Regulation 48 - Movable, immovable and valuable property. - Insolvency and Bankruptcy Board of India (Employees’ Service) Regulations, 2017

Movable, immovable and valuable property. 48. (1) An employee shall comply with the directions issued by the Central Government in accordance with the Lokpal and Lokayuktas Act, 2013. (2) No employee shall, except with the previous intimation to the Board, acquire or dispose of any immovable property by lease, mortgage, purchase, sale, gift or otherwise either in his own name or of any member of his family. (3) Where an employee enters into a transaction in respect of a movable property, either in his own name or in the name of the member of his family, he shall within 30 days from the date of such transaction, report the same to the Board, if the value of such property exceeds two months basic pay of the employee: Provided that that the prior approval shall be obtained by the employee, if any such transaction under sub-regulation (2) or (3) is with a person having official dealings with the employee. . (4) The Board may, at any time, by general or special order require an employee to furnish a full and complete statement of such movable or immovable property held or acquired by him or on his behalf or by any member of his family and source from which, such property was acquired as may be specified in the order.