Hi Shraddha,
There is no law to quantify how many days of EL/PL can be encashed. Such info is part of one's leave policy. If your leave policy is in vogue refer it's provisions. Just for an idea, 50% of days of leave in the credit of leave a/c can be permitted in a year. In your case, 46/2 = 23 days can be encashed. Balance of 23 days will remain in the credit which is open for availing. However it's subject to stipulated maximum limits beyond which, the excess days will automatically elapses. At the same time in case retiring employees on their superannuation the entire leave at credit (subject to maximum permissible for accumulation) can be encashed as 'full & final settlement'.