Cessation of pay and allowances

(1) Pay and allowances shall cease to accrue from the date the employee ceases to be in service of the Board. (2) In the case an employee is dismissed, removed or compulsorily retired from the Board's service, the pay and allowances shall cease from the date of his dismissal, removal or compulsory retirement. 2 Regulation 14 omitted by Notification no. IBBI/2017-18/GN/REG 026, dated 26th March, 2018 (w.e.f.26-03- 2018) published in Gazette of India, Extra., Part III, Sec.4, 118, dated 26th March 2018. Regulation 14, before omission, stood as under: “14. Entitlement. (1) An employee on deputation to the Board shall have option to draw either pay, allowances and other benefits applicable to the Grade he is appointed or the pay, allowances and other benefits applicable to him in his parent organization. (2) An employee other than an employee on deputation to the Board shall be entitled to pay, allowances and other benefits provided in this chapter.”

(3) In the case of an employee who dies while in service, the pay and allowances shall cease from the day following the day on which the death occurs.