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khushbu dubeykhushbu dubey 

basic pay validation rule is correct or not ?

VALUE(TEXT( Basic_Pay__c )

 
Nagendra ChinchinadaNagendra Chinchinada
You have to add one more ')' at the end. The syntax is correct, but validation rule depends on your requirement like comparing this field with any other field ..etc.
VALUE(TEXT( Basic_Pay__c ) )  is correct as per syntax.