- The Gram Panchayat shall prepare and lay for approval before the Gram Sabha -(i)at its Sawni meeting a budget estimates of its income and expenditure and a plan of development programme for the year commencing on the first day of April, next following; and(ii)at its Hari meeting an annual statement of account and an annual report of progress of preceding financial year and development programme proposed to be undertaken during the current year:Provided that if a Gram Panchayat fails to present its budget or plan of development programme in the meeting to be held in December the Panchayat Samiti shall prepare the budget and the said plan for such Gram Panchayat and present the same before an extraordinary general meeting of the Gram Sabha specially called for this purpose and the Gram Sabha shall consider the budget and the plan so prepared and presented.
