(1) Notwithstanding anything contained in these regulations an officer in the service of the Bank immediately before the appointed date shall have the option to continue even after that date in the scale of pay applicable to him immediately before the appointed date by communicating to the Bank within 30 days of the receipt of the intimation regarding his fitment in the new scale of pay.
Provided that such option shall continue to have effect only till the officer is promoted to a scale in the scales of pay set out in Regulation 4 higher than the scale of pay to which the scale of pay under his entitlement immediately before the appointed date corresponds in accordance with Regulation 7.
(2)
(3)
(4) Save as provided in Sub-Reg. (3) where an officer has exercised such option, he shall continue to draw pay and allowances according to his entitlement in the service of the Bank immediately prior to the appointed date:
Provided that in any case, the officer shall not be eligible for the perquisites under such entitlement but shall be entitled only to such perquisites as are admissible to him under these regulations.
Any Officer who has exercised option referred to in sub- regulation (1) and continues to draw pay and allowances according to his entitlement in the service of the Bank immediately prior to the appointed date, in terms of sub- regulation (2) shall be allowed to opt for pay and allowances as applicable under these regulations on and from 1-2-1984. On exercising such option, he will be fitted notionally on the appointed date into the new scale of pay in the manner referred to in Regulation 8 and after granting him the increments he would have received in terms of these regulations upto 31-1-1984, he shall be fitted in the scale of pay set out in Regulation 4 (1) as on 1-2-1984 in accordance with the guidelines of the Government issued thereunder.
Provided that if the aggregate of pay and allowances payable under these regulations to the officer after fitment as above is lower than the aggregate of pay and allowances that were payable to him as on 31-1-1984 before such fitment, the difference shall be paid to him as a Personal Allowance which shall be absorbed in the future increments to the extent of 33 1/3 percent of each such increment or 33 1/3 percent of the increase in the salary as a consequence of such increment, whichever is lower.
Any officer,
(a) who had exercised option referred to in subregulation (1); and
(b) who continued even after the first day of February, 1984 to draw pay and allowances applicable to him immediately before the appointed date; and
(c) Who continues in regular service of the bank on or after the first day of April, 1997;
may be allowed to opt for pay and allowances as applicable under these regulations on and from the first day of April, 1997; On exercising such option, he will be fitted on the pay in such a manner that the pay as set out in Regulation 4 (2) along with the dearness allowance payable thereon as on 1.4.1997 is nearest to his existing salary ( i.e. pay plus dearness allowance) being drawn in terms of sub-regulation (2) on
31.03.1997.
Appeal against fitment