Section 43(3) in The Orissa Khadi and Village Industries Board Regulations, 1960
(3)(i)Bicycle advance-Bicycle advance can be granted to all intending Class II and Class IV employees of the Board.(ii)Limit of advance-The maximum limit of advance for purchase of bicycle shall be Rs. 300 or the cost of the cycle whichever is lower.(iii)Recovery - In case of Class III employees of the Board the Principal will be recovered in maximum of 15 consecutive monthly instalments and interest in 1 (one) instalment. But in case of Class IV employees the Principal will be recovered in maximum of 30 consecutive monthly instalments and interest in subsequent 1 (one) instalment.(iv)Rate of interest-The rate of interest chargeable on such advance is six and half per cent per annum. The time-limit between the first and subsequent advance shall be at least 3 (three) years.(v)Time-gap-The period of 3 years shall count from the date of sanction of the last advance.
