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ADVANCES

ADVANCES. NON-INT BEARING ADVANCES. 1.Festival Advance 2.Flood/Drought Advance 3.Cycle Advance 4.Warmcloth Advance. Festival advance. Maximum amt Rs.3000/-(to be increased by 25% when the DA increases by 50%) For festivals to be selected by the HOD

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ADVANCES

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  1. ADVANCES

  2. NON-INT BEARING ADVANCES 1.Festival Advance 2.Flood/Drought Advance 3.Cycle Advance 4.Warmcloth Advance

  3. Festival advance • Maximum amt Rs.3000/-(to be increased by 25% when the DA increases by 50%) • For festivals to be selected by the HOD • All non.Gaz employees with GP Rs.4800/- or less are eligible • Only once in a financial year • To be recovered in not more than 10 instalments

  4. Flood/Drought Advance • Maximum Admissible Rs.5000/-(to be increased by 25% when the DA increases by 50%) • Non.Gazemployee whose movable / immovable property affected are eligible • The concerned State Government should have declared the area as affected • To be recovered in not more than 25 instalments

  5. Cycle advance • Maximum Admissible Rs.3000/-(to be increased by 25% when the DA increases by 50%) subject to actual cost of cycle • All non.Gaz employees with GP Rs.2800/- or less are eligible • Production of cash receipt is compulsory • To be recovered in not more than 30 instalments • Normally second adv will not be granted within three years from sanction of Ist advance.

  6. Warm cloth Advance • Maximum amt Rs.3000/-(to be increased by 25% when the DA increases by 50%) • All group C and D employees posted in hill stations, located at 1000 meters or more above sea level, likely to work there for a period of not less than one year, are eligible • To be recovered in not more than 10 instalments.

  7. INT BEARING ADVANCES • Advance for purchase of motorcycle moped/scooter • Advance for purchase of Personal computer • Advance for construction/purchase of house

  8. Advance for motorcycle moped/scooter • The sanctioning authority should be satisfied about the repaying capacity of the official. • All employees with pay in pay band of Rs.8560/- or more are eligible . • All employees with pay in pay band less than Rs.8560/- are eligible for Rs.20,000/- or the cost of moped whichever is less. • Maximum amt admissible Rs.30000/- subject to the cost of motorcycle whichever is less.

  9. Advance for motorcycle moped/scooter(contd) 5.To be recovered in not more than 70 equal instalments. 6.On second occasion the amount is restricted to Rs.24000/- or the cost of motorcycle whichever is less. 7.Interest to be recovered at following rates. • 2001-02 -----9.5%:2002-03 --------- 9.0% • 2003-04 to 2009-10----- 8.0%

  10. Advance for Personal computer • The sanctioning authority should be satisfied about the repaying capacity of the official • Officers with pay in pay band Rs.19,530/- are eligible for adv up toRs.80,000/- • Officials with pay in pay band Rs.8560/- are also eligible but the adv amt will be restricted up to Rs.30,000/- • To be recovered in not more than 150 equal instalments

  11. Advance for purchase of Personal computer(contd) • 5.On second occasion the advance will be granted only after expiry of three years from the first advance. • 6. Interest to be recovered at following rates. • 2001-02 -----13.0%: • 2002-03 --------- 12.5% • 2003-04 to 2009-10----- 11.5%

  12. House building advance • All permanent officials are eligible. • For construction or purchase of ready built house- • Maximum advance admissible is 34 times of pay in pay band or Rs.7.5 lakhs or the cost of repaying capacity whichever is less. • For enlargement of house- • Maximum advance admissible is 34 times of pay in pay band or Rs.1.8 lakhs or the cost of repaying capacity whichever is less. • The advance is further limited to the estimated cost of construction.

  13. House building advance (contd) • Only one advance is admissible during entire service. • Repaying capacity:

  14. House building advance (contd) • Disbursement schedule

  15. House building advance(contd • The entire amount of advance with interest to be recovered in 240 instalments, maximum. • Recovery to be commenced from the 18th month’s pay from the month in which first instalment is paid • Interest to be charged is as follows • From 01.04.2003 onwards: • Up to 50,000/-------------5.0% • 50,001to 1,50,000-------6.5% • 1,50,001 to 5,00,000 ----8.5% • 5,00,001 to 7,50,000---- 9.5%

  16. EXERCISE 1

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