Section 83(2) in Orissa State Financial Corporation (Staff) Regulations, 1975
(2)(a)An employee will be allowed to surrender ordinary leave upto a maximum of 30 days in lieu of leave salary and allowances for the period of the leave surrendered provided that he has not less than 120 days ordinary leave at his credit and that a minimum reserve of sixty days ordinary leave is left in the leave account of the employee after encashment of the ordinary leave.(b)The concession of encashment of ordinary leave shall be allowed once in a block period of 24 months, commencing from the 1st January 1975.(c)The leave salary and allowance admissible for the leave surrendered shall be equivalent to that which the employee would have received had he actually availed himself of the leave so surrendered.(d)Leave salary for the period of surrendered leave shall be paid in full as soon as possible after the commencement of leave surrendered.(e)The benefit of surrender of leave shall be admissible to Corporation employee who holds a post either in the Head Office or Branch office or Agency officers or sub-officers or in any of the financial units to which he is under deputation for a specific period.(f)In the case of an employee of the Corporation who is on the verge of retirement, the period of leave surrendered shall not exceed the period of duty between the date of expiry of ordinary leave actually availed of and the date of retirement.The benefit of surrender of leave shall not however, be allowed in respect of leave sanctioned either as leave preparatory to retirement or as refused leave under Rule 75 of the regulations;(g)The leave salary and allowance admissible for the leave surrendered shall not be liable to any deduction on account of provident fund subscription, insurance premium, house rent, repayment of advance, etc., due to the Corporation but shall be liable to deduction of income tax if the income is assessable to such taxes in the hands of the employees;(h)The authorities who are empowered to sanction ordinary leave will be competent to accept the surrender of leave;(i)The details of the surrender leave shall be entered in the leave register at the time of leave salary is drawn. A certificate to the effect that necessary entries have been made in the leave register shall be recorded by the concerned officer of the Corporation.
