(1)An Anchalik Panchayat may, subject to the provisions of any law relating to the raising of loan by local authorities for the time being in force, raise from time to time, with the approval of the Government, loans for the purpose of this Act, and create a sinking fund for the re-payment of such loans.(2)An Anchalik Panchayat may borrow money from the Government or with the previous sanction of the Government, from bank or other financial institutions for furtherance of its objectives on the basis of specific schemes as may be drawn up by the Anchalik Panchayat for the purpose.
