Amendment status not verified — confirm the current text below against the official source.
Powers and Functions of the Finance Officer.—(1) The Finance Officer shall— (a) exercise general supervision over the funds of the University and advise the Board and the Finance Committee as regards its financial policies; and (b) perform such other financial functions as may be assigned to him by the Vice- Chancellor or the Board from time to time : Provided that the Finance Officer shall not incur any expenditure exceeding Rs. three lakhs or such other amount as may be fixed by the Board without prior approval of the Competent Authority. (2) Subject to the control of the Vice-Chancellor and the Board, the Finance Officer shall— (a) ensure compliance of financial Rules and Regulations as prescribed by the University; (b) be responsible for proper and timely investment of University funds with the approval of the Vice-Chancellor; (c) be responsible for getting internal and external audit of the books of accounts of the University; (d) see that the limits fixed by the Finance Committee for recurring and non-recurring expenditure for a year are not exceeded and the money is expended or spent for the purposes for which it was granted or allotted; (e) be responsible for the preparation of the Annual Accounts and the Budget of the University and for their presentation to the Board after they have been considered by the Finance Committee; (f) keep a constant watch on the cash and bank balances and investments; (g) watch the progress of collection of revenues and advise on the methods of collection employed; (h) bring to the notice of the Vice-Chancellor any unauthorized expenditure or any other financial irregularity and suggest appropriate action against the defaulters; (i) seek any information or report from any office of the University, including Constituent Colleges that he may consider necessary for the performance of his functions; and (j) perform such other financial functions as may be assigned to him by the Vice- Chancellor or the Board from time to time. (3) Any receipt given by the Finance Officer or by the person or persons duly authorized in this behalf by the Board shall be a sufficient discharge for payment of moneys to the University.