Section 16(5) in The Rajasthan Financial Corporation (Staff) Regulations, 1958
(5)Nothing in this Regulation shall effect the right of the Corporation-(a)to retire or dismiss an employee without notice or pay in lieu thereof in accordance with the provisions of Regulations 17 and 37; and(b)to determine the service of an employee without notice or pay in lieu thereof on his being certified by the Corporation's Medical officer to be permanent incapacitated for further continuous service in the Corporation.Explanation I. - The expression "month" used in this Regulation shall be reckoned according to the English Calendar and shall commence from the day following that on which notice is given by the employee or the Corporation as the case may be.Explanation II. - A notice given by an employee under Sub-Regulation (1) [or] [Substituted by Amendment Notification dated 15-11-1961, Rajasthan Gazette, Part IV-C, dated 14-12-1961.] (2) shall be deemed to be proper only if he remains on duty during the period of notice, and an employee shall not be entitled to set off any leave earned and not availed of by him against the period of such notice.Explanation III. - If an employee to whom notice is given by the Corporation in pursuance of this Regulation absents himself from duty without permission during the period of notice he shall not be entitled to receive any pay or allowance during the period of absence and shall further be liable to such further penalties as the Managing Director may deem fit to impose.[17. Superannuation and Retirement. - (i) An employee, except in Class 'C' shall retire at 58 years of age provided that he may be reemployed in the service of the Corporation, with prior approval of the Board, beyond the age of 58 years in the interest of the Corporation and for reasons to be recorded in writing for a period not exceeding one year at a time upto the age of 60 years on the pay and allowances last drawn.(ii)In case of an employee in Class 'C' the age of retirement shall be 60 years.Explanation. - Notwithstanding anything contained in this Regulation, where an employee has at the credit of his leave account ordinary leave earned and has in sufficient time before the date of retirement either-(i)formally applied for leave and been refused it, or(ii)ascertained in writing from the Managing Director that leave, if applied for, would not be granted, he may be permitted to avail of the leave so refused and in that case the employee would be deemed to have retired, from service on the date of compulsory retirement or the expiration of extension and shall become eligible for retirement benefits from the date of such retirement or the expiration of such extension as the case may be.(iii)Not printed in Gazette.(iv)[ The authority competent to grant leave may withhold whole or part of cash equivalent of ordinary leave in case of corporation employee, who retired from service on attaining the age of retirement while under suspension or while disciplinary or criminal proceedings are pending against him. If in the view of such authority there is possibility of some money becoming recoverable from him on conclusion of the proceeding against him. On conclusion of the proceedings, he will become eligible to the amount so withheld after adjustment of corporation dues, if any.] [Inserted by Amendment Notification dated 29-5-2003, Rajasthan Gazette, Part VII, dated 12-6-2003, Page 101.]
