Amendment status not verified — confirm the current text below against the official source.
Writing off loss (1) Subject to such conditions as may be specified by the Government, where the Board is of the opinion that any amount due or any loss, whether of money or of property, incurred by the Board is irrecoverable, the Board may, with the previous approval of the Government, sanction the writing off finally of the said amount or loss: . . 112 Provided that no such approval of the Government shall be necessary where such irrecoverable amount or loss does not excéed in an individual case, twenty five thousand rupees or in the agaregate in any year, rupees five lakhs. (2) Notwithstanding anything contained in sub-section (1), where the Chief Executive Officer is of opinion that any amount due to or any loss, whether of money or of property, incurred by the Board is irrecoverable, the Chief Executive Officer may sanction the writing off finally of such amount or loss provided that such amount or loss does not exceed, in an individual case, five thousand rupees or in the aggregate in any one year, one lakh rupees and in every such case, the Chief Executive Officer shall make a report to the Board giving reasons for such sanction.