(1)Investments shall be made as early as practicable in the form of securities or deposits specified below :(a)Government's securities and securities guaranteed by Government as to payment of interest and repayment of principal;(b)non-terminable loans of the Central Government;(c)Post Office National Savings Certificate;(d)Fixed deposits for periods up to three years in the Orissa Provincial Co-operative Bank and Central Co-operative Banks approved by the State Government for the purpose; and(e)Post Office Savings Bank deposits (only in the case of provident fund balances likely to be required for early disbursement.);(f)Scheduled Banks with the prior sanction of Government Investments shall ordinarily be in item (a) above except when there are special reasons for considering that it would be most advantageous to invest in one of the other items. An investment of the kind referred to in item (d) above shall be made only with the previous sanction of the State Government.(2)The investment of provident fund balances as a loan to the Council shall not be permissible nor shall the balances be drawn upon for any purpose other than that for which the fund is constituted.
