Section 214 in Bihar Board's Miscellaneous Rules, 1958
214. Security in Savings Bank deposit.
- Officers who have to give security of Rs. 5,000 or less shall give it either in the form of Post Office Savings Bank deposits or Promissory notes and/or stock certificates of the Central Government or of State Government.Note 1. - Post Office 5-year cash certificates may be accepted as security deposit for the amount at which the certificates were purchased (and not for their face value), provided the depositor formally transfers the certificates, with the sanction of the Postmaster-General, to the Reserve Bank of India (Vide Rule 229). The certificates should be re-transferred at the end of the period for which the security is given.Note 2. - Purchasers of twelve-year post office National Savings Certificates may transfer their holdings of National Savings Certificates to Government Officers in their official capacity to be treated as security or authorise or consent to the purchase of National Savings Certificates out of money retained by Government Officers as security. The value of the security shall be the amount at which the certificates were purchased or their conversion value on the date on which they are transferred. In all such cases, the certificate must be formally transferred to the Government officers concerned with the sanction of the Head Postmaster of the Office in which or any of the Sub-Offices attached to which, they are for the time being registered.The certificates may be re-transferred to the original holders with the permission of the Head Postmaster at the end of the period for which the security is given. Government Officers accepting National Savings Certificates as security must satisfy themselves that the total face value of the National Savings Certificates in the name of any person pledging these does not exceed Rs. 5,000.
