1.0 SHORT TITLE
These rules may be called "SJVN Personal Computer Advance Rules".

2.0 SCOPE
The provisions of this chapter shall regulate the cases relating to the grant of Personal Computer advance for purchase of a new Personal Computer and other peripherals by the eligible employees of the Company.

3.0 ELIGIBILITY
3.1 The advance towards purchase of a new Personal Computer shall be granted only to such regular employees except for:

1. Lien holders
2. Deputationists
3. Apprentices/trainees, whether engaged under Company's own training scheme or under Apprentices Act, 1961; and
4. Muster roll, daily rated, casual, badli or substitute employees.

3.1.1 The advance will be granted only to such employees who have completed atleast one year service in the regular establishment of the Company and who have been subscribing for atleast one year either to SJVN Provident Fund Account or any other recognized Provident Fund Account.

3.1.2 HPSEB employees after absorption in SJVN shall be eligible for grant of advance during probation period subject to having served atleast one year prior to absorption in SJVN.

3.2 An employee will be eligible for the advance only if an earlier Computer Advance sanctioned to him, if any, has been recovered in full and a minimum period of three (3) years reckoned from the date of drawl of the last advance has elapsed. However in supervisory and workmen categories the advance will be sanctioned once during the entire service period.

3.3 The advance will not be sanctioned to an employee who is to leave the services of the Company within 36 months of the grant of advance either on superannuation or otherwise.

3.4 An employee during his suspension period shall not be eligible for the advance.

4.0 AMOUNT
4.1 The maximum amount of advance for the purchase of Personal Computer to an employee shall be limited to eighty per cent (80%) of the actual cost of Personal Computer subject to a maximum of Rs. 40,000/- (Rupees Forty Thousand only). The "actual price/cost" includes cost of Printer, Modem, other peripherals including software, Sales Tax, Insurance, but excludes Customs Duty. As such no advance for payment of Customs Duty on Personal Computer shall be sanctioned.

4.2 The advance shall also be admissible for exclusive purchase of peripherals like Printers, Modems, Multi-media kits, U.P.S. etc. to cover those employees who may be already possessing Computers.

5.0 PROCEDURE
5.1 An employee, who satisfies the conditions of eligibility laid down herein may apply to the Personnel Department in the Annexure – I alongwith Proforma Invoice from manufacturer/authorized dealer/vendor, through his Controlling Officer not below the rank of Manager.

5.2 On receipt of the application in the Personnel Department depending upon eligibility conditions as provided herein and budget availability as well as the repaying capacity of the concerned individual, sanction order will be issued by the Personnel Department.

5.2.1 SANCTIONING AUTHORITY
Heads of Personnel not below the rank of Manager for Projects and Sr. Manager for Corporate Centre.

6.0 DISBURSEMENT
6.1 On receipt of the sanction order concerned employee will be required to execute an Agreement, in the prescribed proforma, to hypothecate the Computer and other peripherals in favour of the Company on a non-judicial stamp paper of the requisite value as also a Surety Bond, in the prescribed proforma, from a confirmed employee of the Company, who is not likely to superannuate within twelve (12) months of the date of executing the Surety Bond and has not stood surety in more than two cases of Computer Advance. Further, if the employee applying for Computer Advance has stood surety for the Computer Advance taken by another employee that employee is not qualified to stand as Surety.

6.2 The liability of the surety will continue so long as the Computer is not hypothecated to the Company or till the advance, in full (including interest thereon), is repaid to the Company, whichever event happens earlier.

6.3 On receipt of the Agreement and Surety Bond in the concerned Personnel Department, a communication advising the concerned Accounts Department to release the amount to the individual will be issued whereupon the amount will be released by the Accounts Department.

7.0 TERMS & CONDITIONS
7 .1 The sanction order for the advance shall remain valid for a period of four months from the date of issue of the sanction order or the close of financial year, whichever is earlier.

7.2 The employee should purchase the Computer from a manufacturer/authorized dealer/vendor of repute within a period not exceeding thirty (30) days from the date of drawl of the advance failing which the entire amount of advance alongwith accrued interest thereon shall be refunded forthwith by him to the Company, failing which Bank lending interest rate shall be charged.

7.3 If the price paid for the computer is less than the amount of advance drawn, the excess amount shall be refunded to the Company within seven days of the purchase, failing which bank lending interest rate shall be charged.

7.4 Immediately on the purchase of the Computer and in no case later than thirty (30) days from the date of purchase of the Computer, the employee shall submit the Deed to the concerned Personnel Department, in the prescribed proforma on a non-judicial stamp paper of the requisite value, hypothecating the Computer in favour of the Company. In addition, he shall be required to submit to the Personnel Department concerned a printed invoice of the vendor and stamped receipt for the amount paid for the Computer for verification and acceptance by the concerned Personnel Department.

7.5 An employee desiring to sell or transfer the ownership of the Computer to another person during the period the Computer is hypothecated, to the Company, shall be required to obtain prior permission of the Sanctioning Authority.

7.5.1 If the employee does not wish to purchase another computer after sale of the existing one with prior permission, the balance amount due to the Company shall be refunded within seven days of the sale/transfer failing which Bank lending interest rate shall be charged.

7.5.2 The advance shall not be sanctioned to employee in whose case total deductions from the salary is more than seventy five per cent (75%) of the gross pay.

8.0 INTEREST
8.1 An advance granted under these rules shall carry simple interest from the date of payment of the advance, the amount of interest being calculated on the balance outstanding on the last date of each month Recoveries on account of interest will be effected only after the recovery of the principal amount.

8.2 The rate of interest to be charged on Computer Advance would be notified by SJVN from time to time. Present rates 7% p.a.

9.0 REPAYMENT
9.1 The advance granted to an employee under these rules alongwith the accrued interest shall be repaid in full before superannuation/separation from the services of the Company.

9.2 The advance for purchase of computer will be recovered in not more than 36 equal monthly installments commencing from the month following that in which the advance is drawn. The interest will be recovered in not more than 12 equal monthly installments thereafter.

9.3 The deed of Hypothecation shall stand cancelled after the advance with interest is fully repaid to the Company.

10.0 REPAYMENT TO FINANCIAL INSTITUTIONS
If an eligible employee has taken loan for purchase of Personal Computer from any Bank or Financial Institution, the Company may repay the loan alongwith interest directly to the Bank or Institution at the time of release of Advance.

11.0 GENERAL
11.1 The Company reserves the right to modify cancel and or amend any of these rules.

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