Section 35A(4) in Life Insurance Corporation of India (Staff) Regulations, 1960
(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.
