Section 43 in The Orissa Khadi and Village Industries Board Regulations, 1960
43. [ Advance. [Substituted vide Notification No. 23127/9.12.1981.]
(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.(2)Motor cycle/scooter advance-(i) Criteria-The Orissa Khadi and Village Industries Board may, in the interest of Board, sanction an advance for purchase of motor cycle/scooter to a Board employee whose monthly basic pay is not less than Rs. 600 :Provided that such an advance may also be sanctioned to a Board employee whose monthly basic pay is not less than Rs. 400 if in the opinion of the Board, the employee is required to perform official tour for not less than 7 days in a month.(ii)Limit of advance - The maximum limit of the advance for purchase of motorcycle/scooter shall be Rs. 6,000 or the cost of the vehicle whichever is less:Provided that in case of second and subsequent advances the Government servant will be eligible to the difference between the maximum limit of Rs. 6,000 and the sale proceeds of the vehicle left over with the Government servant after re-payment of the earlier outstanding advance including interest.(iii)Recovery-The principal will be recovered in not more than 60 consecutive monthly instalments and the interest in maximum 8 consecutive monthly instalments. The recovery of interest will commence from the month following the one in which the whole of the principal has been repaid.(iv)Rate of interest-The rate of interest chargeable on such advance is 7 per cent per annum.(v)Time-gap-The time-gap between the first advance and the subsequent advance shall be at least 4 (four) years. The period of four years shall count from the date of sanction of the last advance.Notes - (i) If actual price paid both for motor car/cycle excluding cost of insurance, transportation from the place of purchase or subsequent repairs is less than the advance taken, the balance shall forthwith be refunded to Government, though the mortgage bond should be for the full amount drawn from the Treasury.(ii)The amount of advance for purchase of motor car/cycle/scooter the manner of its recovery, etc. shall be prescribed by Board from time to time basing on the orders issued by Government in Finance Department;(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.(4)All such advance may be sanctioned to a permanent or a temporary employee, but in case of a temporary employee, a surety bond shall be furnished from a permanent employee of the Board not below the rank of the loanee.]
