Section 48(3) in The Insolvency and Bankruptcy Board of India (Employees' Service) Regulations, 2017
(3)Where an employee enters into a transaction in respect of a movable property, either in his own name or in the name of the member of his family, he shall within 30 days from the date of such transaction, report the same to the Board, if the value of such property exceeds two months basic pay of the employee:Provided that that the prior approval shall be obtained by the employee, if any such transaction under sub-regulation (2) or (3) is with a person having official dealings with the employee. .
