Section 35(1) in The Khadi And Village Industries Commission Employees (Pension) Regulations, 1984
(1)Where an employee of the Commission referred to in Regulation 34 elects the alternative of receiving the death cum-retirement gratuity and a lump sum amount in liew of pension, he shall, in addition to the death-cum-retirement gratuity be granted:(a)on an application made in this behalf a lump sum amount not exceeding the commuted value of one third of his pension as may be admissible to him in accordance with the provisions of chapters XI to XIII of these regulations; and(b)terminal benefits equal to the commuted value of the balance amount of pension to left after commuting one third of pension to be worked out with reference to the commutation tables obtaining on the date fromwhich the commuted value becomes payable subject to the condition that the employee of the Commission surrenders his rights of drawing two third of his pension.
