Amendment status not verified — confirm the current text below against the official source.
Adherence to estimate and maintenance of closing balance.-( I) No sum shall be expended by or on behalf of the Board unless the expenditure of the same is covered by a current budget grant or cam be met by reappropriation or by drawing on the closing balance. (2) The closing balance shall not be reducecl below such limit as may be Hxed in this behalf by the Government from time to time. (3) The following items shall be exempted from the provis10ns of sub-~ections ( 1) and (2), namely:- (a) repayments of moneys belonging to contractors or other persons and held m deposit, and of moneys colJectcd by 1 or credited to, the Board by mistake; (b) payments due under a decree or order of a court or under an award of the Tnbunal; (c) sums payable under a compromise of nny suit or other legal proceeding or clatm effected under this Act; (d) sums payable under this Act by way of compensation; and (e) Payments required to meet any pressing emergency. {4) Whenever any sum exceeding five thousnnd rupees is expended under clause (e) of sub-section (3), the Chairman shall lorthwith repor the circumstances to the Government explainmg how tho Board proposes to cover the expenditure. • • 48