accepted or acquired by him or held in his name or in the name of any member of his family, where value of such property as on the date of submission of the return exceeds Rs. 10,000/-; and' by Notification No. G.S.R. 282 (E), dated 23.3.2017 (w.e.f. 1.7.1960).](d)the debts or other liabilities incurred by him directly or indirectly:Provided that the competent authority may for reasons to be recorded direct an employee in Class IV to submit a return of his assets and liabilities for any one or more years in which case all the provisions of this Sub-Regulation shall apply to him as they apply to an employee in Class I or Class II or Class III.(5)The return specified in sub-regulation (4) shall be, in the case of first appointment, in respect of the assets and liabilities as on the date of appointment shall be submitted not later than one month from the date on which he is appointed in service.Explanation: For the purpose of this Regulation the competent authority shall be the appointing authority of the post to which the employee belongs, as specified in Schedule I appended to the Life Insurance Corporation of India (Staff) Regulations, 1960.]
