Section 35 in Life Insurance Corporation of India (Staff) Regulations, 1960
35. Employees 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.] [Notified in Gazette of India, Part-III Section 4 dated 7.8.1971.]Explanation: 1. For the purpose 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 salary for 6 months.
