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State of Bihar - Section

Section 409 in Bihar Financial Rules, 1950

409.

In all cases in which a car is sold before the advance received for its purchase from Government with interest accrued thereon has been fully repaid, the sale proceeds must be applied, so far as may be necessary, towards the repayment of such outstanding balance. Provided that when the car is sold only in order that another car may be purchased the State Government may permit a Government servant to apply the sale proceeds towards such purchases, subject to the following conditions:-
(a)the amount outstanding shall not be permitted to exceed the cost of the new car;
(b)the amount outstanding shall continue to be repaid at the rate previously fixed;
(c)the new car must be insured and mortgaged to Government as required by these rules.