Nabard sources told FE, The circular is about the conduct of its staff in the acquisition and disposal of immovable and movable properties. It makes it amply clear that there should not be an attempt to siphoning of funds from unexplained sources in the form of loans or gifts. Besides, all transactions, in respect of immovable and movable properties, should be strictly examined as to whether they are reasonable, compared to prevailing market rates. It should also be examined whether they are commensurate with the salary drawn by him from the known or declared sources of income.
More importantly, Nabard officers will not be allowed to speculate or utilise their funds with a view to earning profits from the transactions and its scrutiny would be to place a check on any undesirable transaction that is indicative of the officer indulging in speculative transactions or deals. All officers desiring to acquire/dispose of immovable property would have to obtain a prior permission.
They would also need to seek permission even before depositing/obtaining initial/earnest money. In case the employee fails to do so, the officer concerned would face scrutiny of such transactions. Besides, officers should not carry out transactions with vendors or parties which have substantial dealings with Nabard. Sources said borrowings from cooperative credit societies should invariably be supported by liability certificates from the society, indicating the amount of loan availed and its purpose.
Nabard sources also said employees will be granted gifts from close friends and relatives only after they produce the copy of gift tax clearance certificate. When the cost of the gift exceeds Rs 50,000, the officer has to submit a gift deed of declaration from the donor on a non-judicial stamp paper, duly attested by a notary or a magistrate.