Amendment status not verified — confirm the current text below against the official source.
(I) Every Market Committee shall prepare and pass the budget of its income and expenditure for the ensuing year in the prescribed form and shall submit it to the Board for sanction before the prescribed date every year and on receipt thereof the Board shall sanction the budget with or without modification within two months from the date of receipt thereof and if it is not returned by the Board within two months it shall be deemed to have been sanctioned. (2) No expenditure shall be incurred by a Market Committee on any · item, if there is no provision in the sanctioned budget or unless it can met by reappropriation from saving under any other head and any sanction for appropriation may be obtained from the Board : Provided that in case of reappropriation from minor heads under one major head, sanction for reappropriation shall not be required. (3) A Market Committee shall at any time during the lear for which any budget has been sanctioned cause a revised or supplementary budget to be passed and sanctioned in the same manner as if it was an original budget; (4) The Market Committee may take up or give order for execution of any construction work up to the estimated value of not exceeding rupees one lakh without prior permission of the Board; (5) Any construction work of the Marketing Committee shall be awarded in pursuance of open tender system only, CHAPTER-V REGULATION OF TRADING