Section 20(4)(a) in The Punjab School Education Board Employees (Conduct) Regulations, 1978
(a)lend or borrow or deposit money, as a principal or an agent to, or from, or with, any person of firm or private limited company within the local limits of his authority or with whom he is likely to have official dealings, or otherwise place himself under any pecuniary obligation to such person or firm or private limited company; or