Section 22 in National Housing Bank Employees (Conduct) Regulations, 1994
22. Employee in debt.
- An employee shall so manage his private affairs as to avoid habitual indebtedness or insolvency. An employee who is in debt shall furnish to the competent authority a signed statement of his position half-yearly on the 30th June and 31st December, and shall indicate in the statement the steps he is taking to rectify his position. An employee who makes a false statement under this regulation or who fails to submit the prescribed statement or appears unable to liquidate his debts within a reasonable time or applies for the protection of an insolvency court shall be liable to disciplinary action.Explanation I. - For the purposes of this regulation an employee shall be deemed to be in debt if his total liabilities exclusive of those which are fully secured or those taken from the Employees' Co-operative Credit Society exceed his substantive pay for 12 months.Explanation II. - An employee shall be deemed to be unable to liquidate his debt within a reasonable time if it appears, having regard to his personal resources and unavoidable current expenses, that he will not cease to be in debt within a period of three years.
