Section 21(4) in Khadi And Village Industries Commission Employees (Conduct) Regulations, 2003
(4)(i)No employee shall, save in the ordinary course of business with a bank or a public limited company, either himself or through any member of his family or any other person acting on his behalf,(a)lend or borrow or deposit money, as a principal or an agent, to, or from or with, any person or firm or private limited company within the local limits of his authority or with whom he is likely to have official dealings or otherwise place himself under any pecuniary obligation to such person or firm or private limited company; or(b)lend money to any person at interest or in a manner whereby return in money or in kind is charged or paid :Provided that an employee may give to, or accept from a relative or a personal friend a purely temporary loan of a small amount free of interest, or operate credit account with a bona fide tradesman or make an advance of pay to his private employee :Provided further, that nothing in this sub-regulation shall apply in respect of any transaction entered into by an employee with the previous sanction of the prescribed authority.(ii)When an employee is appointed or transferred to a post of such nature as would involve him in the breach of any of the provisions of sub-regulation (2) or sub-regulation (4), he shall forthwith report the circumstances to the prescribed authority and shall thereafter act in accordance with such order as may be made by such authority.
