Section 242(4) in The Navy (Pay And Allowances) Regulations, 1966
(4)[ A fresh advance shall not be sanctioned to an officer who is permitted to sell his old car in order to purchase new one. A fresh advance can be sanctioned only when the outstanding balance of the advance in respect of the first car together with interest thereon has been fully repaid.Explanation. 1 - An officer who is permitted by the sanctioning authority to sell his car purchased out of Government advance shall intimate the date of sale to the sanctioning authority and the Controller of Defence Accounts (Navy), Bombay, as soon as the sale is effected.Explanation. 2. - A specimen of Mortgage Bond for motor vehicle purchased with sale proceeds of an old one before the repayment of the entire advance of money with interest thereon sanctioned by the Government earlier for the purchase of the latter vehicle required under sub-regulation (2) of regulation 242 is given as Appendix XI-J. The fresh Mortgage Bond shall be for the amount then due and not for the amount originally advanced.] [Substitued by S.R.O. 9-E, dated 19th March, 1974]
