Section 17(a) in The Navy (Pension) Regulations, 1964
(a)Commercial employment after retirement. - If an officer who held the rank of Captain and above, whether in substantive capacity or otherwise immediately before retirement and who is granted or is likely to be granted a pension gratuity (including Death-cum-Retirement Gratuity) or other benefits in respect of his/her service in the Navy wishes to accept any commercial employment before the expiry of two years from the date of his/her retirement he/she shall obtain the prior sanction of the Government to such acceptance and no pension shall be payable to him/her if he/she accepts a commercial employment without such sanction in respect of any period for which he/she is so employed or for such longer period as the Government may direct.
