Hi Renuka,

HR Policy is nothing but the Organisationsal rules which will be applicable to all the employees of your organisations right from the date of joining till retirement.

These Policies (rules ) should be documented and communicated to all the employees.

You can also refer the Employement Standing Orders Act,1946.
The HR Policy may provide information on :
1, General Rules of the company
2. Employee classification
3. Grades applicable in the company
4. Different Pay scales
5.Schemes perative in the company
6. Entitlements of employees
etc etc.....
Whatever rules you want to be followed in your organisation you can make them as a part of your HR policy , get the policy approved by your Board and then implement it in your organisation.

Santosh Gupta