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GIFT POLICY
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October 24, 2018
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POWERLINKS that exchange of gifts with people having business
dealings is not unusual and is considered acceptable as part of normal social
exchange. However, the need is recognised for a stated policy setting caps on
the value of such gifts and for defining circumstances under which the gifts
could be accepted and retained. The cardinal principle would be that gifts
should not be given or received either to obtain favours / preferential
treatment or in return for favours / preferential treatment.
The Policy will apply to all employees of Powerlinks. |
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| 1 . |
Gifts
could be either solicited or unsolicited. The Company, regardless of the
circumstances, does not permit the soliciting of gifts. This policy defines the
circumstances under which unsolicited gifts received either in India or abroad
can be accepted and retained. |
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| 2 . |
The circumstances under which gifts might be
received fall into various categories. |
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| a). |
Gifts received on New Year and other festive occasions. |
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| b). |
Gifts received on occasions of wedding of self or
children. |
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| c). |
Gift vouchers/ gift cheques received in recognition of a
professional contribution made by the recipient, such as for making a presentation,
conducting a training programme/ workshop for a professional and academic institution etc. |
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| d). |
Gifts received on the occasion of a terminal event such
as a transfer or on cessation of employment. |
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| e). |
Gifts received for any other reason, not stated in (a) to
(d) above, which normally should include gifts received on Special Commemorative occasions
such as completion of years after an event, product launch, financial closure etc. |
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| 3 . |
TYPE OF GIFTS |
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An illustrative list of type of gifts that might be
received is provided below :- |
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| a). |
Articles of an edible nature for festive occasions |
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| b). |
Articles of use in an office such as table clocks,
stationery, desk accessories etc. |
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| c). |
Gift vouchers / gift cheques |
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| d). |
Artefacts |
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| 4. |
CIRCUMSTANCES UNDER WHICH GIFTS CAN BE ACCEPTED |
| a). |
The value of the gift if upto Rs. 3,000/- subject to the
following sub-clauses wherever applicable |
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| b). |
Receipt of Cash Gift: Only in the case of retirement or
cessation of employment cash gift of Rs.3,000/- and more can be retained by employees. |
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| c). |
However, in the case of transfers, collective gift in
kind can be received. The value limit is not applicable in such cases. |
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| d). |
Gifts received in recognition of a professional
contribution made by the recipient, such as for making a presentation, conducting a
training programme/ workshop for a professional and academic institution etc. |
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i) Where the receipt of gift is through gift voucher or a
gift cheque amounting more than Rs.3,000/-, the recipient will be permitted to retain the
full amount received, if prior permission is taken from the company.However, information
to the Ethics Counsellor should be given. No cash shall be received. |
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ii) Where the Company has borne expenses, such as travel
or lodging, related to the event and such expenses are reimbursed by the organizers, all
such reimbursements will be surrendered to the Company. |
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| e). |
Receipt of gift from parties having business relationship
with the Company including gifts from subordinates. |
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i) Gifts received from a donor where the donor has a
business relationship with the Company and could derive benefits from the recipient should
only be of value up to Rs.3,000/-. |
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ii) Illustrative categories of parties with business
relationships with the Company would be vendors, dealers, contractors, consultant and
customers etc. |
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iii) No gift should be accepted from any person or party
who has defaulted company in any manner. |
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1. By way of illustration, parties in
default would be parties from whom monies are overdue or parties with whom the Company is
engaged in litigation and parties against whom disciplinary action has been taken. |
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2. It is desirable that the recipient
should check the status of the parties from Head-Corporate Sourcing Group or
Financial Controller to make sure that the provisions of the above clause are
not contravened. |
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| 5. |
Where an employee receives gifts in excess of the caps contained in this policy, it would be advisable to return the gift to the donor with a standard covering letter as placed at Annexure A, thanking the donor for the same and quoting the relevant provision of this policy.
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| 6. |
However, it is recognized that at times gifts valued in
excess of the caps contained in this policy are to be received, as the return of these
gifts may cause embarrassment. This situation may occur specially during overseas visit of
our officers where sometimes expensive gifts are given by the overseas hosts. In this
situation the recipient should surrender the gift at the earliest to the ES&A (Corporate Administration Department). |
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| 7. |
The company considers it to be a good practice to share
gifts of a nature, which an employee is permitted to receive, such as gifts of an edible
nature, with fellow employees. The nature of the gift permitting, it would also be good
practice to use the gifts in the office. |
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| 8. |
DECLARATION REGARDING RECEIPT OF GIFT |
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In all instances, the recipient of a gift, will make a
declaration stating the description of the gift that has been received, the estimated
value of the gift and the circumstances under which the gift was received and particulars
of the donor. Such declaration should be submitted to the office of the Ethics Counsellor
within 15 days of the receipt in the prescribed form placed at Annexure B. |
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| 9. |
Gifts over Rs.3,000/- (except of edible nature) should be
returned to the ES&A (Corporate Administration Department) which would be used by the Company for
official presents to be given on certain occasions like Reward & Recognition to
employees, etc. |
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| 10. |
In case of any clarification / interpretation of this
policy the employee should contact the office of the Chief Ethics Counsellor. |
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| 11. |
The policy will become effective with immediate effect.
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Gift Policy in English
Gift Policy In Hindi |
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