Section 29(3) in The Rajasthan Financial Corporation (Staff) Regulations, 1958
(3)An employee who is habitually late in attendance shall be liable to such penalty as the Managing Director may deem fit to impose or shall, at the discretion of the Managing Director have one day of his casual leave forfeited for every two days he is late in a month where such an employee has no casual leave due to him the period of leave to be so forfeited may be treated as ordinary or extraordinary leave as the Managing Director may determine.
