(1) Every University employee shall submit─
(i) declaration of property on his first appointment to any service or post;
(ii) annual property return as on 31st March of every financial year; and
(iii) property return as and when he is directed by the prescribed authority, showing particulars in detail, in the prescribed Forms appended to these regulations at Annexure A and B, regarding
(a) immovable property inherited, owned, acquired or held on lease or mortgage, by him or his spouse or any member of his family, either in their own name or in the name of any other person; and
(b) movable property.
Explanation.─ For the purpose of this regulation the expression “movable property‟ includes─
(i) cash, bank balance, deposits, loans and advances:
(ii) investments in shares,securities, debentures, bonds etc.;
(iii) jewellery and insurance policies;
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(iv) vehicles, any other means of conveyance;
(v) any electric, electronic goods or household items such as refrigerators, air conditioner, LCD, LED, computers, washing machines, furniture etc.;
(vi) debts and other liabilities incurred directly or indirectly by him or his spouse or any other member of his family; and
(vii) any other movable property owned, acquired or inherited by him or his spouse or any other member of his family.
Note 1.─ The moveable/immoveable properƟes either acquired by the members of the family of the employee from their own funds or inherited by them shall not attract the provisions of this regulation.
Note 2.─ In all returns the value of items of movable property cosƟng less than Rs. 50,000 may be added and shown as a lump sum. The value of articles of daily use such as clothes, utensils, crockery, books, etc., shall not be included in such return.
(2) No University employee or any dependent member of his family shall except with the previous knowledge of the prescribed authority, acquire or dispose of any immovable property by lease, mortgage, purchase, sale, gift or otherwise either in his own name or in the name of any dependent member of his family:
Provided that the previous sanction of the prescribed authority shall be obtained by the University employee if any such transaction is—
(i) with a person having official dealings with the University employee; or
(ii) otherwise than through a registered dealer.
(3) Where a University employee enters into a transaction in respect of movable property either in his own name or in the name of the member of his family, he shall, within one month from the date of such transaction, report the same to the prescribed authority, if the value of such property exceeds two months' basic pay of the University 74 employee:
Provided that the previous sanction of the prescribed authority shall be obtained if any such transaction is—
(i) with a person having official dealings with the University employee; or
(ii) otherwise than through a registered dealer.
(4) The University or the prescribed authority may at any time, by general or special order, require a University employee to furnish, within a period specified in the order, a full and complete statement of such movable or immovable property held or acquired by him on his behalf or by any member of his family as may be specified in the order. Such statement shall, if so, required by the University or by the prescribed authority, include the details of the means by which, or the source from which , such property was acquired.