Security from employee entrusted with custody of money or property

(a) Every employee entrusted with the expenditure or custody of money or property of the Gaon Panchayat or Circle Panchayat shall be required to furnish security for an amount to be fixed by the Gaon Panchayat or Circle Panchayat, as the case may be, in each instance, with due regard to the responsibility of the office. (b) The sum of security shall generally be equal to the maximum amount which the employee may have in his hands at any time and the Secretary of the Gaon Sabha and the Inspector of Panchayat shall see that the amount of cash left in the hands of the employee never exceeds the amount of security taken of him. (c) In the case of every employee affected by this rule a security bond shall be executed in Form 35. The bonds and the security deposited by the employee should be kept in such custody as the District Magistrate may determine and shall be retained until one year has elapsed after the employee has vacated the office. (d) The securities shall be examined and verified by the 1st April, in each year by the Pradhan or Sarpanch or in his absence by such member as is appointed in this behalf by a resolution of the Gaon Panchayat or Circle Panchayat as the case may be and a certificate to the effect that this has been done shall be given by the verifying officer against each item in the remarks column of Form No. 41.