The PAV was a requirement for any export models needing to be Euro 2 compliant, though as yours was an Indian market model that might not have been required on its home turf, my home market parts book doesn't show it as listed against the 350 Electra, only the 500 Bullet and the Lightning models.
The factory might have intended to fit one to the old-style 350s later on, I notice that the very latest 350 cylinder heads came with an extra lump on the casting near the exhaust port, which looks like it was intended to be machined to take an air injection pipe union, similar to what the AVL Electra-X heads have.
On later classic models, eg the Sixty-5, the valve sat in one of the toolboxes with an air feed into the top of the exhaust pipe.
https://www.hitchcocksmotorcycles.com/p ... pages/2418