Section 43(1) in The Orissa Khadi and Village Industries Board Regulations, 1960
(1)Motor Car advance - The Orissa Khadi and Village Industries Board may in the interest of the Board, sanction an advance for purchase of motor car to a Board employee whose monthly basic pay is not less that Rs. 1,200 ; provided that such an advance may also be sanctioned to a Board employee whose monthly basic pay is not less than Rs. 1,000 where in the opinion of the Board the employee is required to make official tours for not less than 7 days in a month.(ii)Limit of advance-The maximum limit of the advance for purchase of motor car shall be Rs. 30,000 or 20 monthly pay of the employee or the anticipated price of the motor car, whichever is the least :Provided that in case of second and subsequent advance the Board employee will be eligible to the difference between the maximum admissible limit and the sale proceeds of the old vehicle left over with employee after repayment of the earlier outstanding advance including interest.(iii)Recovery - The principal will be recovered into more than 100 consecutive monthly instalments and the interest in subsequent 22 consecutive monthly instalments. The recovery of interest will commence from the month following that in which the whole of the principal has been repaid. A loanee, however, if he so desires be permitted to repay the advance In a smaller number of instalments.(iv)Rate of interest-The rate of interest chargeable on such advance is 8 per cent per annum.(v)Time-gap-The time-gap between the first advance and the subsequent advance shall be at least 5 (five) years. The period of five years shall count from the date of sanction of the last advance.
