Amendment status not verified — confirm the current text below against the official source.
Time schedule of Budget [Section 95]. (1) The budget estimates of Gram Panchayat prepared and approved by the Gram Sabha under section 7 of the Act shall be submitted to the Panchayat Samiti having jurisdiction over the area of Gram Panchayat on or before 15th January of each year for approval. in case Panchayat Samiti has to make any modification, it shall return the budget to the Gram Panchayat within a period of fifteen days.of the receipt for making such modifications. The Gram Panchayat after effecting such modification, shall return the budget with in a week of its receipt to the Panchayat Samiti for approval. (2) The Panchayat Samiti shall convey its approval to the Gram Panchayat by 28th of February every year. No expenditure shall be incurred unless the budget is approved by the Panchayat Samiti and if the Panchayat Samiti fails to convey its approval by 15th day of March of every year, the budget shall be deemed to have been approved by the Panchayat Samiti. As soon as the budget estimates of the Gram Panchayat are sanctioned, copies thereof shall be supplied to the Panchayat Samiti and Zila Parishad. (3) The sanctioning authority besides other things shall see that,- (a) the estimates of receipts and expenditure are correct and the " instructions or recommendations of the Government issued from time to time have been duly considered for preparing the budget: and (b) variations between the figures of the budget year and those of the previous year have been adequately explained.